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CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		16
FILED AS OF DATE:		20230203
DATE AS OF CHANGE:		20230203
EFFECTIVENESS DATE:		20230203

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		23584533

	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
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt">UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt"><b>FORM <span id="xdx_903_edei--DocumentType_dxH_c20221130__20221130_zd5IjUNTpMg" title="::XDX::N-CSRS">N-CSR</span>
</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt"><b>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt">Investment Company
Act file number <span style="text-decoration: underline">811-21982</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_90F_edei--EntityRegistrantName_c20221130__20221130_zFxDuQk9L1Q1"><ix:nonNumeric contextRef="From2022-11-30to2022-11-30" name="dei:EntityRegistrantName">Guggenheim
Strategic Opportunities Fund</ix:nonNumeric></span></span><br />
(Exact name of registrant as specified in charter)</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt"><span style="text-decoration: underline">227 West Monroe
Street, Chicago, 60606</span><br />
(Address of principal executive offices) (Zip code)</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-size: 10pt">Amy J. Lee</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt"><span style="text-decoration: underline">227 West Monroe
Street, Chicago, 60606</span><br />
(Name and address of agent for service)</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt">Registrant's
telephone number, including area code: <span style="text-decoration: underline">(312) 827-0100</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt">Date of fiscal
year end: <span style="text-decoration: underline">May 31</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt">Date of reporting
period: <span style="text-decoration: underline">June 1, 2022 - November 30, 2022</span></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 1. Reports to Stockholders.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">The registrant's annual report transmitted
to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;),
is as follows:</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><span style="font-size: 10pt"><img src="gof-11x1x1.gif" alt="" /></span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">GUGGENHEIMINVESTMENTS.COM/GOF</span></p>

<p style="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">... YOUR WINDOW TO THE LATEST,
MOST UP-TO-DATE INFORMATION ABOUT GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The shareholder report you are reading
right now is just the beginning of the story.</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Online at <b>guggenheiminvestments.com/gof</b>,
you will find:</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8226; Daily, weekly and monthly
data on share prices, net asset values, distributions and more</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8226; Portfolio overviews and performance
analyses</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8226; Announcements, press releases
and special notices</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8226; Fund and adviser contact
information</span></p>

<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim Partners Investment Management,
LLC and Guggenheim Funds Investment Advisors, LLC are continually updating and expanding shareholder information services on the Fund&#8217;s
website in an ongoing effort to provide you with the most current information about how your Fund&#8217;s assets are managed and the
results of our efforts. It is just one more small way we are working to keep you better informed about your investment in the Fund.</span></p>

<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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    <td style="padding: 0.75pt; width: 63%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 37%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DEAR
    SHAREHOLDER (Unaudited)</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">We thank you for your investment
in the Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;). This report covers the Fund&#8217;s performance for the six-month
period ended November 30, 2022 (the &#8220;Reporting Period&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">In December 2022, Guggenheim Partners
announced the untimely and unexpected death of Scott Minerd, one of Guggenheim's Managing Partners and its Global Chief Investment Officer.
He joined Guggenheim as a Managing Partner shortly after the firm was formed. He was a frequent commentator on markets and investments,
both on television and via social media. He also was one of the designers of the organization, systems and procedures that make Guggenheim
Investments a strong, robust and scalable leader in the asset management business.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim has implemented its succession
plan, which is designed to deal with unexpected events. There will be no disruption of service to our clients, no change in the daily
management of client portfolios and no change in the process of selecting investment assets, all of which are handled by longstanding
committees and by long-tenured investment professionals who, every day, implement our investment process.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim Investments continues
to be led by its Co-Presidents, Dina DiLorenzo and David Rone, and by Anne B. Walsh, a Managing Partner and Chief Investment Officer
of Guggenheim Partners Investment Management. She will continue her current role leading the team managing client investments and will
assume many of Mr. Minerd&#8217;s responsibilities on an interim basis.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">To learn more about the Fund&#8217;s
performance and investment strategy, we encourage you to read the Economic and Market Overview and the Management&#8217;s Discussion
of Fund Performance, which begin on page 5. There you will find information on Guggenheim&#8217;s investment philosophy, views on the
economy and market environment, and detailed information about the factors that impacted the Fund&#8217;s performance.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund&#8217;s investment objective
is to maximize total return through a combination of current income and capital appreciation. The Fund pursues a relative value-based
investment philosophy. The Fund&#8217;s sub-adviser seeks to combine a credit-managed fixed-income portfolio with access to a diversified
pool of alternative investments and equity strategies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">All Fund returns cited&#8212;whether
based on net asset value (&#8220;NAV&#8221;) or market price&#8212;assume the reinvestment of all distributions. For the Reporting Period,
the Fund provided a total return based on market price of -2.40% and a total return based on NAV of -1.93%. At the end of the Reporting
Period, the Fund&#8217;s market price of $16.30 per share represented a premium of 26.16% to its NAV of $12.92 per share.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>3</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 69%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 31%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DEAR
    SHAREHOLDER (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Past performance is not a guarantee
of future results. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. The market
price of the Fund&#8217;s shares fluctuates from time to time, and it may be higher or lower than the Fund&#8217;s NAV.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">During the Reporting Period, the
Fund paid a monthly distribution of $0.1821 per share. The most recent distribution represents an annualized distribution rate of 13.41%
based on the Fund&#8217;s closing market price of $16.30 per share at the end of the Reporting Period.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund&#8217;s distribution rate
is not constant and the amount of distributions, when declared by the Fund&#8217;s Board of Trustees, is subject to change. 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 table on page 24, and Note 2(f) on page 92 for more information on distributions for
the period.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">We encourage shareholders to consider
the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan (&#8220;DRIP&#8221;), which is described
in detail on page 122 of this report. When shares trade at a discount to NAV, the DRIP takes advantage of the discount by reinvesting
the monthly dividend distribution in common shares of the Fund purchased in the market at a price less than NAV. Conversely, when the
market price of the Fund&#8217;s common shares is at a premium above NAV, the DRIP reinvests participants&#8217; dividends in newly-issued
common shares at the greater of NAV per share or 95% of the market price per share. The DRIP provides a cost-effective means to accumulate
additional shares and enjoy the benefits of compounding returns over time. 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">We appreciate your investment and
look forward to serving your investment needs in the future. For the most up-to-date information on your investment, please visit the
Fund&#8217;s website at guggenheiminvestments.com/gof.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sincerely,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
<br />
</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim Funds Investment Advisors, LLC</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Guggenheim Strategic Opportunities Fund</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
<br />
</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2022</span></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"><span style="font-size: 10pt"><sup>4 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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  <tr>
    <td style="padding: 0.75pt; width: 76%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 24%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ECONOMIC
    AND MARKET OVERVIEW (Unaudited)</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Month-over-month price increases
in the October and November 2022 Consumer Price Index (&#8220;CPI&#8221;) reports finally cooled, offering some evidence that the Federal
Reserve&#8217;s (the &#8220;Fed&#8221;) efforts to tighten policy and get inflation under control are starting to work. The headline
CPI slowed from an 11% annualized three-month growth rate in June 2022 to 3.7% by November 2022. The three-month annualized change in
core CPI softened from a recent peak of 7.9% to 4.2%, and trimmed measures of inflation (measures that remove the highest and lowest
outliers) also declined. While these figures are still well above the Fed&#8217;s 2% core inflation target, it is encouraging to see
them moving in the right direction.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The inflation categories that remain
high are mostly in services. The November CPI report showed that core goods prices fell by 0.5% on the month, led by a 2.9% drop in used
car prices. More declines in goods prices appear likely as supply chains rapidly improve and retailers step up their efforts to clear
an inventory overhang through deeper discounting. However, housing and broader services inflation measures remain well above pre-COVID
levels. Housing inflation will likely take time to come down in the official statistics due to the lagging nature of lease renewals,
but more timely indicators show inflation for new rentals is falling fast. The Fed has now become more concerned with core services inflation
excluding housing and how a tight labor market and high wage growth could impact this category.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The December Summary of Economic
Projections, which provides the Fed&#8217;s median forecasts for a variety of data including the unemployment rate, inflation, and their
policy rate, confirmed that the Fed is far from convinced that inflation is heading back to target and expects more tightening will be
needed to achieve their inflation target. The median 2023 forecasts for U.S. real gross domestic product growth fell to 0.5%, the federal
funds rate increased to 5.1%, and the unemployment rate increased to 4.6%. At the same time, the Fed&#8217;s projection for the year-over-year
increase in the core personal consumption expenditures price index&#8212;its preferred inflation measure&#8212;increased to 3.5% by year-end.
Taken together, these projections suggest that even with a higher terminal rate, weaker growth, and a higher unemployment rate, the Fed
expects to be further away from its inflation goal in 2023 than it projected in recent months.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Our research indicates that the
unemployment rate could increase to 6%, higher than the Fed&#8217;s median projection, as Fed efforts to slow the already weak economy
may end up overshooting. This could trigger a more serious recession than the consensus expectation and likely bring about a decline
in risk assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><i>The opinions and forecasts expressed
may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not
be construed as a recommendation of any specific security or strategy.</i></span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>5</sup></span></p>


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  <tr>
    <td style="padding: 0.75pt; width: 66%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 34%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited)</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>MANAGEMENT TEAM</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim Funds Investment Advisors,
LLC serves as the investment adviser to Guggenheim Strategic Opportunities Fund (&#8220;Fund&#8221;). The Fund is managed by a team of
seasoned professionals at Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;).<sup>1</sup></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">This team includes Anne B. Walsh,
CFA, JD, Managing Partner, Chief Investment Officer of GPIM; Steven H. Brown, CFA, Chief Investment Officer, Total Return and Macro Strategies,
and Senior Managing Director of GPIM; Adam J. Bloch, Managing Director and Portfolio Manager of GPIM; and Evan L. Serdensky, Director
and Portfolio Manager of GPIM.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Discuss the Fund&#8217;s return
and return of comparative Indices</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">All Fund returns cited&#8212;whether
based on NAV or market price&#8212;assume the reinvestment of all distributions. For the Reporting Period, the Fund provided a total
return based on market price of -2.40% and a total return based on NAV of -1.93%. At the end of the Reporting Period, the Fund&#8217;s
market price of $16.30 per share represented a premium of 26.16% to its NAV of $12.92 per share. At the beginning of the Reporting Period,
the Fund&#8217;s market price of $17.92 per share represented a premium of 25.05% to its NAV of $14.33 per share.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Past performance is not a guarantee
of future results. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. The market
value of the Fund&#8217;s shares fluctuates from time to time and maybe higher or lower than the Fund&#8217;s NAV.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Please refer to the graphs and tables
included within the Fund Summary, beginning on page 21 for additional information about the Fund&#8217;s performance.</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 76%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Index</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 24%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Return</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg
    U.S. Aggregate Bond Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-4.06%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg
    U.S. Corporate Bond Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-3.94%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg
    U.S. Corporate High Yield Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-2.86%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit
    Suisse Leveraged Loan Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.06%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE
    Bank of America Asset Backed Security Master BBB-AA Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-3.08%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NASDAQ
    - 100 Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-4.40%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell
    2000 Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.98%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Standard
    &amp; Poor&#8217;s 500 (&#8220;S&amp;P 500&#8221;) Index</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.40%</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt"><sup>1</sup></span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Guggenheim
                                            Partners Advisors, LLC (&#8220;GPA&#8221;) also served as an investment sub-adviser to the
                                            Fund during the Reporting Period. GPA was terminated as an investment sub-adviser to the
                                            Fund effective December 22, 2022.</span></td>
</tr></table>

<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"><span style="font-size: 10pt"><sup>6 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Discuss the Fund&#8217;s distributions</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">During the Reporting Period, the
Fund paid a monthly distribution of $0.1821 per share. The most recent distribution represents an annualized distribution rate of 13.41%
based on the Fund&#8217;s closing market price of $16.30 per share at the end of the Reporting Period.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">There is no guarantee of any future
distribution or that the current returns and distribution rate will be maintained. The Fund&#8217;s distribution rate is not constant
and the amount of distributions, when declared by the Fund&#8217;s Board of Trustees, is subject to change.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Please see the Distributions to
Shareholders &amp; Annualized Distribution Rate table on page 24, and Note 2(f) on page 92 for more information on distributions for
the period.</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 56%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payable
    Date</b></span></td>
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 44%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June
    30, 2022</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">July
    29, 2022</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">August
    31, 2022</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September
    30, 2022</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October
    31, 2022</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>$1.0926</b></span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>What factors contributed or detracted
from the Fund&#8217;s Performance during the Reporting Period?</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Reporting Period was marked
by a material move higher in interest rates and spreads in reaction to accelerating inflation early in the period and simultaneously
rising concerns of slower growth from restrictive monetary policy. While typically spreads and interest rates exhibit negative correlation,
the Reporting Period was marked by an unusual positive correlation between risky and risk-free assets. Accordingly, duration and credit
spread exposure both detracted from performance, while carry contributed positively. The Fund, which at Reporting Period end had a duration
of 4.00 years, experienced negative performance as the 10 year Treasury yield rose by nearly 90 basis points. One basis point is equal
to one-hundredth of one percent, or 0.01%. Duration positioning remained roughly constant throughout the Reporting Period. (Duration
is a measure of a bond&#8217;s price sensitivity to changes in interest rates, expressed in years, and reflects the weighted average
term to maturity of discounted bond cash flow.) GPIM may seek to manage the Fund&#8217;s duration in a flexible and opportunistic manner
based primarily on then-current market conditions and interest rate levels. Credit spreads accounted for roughly 400 basis points of
negative performance, as the Fund maintained exposure to a diversified portfolio of credit sectors for income generation. Investment</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>7</sup></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Grade and High Yield credit spreads
widened rapidly to nearly the 80th historical percentile, and partially retraced the moves to ultimately finish around the 60th percentile.
Bank loans, which comprised approximately 32% of the Fund, were the best performing asset class due to their floating rate features.
Though we expect to see continued volatility as markets grapple with the rapid tightening of financial conditions, at current valuations
we see return distributions for fixed income skewed to the upside over the next year. Particularly on a yield-basis, high quality spread
product valuations are compelling for long-term oriented investors.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Discuss the Fund&#8217;s Use
of Leverage</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">At the end of the Reporting Period,
the Fund&#8217;s leverage was approximately 24% of Managed Assets, which is equivalent to the amount of leverage at the beginning of
the Reporting Period.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund currently employs financial
leverage through reverse repurchase agreements and a credit facility with a major bank.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">One purpose of leverage 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Investments in Investment Funds
(as defined below in the Risks and Other Considerations section) frequently expose the Fund to an additional layer of financial leverage
and the associated risks, such as the magnified effect of any losses.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>How did the Fund use derivatives
during the Reporting Period?</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund used a variety of derivatives
during the Reporting Period both to gain market exposure and to hedge certain exposures. Derivatives used for hedging generated mixed
performance. Foreign currency forwards, used to hedge non-USD exposures, contributed positively as the dollar strengthened versus both
the Euro and the Pound. Call writing added to performance as equity indices broadly fell. The Fund also utilized S&amp;P 500 Puts and
Put Spreads to partially protect against drawdowns in risk assets. Put option hedges contributed roughly 30 basis points to overall performance
during the period. Interest rate swaps detracted from performance during the period.</span></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"><span style="font-size: 10pt"><sup>8 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>How was the Fund positioned at
the end of the Reporting Period?</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Risk assets valuations remain volatile
as central banks continue to raise interest rates to combat near record inflation and the probability of a recession has risen. We expect
volatility to continue for several months as rapidly changing economic data remains acutely impactful on valuations, although credit
market valuations have meaningfully cheapened and offer attractive entry points. During the period, the Fund reduced exposure to lower
quality credit segments which have greater fundamental exposure to a downturn and, until recently, were outperforming higher quality
segments on a risk-adjusted basis. The Fund redeployed capital into higher quality credit segments at all-in yields not achievable in
over a decade. While credit markets are attractive to long-run investors, equity valuations remain expensive and the risk versus reward
trade-off is unfavorable in our assessment. Accordingly, the allocation to equity strategies remains at the low end of the Fund&#8217;s
historical and long-term target range.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>9</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Index Definitions</b></span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>Bloomberg 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 &#8220;MBS&#8221; (agency
fixed-rate and hybrid adjustable-rate mortgage, or &#8220;ARM&#8221;, pass-throughs), ABS, and commercial mortgage-backed securities
(&#8220;CMBS&#8221;) (agency and non-agency).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>Bloomberg U.S. Corporate
Bond Index </b>is a broad-based benchmark that measures the investment grade, fixed-rate, taxable corporate bond market. It includes
U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that meet specified
maturity, liquidity, and quality requirements.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>Bloomberg 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&#8217;s, Fitch, and S&amp;P is Ba1/BB +/BB + or below.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>ICE Bank of America 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>NASDAQ-100 Index </b>includes
100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market based on market capitalization.
The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale
trade and biotechnology. It does not contain securities of financial companies including investment companies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>Russell 2000 Index </b>measures
the performance of the small-cap segment of the U.S. equity universe.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The <b>Standard &amp; Poor&#8217;s
500 (&#8220;S&amp;P 500&#8221;) </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.</span></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"><span style="font-size: 10pt"><sup>10 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_980_ecef--RiskTextBlock_c20221130__20221130_gBFRTB-HHV_zCRHyX4LKHzf"><ix:nonNumeric contextRef="From2022-11-30to2022-11-30" continuedAt="ConU000037-01" escape="true" name="cef:RiskTextBlock">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Risks and Other Considerations</b></span></p></ix:nonNumeric></div>

<div id="xdx_C05_gBFRTB-HHV_zZS0Nnhkpeg7"><ix:continuation continuedAt="ConU000037-02" id="ConU000037-01">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Investors should be aware that in
light of the current uncertainty, volatility and distress in economies, financial markets, geopolitical tensions, and labor and public
health conditions all over the world, the Fund&#8217;s investments and a shareholder&#8217;s investment in the Fund are subject to sudden
and substantial losses, increased volatility and other adverse events.</span></p></ix:continuation></div>

<div id="xdx_C05_gBFRTB-HHV_zEPgLaxtFbn4"><ix:continuation continuedAt="ConU000037-03" id="ConU000037-02"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.
The Fund is subject to various risk factors. Certain of these risk factors are described below. Please see the Fund&#8217;s Prospectus,
Statement of Additional Information (SAI), most recent annual report on Form N-CSR and guggenheiminvestments.com/gof for a more detailed
description of the risks of investing in the Fund. Shareholders may access the Fund&#8217;s Prospectus, SAI and most recent annual report
on the EDGAR Database on the Securities and Exchange Commission&#8217;s website at www.sec.gov.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Below Investment Grade Securities
Risk. </b>High yield, below investment grade and unrated high risk debt securities (which also may be known as &#8220;junk bonds&#8221;)
may present additional risks because these securities may be less liquid, and therefore more difficult to value accurately and sell at
an advantageous price or time, and present more credit risk than investment grade bonds. The price of high yield securities tends to
be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive
industry conditions. This exposure may be obtained through investments in other investment companies. Generally, the risks associated
with high yield securities are heightened during times of weakening economic conditions or rising interest rates.</span></p>

</ix:continuation></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span id="xdx_C0E_gBFRTB-HHV_zV1o8mg6d9j2"><ix:continuation continuedAt="ConU000037-04" id="ConU000037-03"><span style="font-size: 10pt"><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&#8217;s performance and perceptions of the corporation in the marketplace.
Corporate bonds usually yield more than government or agency bonds due to the presence</span></ix:continuation></span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>11</sup></span></p>


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    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p></div>

<div id="xdx_C07_gBFRTB-HHV_z07xPUNzl9a1"><ix:continuation continuedAt="ConU000037-05" id="ConU000037-04"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">of credit risk. Depending on the
nature of the seniority provisions, a senior corporate bond may be junior to other credit securities of the issuer. The market value
of a corporate bond may be affected by factors directly related to the issuer, such as investors&#8217; perceptions of the creditworthiness
of the issuer, the issuer&#8217;s financial performance, perceptions of the issuer in the marketplace, performance of management of the
issuer, the issuer&#8217;s capital structure and use of financial leverage and demand for the issuer&#8217;s goods and services. There
is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time
called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics
and may be particularly susceptible to adverse issuer-specific developments.</span></p></ix:continuation></div>

<div id="xdx_C02_gBFRTB-HHV_zBJPCD7CjnZ3"><ix:continuation continuedAt="ConU000037-06" id="ConU000037-05"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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 &#8220;covered&#8221; if the Fund owns the security underlying the call or has an absolute right to acquire the security
without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount are
segregated by the Fund&#8217;s custodian). As a seller of covered call options, the Fund faces the risk that it will forgo the opportunity
to profit from increases in the market value of the security covering the call option during an option&#8217;s life. As the Fund writes
covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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. The risk that such issuer,
guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. Also,
the issuer, guarantor or counterparty may suffer adverse changes in its financial condition or be adversely affected by economic, political
or social conditions that could lower the credit quality (or the market&#8217;s perception of the credit quality) of the issuer or instrument,
leading to greater volatility in the price of the instrument and in shares of the Fund. Although credit quality may not accurately reflect
the true credit risk of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse
effect on the instrument&#8217;s liquidity and make it more difficult for the Fund to sell at an advantageous price or time. The risk
of the occurrence of these types of events is especially heightened in market environments where interest rates are rising.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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 high inflation in recent periods, governmental authorities have implemented significant fiscal and monetary policy
changes, including increasing interest rates and implementation of quantitative tightening. These actions present heightened risks, particularly
to fixed-income and debt instruments, and such risks could be even further heightened if these actions are ineffective in achieving their
desired outcomes. The U.S. Federal Reserve Board (&#8220;Federal Reserve&#8221;) has signaled its intention to continue raising</span></p>

</ix:continuation></div><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"><span style="font-size: 10pt"><sup>12 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C06_gBFRTB-HHV_z73oxTib5WUd"><ix:continuation continuedAt="ConU000037-07" id="ConU000037-06"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">interest rates and maintain interest
rates at increased levels until inflation decreases to the Federal Reserve&#8217;s target level. It is difficult to accurately predict
the effect of these actions. Certain economic conditions and market environments will expose fixed-income and debt instruments to heightened
volatility and reduced liquidity, which can impact the Fund&#8217;s investments and may negatively impact the Fund&#8217;s characteristics,
which in turn would impact performance.</span></p></ix:continuation></div>

<div id="xdx_C06_gBFRTB-HHV_zjhVeFYcuItl"><ix:continuation continuedAt="ConU000037-08" id="ConU000037-07"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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). There may be imperfect correlation between the value of derivative instruments and the underlying assets. Derivatives
transactions may be subject to risks associated with the possible default of the other party to the transaction. Derivative instruments
may be illiquid. 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 derivatives transactions that involve leverage can result
in losses that greatly exceed the amount originally invested. Changes in value of a derivative may also create sudden margin delivery
or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk
profiles. Furthermore, the Fund&#8217;s ability to successfully use derivatives transactions depends on the Sub-Adviser&#8217;s ability
to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured.
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. The use of derivatives
transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities
at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an
investment or may cause the Fund to hold a security that it might otherwise sell. Derivatives transactions involve risks of mispricing
or improper valuation. 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. Derivatives transactions also are subject to operational risk, including
from documentation issues, settlement issues, system failures, inadequate controls, and human error, and legal risk, including risk of
insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Derivatives
transactions may involve commissions and other costs, which may increase the Fund&#8217;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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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</span></p></ix:continuation></div>

<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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>13</sup></span></p>


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  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C0E_gBFRTB-HHV_z7woYdqmgMs4"><ix:continuation continuedAt="ConU000037-09" id="ConU000037-08"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">investments, may rise or fall rapidly
or unpredictably and may reflect real or perceived changes in the issuing company&#8217;s financial condition and changes in the overall
market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in
the Fund.</span></p></ix:continuation></div>

<div id="xdx_C04_gBFRTB-HHV_z24GjwOnJjKi"><ix:continuation continuedAt="ConU000037-10" id="ConU000037-09"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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
(&#8220;LIBOR&#8221;) or Secured Overnight Financing Rate (&#8220;SOFR&#8221;)), may adversely affect the Fund&#8217;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&#8217;s yield, income
and performance. Generally, when interest rates increase, the values of fixed-income and other debt instruments decline, and when interest
rates decrease, the values of fixed-income and other debt instruments rise. The Federal Reserve, in recent periods, has increased interest
rates at significant levels and signaled an intention to continue to raise interest rates and maintain interest rates at increased levels
until inflation decreases to the Federal Reserve&#8217;s target level. 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. It is difficult to accurately predict how long the Federal Reserve&#8217;s current stance on interest
rates will persist and the impact these actions will have on the economy and the Fund&#8217;s investments and the markets where they
trade.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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&#8217;s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed
income instruments of similar credit quality and/or maturity. Participations in loans may subject the Fund to the credit risk of both
the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal
action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation
are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower&#8217;s operations
or assets and by providing certain information and consent rights to lenders. The Fund invests in or is exposed to loans and other similar
debt obligations that are sometimes referred to as &#8220;covenant-lite&#8221; loans or obligations, which are generally subject to more
risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many
loans and other instruments are tied to LIBOR, 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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Senior
Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#8220;Senior
Loans&#8221;). Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured
with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by</span></p></ix:continuation></div>

<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"><span style="font-size: 10pt"><sup>14 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C0B_gBFRTB-HHV_zVTngexbTgVi"><ix:continuation continuedAt="ConU000037-11" id="ConU000037-10"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">subordinated debt holders and stockholders
of the borrower. The Fund&#8217;s investments in Senior Loans are generally rated below investment grade or unrated but believed by the
Adviser to be of below investment grade quality and are considered speculative because of the credit risk of their issuers. The risks
associated with such Senior Loans are similar to the risks of other lower grade securities, although Senior Loans are typically senior
in payment priority and secured on a senior priority basis in contrast to subordinated and unsecured securities. Senior Loans&#8217;
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.</span></p></ix:continuation></div>

<div id="xdx_C02_gBFRTB-HHV_zwwzAhVZLC28"><ix:continuation continuedAt="ConU000037-12" id="ConU000037-11"><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Second
Lien Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest in &#8220;second lien&#8221; secured floating rate loans made to public and private corporations and other non-governmental
entities and issuers for a variety of purposes (&#8220;Second Lien Loans&#8221;). Second Lien Loans are 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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Subordinated
Secured Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Unsecured
Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

</ix:continuation></div>
<div id="xdx_C04_gBFRTB-HHV_zMJDb6etSNra"><ix:continuation continuedAt="ConU000037-13" id="ConU000037-12"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Leverage Risk. </b>The Fund&#8217;s
use of leverage, through borrowings or instruments such as derivatives, causes the Fund to be more volatile and riskier than if it had
not been leveraged. Although the use of leverage by the Fund may create an opportunity for increased return, it also results in additional
risks and can magnify the effect of any losses. The effect of leverage in a declining market is likely to cause a greater decline in
the net asset value of the Fund than if the Fund were not leveraged, which may result</span></p></ix:continuation></div>

<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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>15</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C01_gBFRTB-HHV_zGnDqXNneIU5"><ix:continuation continuedAt="ConU000037-14" id="ConU000037-13"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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. When the cost of leverage is no longer favorable, or when the Fund is otherwise required to reduce
its leverage, the Fund may not be able to maintain distributions at historical levels and common shareholders will bear any costs associated
with selling portfolio securities. The Fund&#8217;s total leverage may vary significantly over time. To the extent the Fund increases
its amount of leverage outstanding, it will be more exposed to these risks. Investments in Investment Funds (as defined below) and certain
other pooled and structured finance vehicles, such as collateralized loan obligations, frequently expose the Fund to an additional layer
of financial leverage and, thus, increase the Fund&#8217;s exposure to leverage risk.</span></p></ix:continuation></div>

<div id="xdx_C09_gBFRTB-HHV_z35xgTomWnLj"><ix:continuation continuedAt="ConU000037-15" id="ConU000037-14"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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 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 (including geopolitical), social or financial market conditions, tariffs and trade disruptions, recession, changes in currency
rates, natural/environmental disasters, cyber attacks, terrorism, governmental or quasigovernmental actions, public health emergencies
(such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened war or other armed conflicts
(such as the ongoing Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrade,
and other similar events, each of which may be temporary or last for extended periods. Many economies and markets are experiencing, and
have experienced in recent periods, high inflation rates. In response to such inflation, government authorities have implemented significant
fiscal and monetary policies such as increasing interest rates and quantitative tightening (reduction of money available in the market)
which may adversely affect financial markets and the broader economy, as well as the Fund&#8217;s performance. 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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&#8217;s yield.</span></p>

</ix:continuation></div>

<div id="xdx_C0F_gBFRTB-HHV_zRr2iEZMa4O2"><ix:continuation continuedAt="ConU000037-16" id="ConU000037-15"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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</span></p></ix:continuation></div>

<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"><span style="font-size: 10pt"><sup>16 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C07_gBFRTB-HHV_zarLn6RuXkj9"><ix:continuation continuedAt="ConU000037-17" id="ConU000037-16"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">the short sale and the time the
Fund replaces the borrowed security, the Fund will incur a loss. Although the Fund&#8217;s gain is limited to the price at which it sold
the security short, its potential loss is theoretically unlimited.</span></p></ix:continuation></div>

<div id="xdx_C06_gBFRTB-HHV_zv6DWw86Kdnl"><ix:continuation continuedAt="ConU000037-18" id="ConU000037-17"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Structured Finance Investments
Risk. </b>The Fund&#8217;s structured finance investments may consist of residential mortgage-backed securities (&#8220;RMBS&#8221;)
and commercial mortgage-backed securities (&#8220;CMBS&#8221;) issued by governmental entities and private issuers, asset-backed securities
(&#8220;ABS&#8221;), structured notes, credit-linked notes and other types of structured finance securities. Holders of structured finance
investments bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may
have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or
the entity that sold the assets to be securitized. The Fund may invest in structured finance products collateralized by low grade or
defaulted loans or securities. Investments in such structured finance products are subject to the risks associated with below investment
grade securities. Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the
market for such securities and may have an adverse impact on the value of such securities. Moreover, other types of events, domestic
or international, may affect general economic conditions and financial markets, such as pandemics, armed conflicts, energy supply or
price disruptions, natural disasters and man-made disasters, which may have a significant effect on the underlying assets. 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.</span></p>

</ix:continuation></div><div id="xdx_C04_gBFRTB-HHV_zTcqajyLHl14"><ix:continuation continuedAt="ConU000037-19" id="ConU000037-18"><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Mortgage-Backed
Securities (&#8220;MBS&#8221;) Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Income from and values of MBS also may be greatly affected by demographic trends, such as population
shifts or changing tastes and values, or increasing vacancies or declining rents resulting from legal, cultural technological, global
or local economic developments, as well as reduced demand for properties. In addition, the general effects of inflation on the U.S. economy
can be wide-ranging, as evidenced by rising interest rates, wages and costs of consumer goods and necessities. The long-term effects
of inflation on the general economy and on any individual mortgagor are unclear, and in certain cases, rising inflation may affect a
mortgagor&#8217;s ability to repay its related mortgage loan, thereby reducing the amount received by the holders of MBS with respect
to such mortgage loan. Additionally, increased rates of inflation, as are currently being</span></p></ix:continuation></div>

<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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>17</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C06_gBFRTB-HHV_zx3uajH4HSY8"><ix:continuation continuedAt="ConU000037-20" id="ConU000037-19"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">experienced, may negatively affect
the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. Rising interest rates
generally result in a decline in the value of mortgage-related securities, such as CMBS and RMBS.</span></p></ix:continuation></div>

<div id="xdx_C0F_gBFRTB-HHV_zZMfC1p7riC5"><ix:continuation continuedAt="ConU000037-21" id="ConU000037-20"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"><span style="font-size: 10pt"><b>Commercial Mortgage-Backed
Securities Risk. </b>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 adversely impact
the value of such securities. For example, economic decline in the businesses operated by the tenants of office properties may increase
the likelihood that the tenants may be unable to pay their rents or that properties may be unable to attract or retain tenants.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"><span style="font-size: 10pt"><b>Residential Mortgage-Backed
Securities Risk. </b>Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on
the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant
to which the RMBS are issued. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting
losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related
mortgaged property is located, the level of the borrower&#8217;s equity in the mortgaged property and the individual financial circumstances
of the borrower. Asset-Backed Securities Risk. 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. ABS are particularly subject
to interest rate risk and credit risk. Compared to other fixed income investments with similar maturity and credit, ABS generally increase
in value to a lesser extent when interest rates decline and generally decline in value to a similar or greater extent when interest rates
rise.</span></p>

</ix:continuation></div><div id="xdx_C05_gBFRTB-HHV_zGLhsnTwC4P5"><ix:continuation continuedAt="ConU000037-22" id="ConU000037-21"><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">CLO,
CDO and CBO Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to the general risks associated with credit securities discussed herein, collateralized loan obligations (&#8220;CLOs&#8221;),
collateralized debt obligations (&#8220;CDOs&#8221;), and collateralized bond obligations (&#8220;CBOs&#8221;) are subject to additional
risks due to their complex structure and highly leveraged nature. 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. The value of securities issued
by CLOs, CDOs and CBOs also may change because of changes in market value; changes in the market&#8217;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 the credit support
or enhancement; loan performance and prices; broader market sentiment, including expectations</span></p></ix:continuation></div>

<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"><span style="font-size: 10pt"><sup>18 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<div id="xdx_C00_gBFRTB-HHV_zFvkHO931t2a"><ix:continuation continuedAt="ConU000037-23" id="ConU000037-22"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">regarding future loan defaults;
liquidity conditions; and supply and demand for structured products. Additionally, the indirect investment structure of CLOs, CDOs and
CBOs presents certain risks to the Fund such as less liquidity compared with holding the underlying assets directly. CLOs, CDOs and CBOs
normally charge management fees and administrative expenses, which would be borne by the Fund.</span></p></ix:continuation></div>

<div id="xdx_C03_gBFRTB-HHV_zRfewZNfhc8i"><ix:continuation continuedAt="ConU000037-24" id="ConU000037-23"><div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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&#8217;s net asset value, causing the Fund to be unable to realize what the Fund believes should
be the price of the investment. The Fund&#8217;s ability to sell an instrument under favorable conditions may also be negatively impacted
by, among other things, other market participants selling the same or similar instruments at the same time or legal restrictions on the
instrument&#8217;s resale. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity,
and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be
valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and
may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a
significant portion of the Fund&#8217;s investments can be difficult to value and thus particularly prone to the foregoing risks. In
addition to the foregoing risks, investors should note that the Fund reserves the right to merge or reorganize with another fund, liquidate
or convert into an open-end fund, in each case subject to applicable approvals by shareholders and the Fund&#8217;s Board of Trustees
as required by law and the Fund&#8217;s governing documents.</span></p>

</div></ix:continuation></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span id="xdx_C0B_gBFRTB-HHV_zTfxPy9chhWk"><ix:continuation continuedAt="ConU000037-25" id="ConU000037-24"><span style="font-size: 10pt"><b>Investment Funds Risk. </b>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 other investment companies, including registered investment companies, private investment
funds and/or other pooled investment vehicles (collectively, &#8220;Investment Funds&#8221;). 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&#8217;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&#8217; 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&#8217; managers to employ Financial Leverage, thereby adding additional expense and increasing volatility and risk
(including the Fund&#8217;s overall exposure to leverage risk). Fees 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</span></ix:continuation></span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>19</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 71%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 29%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
    DISCUSSION OF</b></span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span id="xdx_C00_gBFRTB-HHV_zddHhrOaMeMg"><ix:continuation id="ConU000037-25"><span style="font-size: 10pt">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. The use of leverage by Investment Funds may cause the
Investments Funds&#8217; market price of common shares and/or NAV to be more volatile and can magnify the effect of any losses. Investments
in Investment Funds expose the Fund to additional management risk. The success of the Fund&#8217;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&#8217; managers is nevertheless present with such investments. 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&#8217;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&#8217;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.</span></ix:continuation></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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></span></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"><span style="font-size: 10pt"><sup>20 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 18%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 19%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 16%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    SUMMARY (Unaudited)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund
    Statistics</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_908_ecef--LatestSharePrice_c20221130__20221130_znwFD3FlemKl">$<ix:nonFraction name="cef:LatestSharePrice" contextRef="From2022-11-30to2022-11-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.30</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    Asset Value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_907_ecef--LatestNav_c20221130__20221130_zBGLZN7KVn6c">$<ix:nonFraction name="cef:LatestNav" contextRef="From2022-11-30to2022-11-30" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">12.92</ix:nonFraction></span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Premium
    to NAV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_903_ecef--LatestPremiumDiscountToNavPercent_c20221130__20221130_zs6tpOrsEdK8"><ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2022-11-30to2022-11-30" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">26.16</ix:nonFraction>%</span></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    Assets ($000)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,449,307</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>AVERAGE
    ANNUAL TOTAL RETURNS FOR THE</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PERIOD
    ENDED NOVEMBER 30, 2022</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Six
    month</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(non-</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>One</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Three</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Five</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten</b></span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>annualized)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Year</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Year</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
    Strategic Opportunities Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.93%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.69%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.62%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.71%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.00%</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.40%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.79%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.09%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.64%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.61%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg
    U.S. Aggregate</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond
    Index</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.06%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12.84%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.59%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.21%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.09%</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Performance data quoted represents
past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. All
NAV returns include the deduction of management fees, operating expenses and all other Fund expenses. The deduction of taxes that a shareholder
would pay on Fund distributions or the sale of Fund shares is not reflected in the total returns. For the most recent month-end performance
figures, please visit guggenheiminvestments.com/gof. The investment return and principal value of an investment will fluctuate with changes
in market conditions and other factors so that an investor&#8217;s shares, when sold, may be worth more or less than their original cost.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The referenced index is unmanaged
and not available for direct investment. Index performance does not reflect transaction costs, fees or expenses.</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>21</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 66%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 34%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    SUMMARY (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Portfolio
    Breakdown</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>%
    of Net Assets</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investments</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Floating Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset-Backed
    Securities</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.5%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange-Traded
    Funds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Collateralized
    Mortgage Obligations</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Closed-End
    Funds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.4%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    Government Securities</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money
    Market Funds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.8%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.4%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Investments</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    Written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.3)%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    Assets &amp; Liabilities, net</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(31.3%)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Assets</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0%</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 66%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ten
    Largest Holdings</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 34%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>%
    of Net Assets</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SPDR
    S&amp;P 500 ETF Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    QQQ Trust Series</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iShares
    Russell 2000 Index ETF</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Madison
    Park Funding LIII Ltd., 9.99%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sprite
    Ltd., 3.75%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    Treasury Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delta
    Air Lines, Inc., 7.00%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
    Stanley Finance LLC, 1.50%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Midcap
    Funding XLVI Trust, 7.35%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIFC
    Funding Ltd., 11.08%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Top
    Ten Total</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.4%</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8220;Ten Largest Holdings&#8221;
excludes any temporary cash or derivative investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></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"><span style="font-size: 10pt"><sup>22 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 67%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 33%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    SUMMARY (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Portfolio
    Composition by Quality Rating<sup>1</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 90%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>%
    of Total</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rating</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investments</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fixed
    Income Investments</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AAA</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.7%</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AA</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.0%*</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.9%</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBB</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.1%</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BB</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.0%</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.5%</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CCC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5%</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.1%</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.1%</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NR
    <sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.0%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Other
    Investments</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.1%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Investments</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0%</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">1</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Source:
                                            BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges
                                            from AAA (highest) to D (lowest). All securities except for those labeled &#8220;NR&#8221;
                                            have been rated by Moody&#8217;s, Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;), or
                                            Fitch, each of which is a Nationally Recognized Statistical Rating Organization (&#8220;NRSRO&#8221;).
                                            For purposes of this presentation, when ratings are available from more than one agency,
                                            the highest rating is used. Guggenheim Investments has converted Moody&#8217;s and Fitch
                                            ratings to the equivalent S&amp;P rating. Security ratings are determined at the time of
                                            purchase and may change thereafter.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">2</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">NR
                                            (not rated) securities do not necessarily indicate low credit quality.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">*</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Less
                                            than 0.1%.</span></td>
</tr></table>

<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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>23</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 66%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 34%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    SUMMARY (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><span style="font-size: 10pt"><img src="gof-11x24x1.gif" alt="" /></span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><i>All or a portion of the above
distributions may be characterized as a return of capital. For the calendar year ended December 31, 2022, 48% of the distributions were
characterized as ordinary income, 8% of the distributions were characterized as long-term capital gains and 44% of the distributions
were characterized as return of capital. The final determination of the tax character of the distributions paid by the Fund in 2022 will
be reported to shareholders in January 2023.</i></span></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"><span style="font-size: 10pt"><sup>24 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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    <td style="padding: 0.75pt; width: 33%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited)</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 3.7%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KKR
    Acquisition Holdings I Corp. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">783,534</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    7,874,512</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RXR
    Acquisition Corp. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">160,538</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,613,407</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TPG
    Pace Beneficial II Corp.*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">160,210</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,574,865</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colicity,
    Inc. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120,524</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,211,266</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSD
    Acquisition Corp. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,869</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1<sup>,</sup>173,365</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AfterNext
    HealthTech Acquisition Corp. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,068,708</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conyers
    Park III Acquisition Corp. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,600</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">981,060</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acropolis
    Infrastructure Acquisition Corp. &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">971,204</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Waverley
    Capital Acquisition Corp. 1 &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93,900</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">935,244</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blue
    Whale Acquisition Corp. I &#8212; Class A*<sup>,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">558,675</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arch
    Capital Group Ltd.*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,223</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">492,640</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Everest
    Re Group Ltd.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">439,322</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Globe
    Life, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,580</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,457</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aflac,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,945</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">427,624</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ameriprise
    Financial, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,284</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426,224</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase &amp; Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,081</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,733</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Travelers
    Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,235</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">424,225</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Willis
    Towers Watson plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,721</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423,641</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Simon
    Property Group, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,539</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,698</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    International Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,681</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">421,638</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal
    Financial Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,699</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">421,406</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hartford
    Financial Services Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,476</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">418,202</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goldman
    Sachs Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,082</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,814</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MetLife,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,439</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,171</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">W
    R Berkley Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,429</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414,124</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Synchrony
    Financial<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,008</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,680</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chubb
    Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,881</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,049</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Berkshire
    Hathaway, Inc. &#8212; Class B*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,283</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408,764</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charles
    Schwab Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,935</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">407,335</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citizens
    Financial Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,593</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406,551</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prudential
    Financial, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,730</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,952</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huntington
    Bancshares, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,017</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,743</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cincinnati
    Financial Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,623</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,008</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">State
    Street Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,039</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401,457</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    Ltd.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,896</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399,322</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank
    of America Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,527</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,447</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nasdaq,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,815</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,095</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raymond
    James Financial, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,393</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396,642</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Federal
    Realty Investment Trust<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,534</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">392,627</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regency
    Centers Corp. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,901</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">392,003</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>25</sup></span></p>



<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 3.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mastercard,
    Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,093</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    389,545</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wells
    Fargo &amp; Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,116</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">389,162</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allstate
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,906</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">389,113</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Visa,
    Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,792</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,864</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discover
    Financial Services<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,588</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,796</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arthur
    J Gallagher &amp; Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,952</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,663</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aon
    plc &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,259</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equinix,
    Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">558</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,383</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intercontinental
    Exchange, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,557</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,259</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regions
    Financial Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,564</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kimco
    Realty Corp. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,714</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,085</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
    Stanley<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,112</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,704</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank
    of New York Mellon Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,326</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,163</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marsh
    &amp; McLennan Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,206</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,035</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Host
    Hotels &amp; Resorts, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,118</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381,035</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock,
    Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">529</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,764</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Progressive
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,859</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377,817</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PNC
    Financial Services Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,237</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,398</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cboe
    Global Markets, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,967</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,334</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loews
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,444</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,719</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franklin
    Resources, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,946</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,892</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fifth
    Third Bancorp<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,268</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,345</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VICI
    Properties, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,910</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,122</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KeyCorp<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,702</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370,595</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T.
    Rowe Price Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,957</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369,359</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Express Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,320</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365,609</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Iron
    Mountain, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,661</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361,892</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CBRE
    Group, Inc. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,532</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,747</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alexandria
    Real Estate Equities, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,316</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,393</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Truist
    Financial Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,586</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355,101</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Healthpeak
    Properties, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,446</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353,092</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,260</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,457</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mid-America
    Apartment Communities, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,127</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350,700</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    Bancorp<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,711</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350,002</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    One Financial Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,383</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349,261</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Realty
    Income Corp. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,502</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347,011</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weyerhaeuser
    Co. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,591</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346,432</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Northern
    Trust Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,702</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">344,693</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ventas,
    Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,385</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343,624</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Welltower,
    Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,721</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,333</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brown
    &amp; Brown, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,624</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,134</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>26 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 3.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prologis,
    Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,838</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    334,288</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">M&amp;T
    Bank Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,961</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">333,409</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vornado
    Realty Trust REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,176</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">333,221</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SBA
    Communications Corp. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,111</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">332,522</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Digital
    Realty Trust, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,945</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">331,195</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Camden
    Property Trust REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,721</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327,418</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zions
    Bancorp North America<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,270</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324,911</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Public
    Storage REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,085</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323,287</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CME
    Group, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,824</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UDR,
    Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,667</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317,950</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comerica,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,350</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">312,069</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Tower Corp. &#8212; Class A REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,406</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">311,077</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    Residential REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,764</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">308,993</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boston
    Properties, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,257</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">306,844</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First
    Republic Bank<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,359</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301,032</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AvalonBay
    Communities, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,715</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299,953</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Crown
    Castle, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,106</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297,852</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Extra
    Space Storage, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,823</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">292,938</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Essex
    Property Trust, Inc. REIT<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,320</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">290,902</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invitation
    Homes, Inc. REIT</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,898</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">290,342</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assurant,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,238</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">286,956</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lincoln
    National Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,222</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">281,225</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature
    Bank<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,989</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277,466</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SVB
    Financial Group*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">866</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,722</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pershing
    Square Tontine Holdings, Ltd. &#8212; Class A*<sup>,&#8224;&#8224;&#8224;,1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,042,740</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sparta
    Systems*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,922</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,901,720</span></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 2.9%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Biogen,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,737</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">530,080</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gilead
    Sciences, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,635</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">494,922</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABIOMED,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,303</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">492,260</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Universal
    Health Services, Inc. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,546</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463,994</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Merck
    &amp; Company, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,206</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463,165</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dexcom,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,960</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">460,469</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Moderna,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,585</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">454,727</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intuitive
    Surgical, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,662</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">449,388</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eli
    Lilly &amp; Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,158</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,711</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quest
    Diagnostics, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">428,768</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AmerisourceBergen
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,496</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426,042</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amgen,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,485</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,304</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>27</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 28 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 2.9% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Humana,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">769</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    422,873</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cardinal
    Health, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,264</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,015</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gartner,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,202</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">421,145</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bristol-Myers
    Squibb Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,220</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">419,061</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IDEXX
    Laboratories, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">983</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">418,630</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AbbVie,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,595</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">418,262</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Rentals, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,182</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,282</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    Mills, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,846</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,364</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cigna
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,256</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,086</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rollins,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,185</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">411,881</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Campbell
    Soup Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,669</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">411,595</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Monster
    Beverage Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,980</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409,383</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Viatris,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,992</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408,022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Waters
    Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,173</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406,562</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conagra
    Brands, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,704</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406,538</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J
    M Smucker Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,638</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406,278</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incyte
    Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,092</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405,680</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mondelez
    International, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,990</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404,984</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hologic,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,302</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403,800</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HCA
    Healthcare, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,674</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,128</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lamb
    Weston Holdings, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,627</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,086</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Henry
    Schein, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,925</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,531</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vertex
    Pharmaceuticals, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,259</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,348</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Automatic
    Data Processing, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,506</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,795</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Elevance
    Health, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">745</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kraft
    Heinz Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,063</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395,979</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corteva,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,884</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395,169</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PepsiCo,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,124</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394,023</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Johnson
    &amp; Johnson<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,213</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">393,914</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cintas
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">853</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">393,898</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kimberly-Clark
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,894</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">392,513</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Archer-Daniels-Midland
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">392,145</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Procter
    &amp; Gamble Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,622</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">391,098</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">McCormick
    &amp; Company, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,579</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">390,039</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Molson
    Coors Beverage Co. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,040</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387,974</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boston
    Scientific Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,567</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387,828</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zimmer
    Biomet Holdings, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,209</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,401</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UnitedHealth
    Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">702</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,528</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charles
    River Laboratories International, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,682</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,455</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pfizer,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,664</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,196</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>28 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 2.9% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Constellation
    Brands, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,491</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    383,709</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">McKesson
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,005</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,588</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hershey
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,626</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,387</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Regeneron
    Pharmaceuticals, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">508</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381,864</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Illumina,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,745</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,549</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sysco
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,382</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379,087</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Philip
    Morris International, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,776</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,354</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quanta
    Services, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,507</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375,749</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coca-Cola
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,897</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375,108</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Altria
    Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,037</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,363</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stryker
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,599</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,990</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Avery
    Dennison Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,926</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372,354</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kellogg
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,104</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372,337</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Laboratory
    Corporation of America Holdings<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,544</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371,641</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MarketAxess
    Holdings, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,378</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369,194</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clorox
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,483</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369,098</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hormel
    Foods Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,843</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,621</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equifax,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,866</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,292</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cooper
    Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,164</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,231</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Church
    &amp; Dwight Company, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,492</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,760</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CVS
    Health Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,601</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366,870</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Moody&#8217;s
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,228</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366,276</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keurig
    Dr Pepper, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,468</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366,128</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brown-Forman
    Corp. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,007</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365,611</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colgate-Palmolive
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,711</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365,008</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Abbott
    Laboratories<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,384</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">364,051</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CoStar
    Group, Inc.*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,487</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">363,627</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PerkinElmer,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,592</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">362,180</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thermo
    Fisher Scientific, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">646</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361,902</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bio-Techne
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,240</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,358</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IQVIA
    Holdings, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,648</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,297</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ResMed,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,559</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358,882</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Robert
    Half International, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,551</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358,528</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Molina
    Healthcare, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,056</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355,629</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Teleflex,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,509</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353,287</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Verisk
    Analytics, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,916</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,988</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P
    Global, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">997</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,621</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Becton
    Dickinson and Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,399</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,827</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Centene
    Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,999</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,113</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kroger
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,075</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,019</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Danaher
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,267</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346,411</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>29</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 30 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 2.9% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Baxter
    International, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,122</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    346,077</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zoetis,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,236</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">344,657</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Estee
    Lauder Companies, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,453</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342,603</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FleetCor
    Technologies, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,661</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,888</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dentsply
    Sirona, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,755</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,446</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">STERIS
    plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,743</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323,745</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Medtronic
    plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,086</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tyson
    Foods, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,839</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">320,729</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Organon
    &amp; Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,231</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PayPal
    Holdings, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,823</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299,761</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bio-Rad
    Laboratories, Inc. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">721</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299,006</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Edwards
    Lifesciences Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,783</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">292,237</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DaVita,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,962</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">292,118</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
    Payments, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,774</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">287,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">West
    Pharmaceutical Services, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,173</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">275,256</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Align
    Technology, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,394</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">274,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Catalent,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,811</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191,046</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cengage
    Learning Holdings II, Inc.*<sup>,&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,126</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129,618</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Save-A-Lot*<sup>,&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,316</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,425</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Consumer, Non-cyclical</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,950,083</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 1.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ATD
    New Holdings, Inc.*<sup>,&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,593</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,686,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wynn
    Resorts Ltd.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,849</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">489,327</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royal
    Caribbean Cruises Ltd.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,772</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465,776</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ross
    Stores, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,934</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462,914</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Las
    Vegas Sands Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,638</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">451,444</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TJX
    Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,522</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">442,036</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">O&#8217;Reilly
    Automotive, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">510</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">440,915</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PACCAR,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,158</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">440,374</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DR
    Horton, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,015</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">431,290</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AutoZone,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">167</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">430,693</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ralph
    Lauren Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,799</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,743</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Starbucks
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,148</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423,926</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cummins,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,684</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,953</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copart,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,336</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">421,724</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Walgreens
    Boots Alliance, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,076</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">418,154</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Norwegian
    Cruise Line Holdings Ltd.*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,392</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,445</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Genuine
    Parts Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,260</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414,326</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tractor
    Supply Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,829</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,921</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Darden
    Restaurants, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,807</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">412,601</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>30 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 1.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Airlines Holdings, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,337</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    412,415</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Best
    Buy Company, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,822</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">411,317</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Walmart,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,688</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409,705</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yum!
    Brands, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,166</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">407,338</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BorgWarner,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,534</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405,291</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lennar
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,609</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404,808</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aptiv
    plc*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,790</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404,279</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NVR,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,955</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Home
    Depot, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,227</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,536</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delta
    Air Lines, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,213</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396,604</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bath
    &amp; Body Works, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,278</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PulteGroup,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,788</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">393,527</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tapestry,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,357</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">391,184</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Domino&#8217;s
    Pizza, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">999</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,341</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WW
    Grainger, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">642</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387,165</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MGM
    Resorts International<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,493</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,772</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">McDonald&#8217;s
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,417</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,543</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ulta
    Beauty, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">831</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,282</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caesars
    Entertainment, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,602</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hilton
    Worldwide Holdings, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,707</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,072</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Southwest
    Airlines Co.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,555</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381,340</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dollar
    Tree, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,535</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,985</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dollar
    General Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,488</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,452</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lowe&#8217;s
    Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,789</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,252</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alaska
    Air Group, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,901</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marriott
    International, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,264</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,353</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Airlines Group, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,846</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LKQ
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,857</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372,541</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Costco
    Wholesale Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">686</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fastenal
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,169</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369,275</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NIKE,
    Inc. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,305</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">362,525</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    Motors Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,910</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361,390</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Target
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,118</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353,854</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carnival
    Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,166</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349,198</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chipotle
    Mexican Grill, Inc. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346,542</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exide
    Technologies*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341,710</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pool
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,028</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Whirlpool
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,289</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,407</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ford
    Motor Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,858</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">331,626</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advance
    Auto Parts, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,032</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">306,812</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>31</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 1.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Live
    Nation Entertainment, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,944</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    286,965</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hasbro,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,502</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">282,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CarMax,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,028</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VF
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,438</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">276,935</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Newell
    Brands, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,174</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">261,657</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tesla,
    Inc.*<sup>,2</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,227</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">238,897</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Consumer, Cyclical</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,262,422</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 1.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caterpillar,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,928</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">455,798</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deere
    &amp; Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">988</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">435,708</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Xylem,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,798</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426,705</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    Electric Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,963</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">426,669</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lockheed
    Martin Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">871</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,600</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Honeywell
    International, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,918</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">421,097</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Johnson
    Controls International plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,326</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">420,299</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boeing
    Co.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,335</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,685</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allegion
    plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,675</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,664</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMETEK,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,925</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">416,579</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mettler-Toledo
    International, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">283</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,885</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IDEX
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,751</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,845</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerson
    Electric Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,331</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414,780</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Old
    Dominion Freight Line, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,369</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414,273</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agilent
    Technologies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,673</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414,261</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton
    Corporation plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,525</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">412,711</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expeditors
    International of Washington, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,556</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">412,709</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Raytheon
    Technologies Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,158</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">410,478</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Westinghouse
    Air Brake Technologies Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,027</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">407,090</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Illinois
    Tool Works, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,781</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405,124</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dover
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,836</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,570</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
    Dynamics Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,588</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,795</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trane
    Technologies plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,245</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,553</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Northrop
    Grumman Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">748</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,901</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Textron,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,583</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,514</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Teledyne
    Technologies, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">948</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398,255</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Snap-on,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,646</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396,028</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
    O Smith Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,513</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395,600</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ingersoll
    Rand, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,324</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395,276</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parker-Hannifin
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,319</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394,302</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vulcan
    Materials Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,141</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">392,510</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Otis
    Worldwide Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,004</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">390,763</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>32 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
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    30, 2022</span></td></tr>
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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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 1.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amphenol
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,847</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    389,844</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">J.B.
    Hunt Transport Services, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,114</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,744</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carrier
    Global Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,724</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,648</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Keysight
    Technologies, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,134</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,019</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Howmet
    Aerospace, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,104</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,618</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rockwell
    Automation, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,440</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,477</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Martin
    Marietta Materials, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,032</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,207</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Norfolk
    Southern Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,472</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377,568</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fortive
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,572</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,389</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Garmin
    Ltd.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,027</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,471</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3M
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,970</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,131</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TransDigm
    Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">593</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372,701</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nordson
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,570</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371,289</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jacobs
    Solutions, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,933</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371,142</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fortune
    Brands Home &amp; Security, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,670</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370,478</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CSX
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,274</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,547</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amcor
    plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,840</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,524</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huntington
    Ingalls Industries, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,563</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">362,553</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TE
    Connectivity Ltd.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,851</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,568</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Packaging
    Corporation of America<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,623</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356,440</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pentair
    plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,786</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356,365</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Masco
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,013</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356,120</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Waste
    Management, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,122</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355,902</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">L3Harris
    Technologies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,554</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352,882</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sealed
    Air Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,618</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352,276</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Parcel Service, Inc. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,851</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,190</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trimble,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,825</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,044</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Republic
    Services, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,491</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346,971</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Union
    Pacific Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,587</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">345,061</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ball
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,151</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">344,948</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Westrock
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,963</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339,877</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stanley
    Black &amp; Decker, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,067</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">332,355</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mohawk
    Industries, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,212</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,472</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CH
    Robinson Worldwide, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,219</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322,608</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FedEx
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,758</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">320,343</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Generac
    Holdings, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,537</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">162,184</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BP
    Holdco LLC*<sup>,&#8224;&#8224;&#8224;,3</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,041</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73,398</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vector
    Phoenix Holdings, LP*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,040</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,923</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,057,304</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>33</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology
    &#8211; 1.4%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hewlett
    Packard Enterprise Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,270</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    457,591</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Microchip
    Technology, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,494</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">435,070</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NVIDIA
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,534</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">428,829</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International
    Business Machines Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,837</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,429</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leidos
    Holdings, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,830</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">418,734</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Applied
    Materials, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,795</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,932</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Analog
    Devices, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,380</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409,146</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DXC
    Technology Co.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,621</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404,135</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KLA
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,026</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403,372</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oracle
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,846</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402,363</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ceridian
    HCM Holding, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,787</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396,062</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Roper
    Technologies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">897</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">393,684</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PTC,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,066</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">390,026</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Texas
    Instruments, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,155</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,891</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Qorvo,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,911</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,167</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HP,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,889</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387,186</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broadcom,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">702</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ON
    Semiconductor Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,130</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,776</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Teradyne,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,119</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,920</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lam
    Research Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">813</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,045</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NXP
    Semiconductor N.V.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,179</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,155</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accenture
    plc &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,265</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI,
    Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">749</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,365</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Akamai
    Technologies, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,994</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,871</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electronic
    Arts, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,844</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371,938</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Micron
    Technology, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,369</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,173</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Synopsys,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,081</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,043</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fortinet,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,834</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">363,295</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cadence
    Design Systems, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,106</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">362,316</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ANSYS,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,421</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361,360</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fiserv,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,456</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Salesforce,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,249</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,402</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paychex,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,901</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,811</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Microsoft
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,391</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">QUALCOMM,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,779</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,516</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Autodesk,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,738</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350,989</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intel
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,573</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jack
    Henry &amp; Associates, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,837</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347,836</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cognizant
    Technology Solutions Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,587</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347,567</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Activision
    Blizzard, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,684</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346,382</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>34 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
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    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
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    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology
    &#8211; 1.4% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Apple,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,338</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    346,094</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NetApp,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,078</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343,324</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Skyworks
    Solutions, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,578</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342,128</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paycom
    Software, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">994</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337,066</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intuit,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">817</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">333,001</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advanced
    Micro Devices, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,279</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">332,179</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tyler
    Technologies, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">955</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327,317</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ServiceNow,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">781</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,130</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zebra
    Technologies Corp. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,192</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322,174</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adobe,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">931</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321,130</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broadridge
    Financial Solutions, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,134</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318,201</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Monolithic
    Power Systems, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">823</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">314,353</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EPAM
    Systems, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">851</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">313,662</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Western
    Digital Corp.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,319</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">305,723</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Take-Two
    Interactive Software, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,872</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303,542</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fidelity
    National Information Services, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,004</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">290,610</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Seagate
    Technology Holdings plc<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,303</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">280,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Qlik
    Technologies, Inc. &#8211; Class A*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,441</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Qlik
    Technologies, Inc. &#8211; Class B*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,624</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Technology</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,952,422</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Communications
    &#8211; 0.9%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netflix,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,575</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">481,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpublic
    Group of Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,852</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">441,594</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Etsy,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,332</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">440,124</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Juniper
    Networks, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,645</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">420,320</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Omnicom
    Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,222</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">416,507</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AT&amp;T,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,407</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">412,727</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arista
    Networks, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,957</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">411,910</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Motorola
    Solutions, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,470</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,134</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cisco
    Systems, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,034</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDW
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,095</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395,201</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VeriSign,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,930</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Booking
    Holdings, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">185</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,698</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T-Mobile
    US, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,525</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,437</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Comcast
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377,392</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FactSet
    Research Systems, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">811</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,106</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corning,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,921</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372,734</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gen
    Digital, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,140</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370,574</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">eBay,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,147</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expedia
    Group, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,351</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358,021</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>35</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 36 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Communications
    &#8211; 0.9% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F5,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,292</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    354,366</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter
    Communications, Inc. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">899</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,770</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Verizon
    Communications, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,633</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336,514</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Warner
    Bros Discovery, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,993</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319,120</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Walt
    Disney Co.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,194</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">312,597</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paramount
    Global &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,414</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,513</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vacasa,
    Inc. &#8212; Class A*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196,839</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,037</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">News
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,017</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">306,725</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISH
    Network Corp. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,940</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303,987</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Match
    Group, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,851</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295,827</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amazon.com,
    Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,760</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">266,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Meta
    Platforms, Inc. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,168</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">256,041</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fox
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,477</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">242,629</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lumen
    Technologies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,662</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,541</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alphabet,
    Inc. &#8212; Class A*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,742</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">175,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alphabet,
    Inc. &#8212; Class C*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,559</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">158,161</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fox
    Corp. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,433</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,775</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">News
    Corp. &#8212; Class B<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,962</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,511</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Figs,
    Inc. &#8212; Class A*</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,450</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,823</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Communications</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,377,284</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities
    &#8211; 0.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TexGen
    Power LLC*<sup>,&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,676</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,785,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PG&amp;E
    Corp.*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,788</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467,672</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Constellation
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,204</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404,088</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AES
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,412</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Atmos
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,115</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,423</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pinnacle
    West Capital Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,775</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373,978</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FirstEnergy
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,855</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365,180</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PPL
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,324</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">363,804</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Water Works Company, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,375</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,430</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NRG
    Energy, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,478</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,891</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
    Edison, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,648</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357,650</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Entergy
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,066</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356,484</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Edison
    International<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,322</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354,765</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sempra
    Energy<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,117</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,824</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CenterPoint
    Energy, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,199</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,401</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NextEra
    Energy, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,092</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346,592</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ameren
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,848</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343,703</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WEC
    Energy Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,456</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342,628</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Electric Power Company, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,513</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340,058</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>36 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities
    &#8211; 0.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NiSource,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,064</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    337,068</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Xcel
    Energy, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,779</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,581</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duke
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,345</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">334,266</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eversource
    Energy<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,015</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">332,683</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exelon
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,011</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">331,415</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alliant
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,833</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328,398</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Public
    Service Enterprise Group, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,410</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CMS
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,265</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321,534</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DTE
    Energy Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,715</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">314,967</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Southern
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,626</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">312,903</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evergy,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,244</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">310,497</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dominion
    Energy, Inc.<sup>2</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,424</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">270,351</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Utilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,242,261</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy
    &#8211; 0.7%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schlumberger
    Ltd.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,201</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">474,312</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Halliburton
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,244</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Phillips
    66<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,142</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">449,158</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">APA
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,554</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">447,605</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marathon
    Petroleum Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,660</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">445,825</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targa
    Resources Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,794</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">431,016</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hess
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,994</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">430,866</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valero
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,215</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,588</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marathon
    Oil Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,863</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">424,624</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exxon
    Mobil Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,800</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423,092</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EOG
    Resources, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,959</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">419,971</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chevron
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,288</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">419,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Baker
    Hughes Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,373</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">417,104</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ConocoPhillips<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,274</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404,372</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diamondback
    Energy, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,706</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,542</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ONEOK,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,869</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">392,754</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occidental
    Petroleum Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,604</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">389,422</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Williams
    Companies, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,179</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387,911</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enphase
    Energy, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,203</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,670</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kinder
    Morgan, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,028</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,935</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Devon
    Energy Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,344</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366,171</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pioneer
    Natural Resources Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,525</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359,885</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SolarEdge
    Technologies, Inc.*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,175</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,160</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Coterra
    Energy, Inc. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,269</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342,428</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equities
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,293</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,296</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Permian
    Production Partners LLC*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">184,043</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,916</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>37</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 66%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 4%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COMMON
    STOCKS<sup>&#8224; </sup>&#8211; 14.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy
    &#8211; 0.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legacy
    Reserves, Inc.*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,359</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20,641</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bruin
    E&amp;P Partnership Units*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,617</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">910</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Energy</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,321,512</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Basic
    Materials &#8211; 0.5%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Freeport-McMoRan,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,317</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450,417</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Air
    Products and Chemicals, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,432</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">444,149</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DuPont
    de Nemours, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,266</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">441,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Linde
    plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,276</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,348</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FMC
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,258</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Newmont
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,379</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,751</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PPG
    Industries, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,872</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388,352</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nucor
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,563</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384,322</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CF
    Industries Holdings, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,548</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,858</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sherwin-Williams
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,527</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,498</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LyondellBasell
    Industries N.V. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,333</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368,348</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dow,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,215</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,749</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Albemarle
    Corp.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,225</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340,538</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Celanese
    Corp. &#8212; Class A<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,158</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338,853</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eastman
    Chemical Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,908</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338,511</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International
    Flavors &amp; Fragrances, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,197</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338,307</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mosaic
    Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,541</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,553</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International
    Paper Co.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,777</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,802</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ecolab,
    Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,131</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319,288</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schur
    Flexibles GmbH</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    660</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Basic Materials</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,199,085</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrials
    &#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Inc*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,049</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,102</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Inc*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,049</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,328</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Inc*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,049</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,328</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Inc*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,049</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Inc*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,049</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Inc*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,049</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Industrials</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,204</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Common Stocks</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $171,564,920)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,284,297</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>38 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PREFERRED
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 6.5%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank
    of America Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    7,358,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.50%<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,972,858</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.30%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">991,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">459,940</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wells
    Fargo &amp; Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">183,750</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,452,662</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.90%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,875,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.70%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">148,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,754,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">880,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First
    Republic Bank</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,720,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">158,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,823,460</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84,800</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,472,976</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reinsurance
    Group of America, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    due 10/15/5<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">294,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,708,680</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lincoln
    National Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.25%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,560,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.00%*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,734</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,337,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.15%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,615,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,516,299</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kuvare
    US Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 02/17/51<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,432,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charles
    Schwab Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38%<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,948,700</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%*<sup>,2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,464,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equitable
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.95%<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,650,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,448,885</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.30%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,491,580</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Markel
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,770,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,625,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Public
    Storage</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144,400</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,911,104</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,400</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">291,428</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">W
    R Berkley Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 03/30/61</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,438,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 09/30/60</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,800</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">733,056</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PartnerRe
    Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,571,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase &amp; Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.55%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">955,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.20%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">732,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">476,160</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>39</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 40 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>PREFERRED
    STOCKS<sup>&#8224;&#8224; </sup>&#8211; 6.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 6.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prudential
    Financial, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 09/01/60</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103,875</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,041,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Financial Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 09/15/60</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,919,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MetLife,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.85%<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,820,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,652,797</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CNO
    Financial Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 11/25/60</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,448,800</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assurant,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 01/15/61</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,244,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Equity Investment Life Holding Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.95%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">999,120</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arch
    Capital Group Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.55%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">731,120</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selective
    Insurance Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.60%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">619,560</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RenaissanceRe
    Holdings Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.20%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228,150</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Globe
    Life, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 06/15/61</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,170</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B
    Riley Financial, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    due 05/31/24</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,415</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,205</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,176,596</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Government
    &#8211; 0.2%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Farmer
    Mac</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,455,040</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AgriBank
    FCB</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397,000</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Government</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,852,040</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 0.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exide
    Technologies*<sup>,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">761</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">888,847</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Preferred Stocks</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $114,166,523)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,917,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>WARRANTS<sup>&#8224;
    </sup>&#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KKR
    Acquisition Holdings I Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    12/31/27<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195,882</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,928</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aequi
    Acquisition Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    11/30/27<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">246,299</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conyers
    Park III Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    08/12/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,200</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,396</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>40 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>WARRANTS<sup>&#8224;
    </sup>&#8211; 0.0% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ginkgo
    Bioworks Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    08/01/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,852</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    8,056</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acropolis
    Infrastructure Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    03/31/26<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,766</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,446</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AfterNext
    HealthTech Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    07/09/23<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,766</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,292</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blue
    Whale Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    07/09/23<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,324</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,435</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Waverley
    Capital Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    04/30/27<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,191</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSD
    Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    05/13/23<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,373</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,402</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RXR
    Acquisition Corp. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    03/08/26<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,105</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">161</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Colicity,
    Inc. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    12/31/27<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,102</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pershing
    Square Tontine Holdings, Ltd. &#8211; Class A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expiring
    07/24/25<sup>&#8224;&#8224;&#8224;,1</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115,860</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Warrants</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(</b>Cost
    $1,643,400)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,658</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>EXCHANGE-TRADED
    FUNDS<sup>&#8224; </sup>&#8211; 6.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SPDR
    S&amp;P 500 ETF Trust<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,996</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,759,009</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    QQQ Trust Series<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98,441</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,878,652</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iShares
    Russell 2000 Index ETF<sup>2</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153,098</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,685,972</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Exchange-Traded Funds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $63,758,700)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,323,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLOSED-END
    FUNDS<sup>&#8224; </sup>&#8211; 2.4%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock
    Taxable Municipal Bond Trust<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">292,122</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,480,209</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nuveen
    Taxable Municipal Income Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">289,790</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,694,598</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nuveen
    AMT-Free Municipal Credit Income Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">292,391</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,707,518</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    Municipal Opportunity Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229,099</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,258,916</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    Trust for Investment Grade Municipals</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212,335</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,176,434</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock
    Corporate High Yield Fund, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">237,682</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,162,906</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blackstone
    Strategic Credit Fund<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">186,741</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,057,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock
    Credit Allocation Income Trust<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">184,289</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,968,206</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    Municipal Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">188,704</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,870,057</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton
    Vance Limited Duration Income Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141,764</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,474,346</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invesco
    Advantage Municipal Income Trust II</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">163,240</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,457,733</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>41</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLOSED-END
    FUNDS<sup>&#8224; </sup>&#8211; 2.4% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
    Active Allocation Fund<sup>3</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,002</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,255,177</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock
    Municipal Income Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108,502</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,591</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ares
    Dynamic Credit Allocation Fund, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68,740</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">843,440</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock
    Debt Strategies Fund, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,425</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">815,062</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Western
    Asset High Income Opportunity Fund, Inc.<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">160,170</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">650,290</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nuveen
    AMT-Free Quality Municipal Income Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,289</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375,198</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nuveen
    Quality Municipal Income Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,690</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">316,543</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BlackRock
    MuniVest Fund, Inc.</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,898</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">174,784</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Closed-End Funds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $42,159,755)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,869,894</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MONEY
    MARKET FUNDS<sup>&#8224; </sup>&#8211; 0.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dreyfus
    Treasury Securities Cash Management Fund &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional
    Shares, 3.62%<sup>6</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,895,905</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,895,905</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dreyfus
    Treasury Obligations Cash Management Fund &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Institutional
    Shares, 3.69%<sup>6</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,804,515</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,804,515</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Money Market Funds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $11,700,420)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,700,420</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 12.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
    Stanley Finance LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.50%
    due 10/23/29<sup>7</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,895,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NFP
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 08/15/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,857,373</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.50%
    due 10/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,551,522</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dyal
    Capital Partners III</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.40%
    due 06/15/40<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,097,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accident
    Fund Insurance Company of America</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.50%
    due 08/01/32<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,046,486</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wilton
    RE Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%
    <sup>&#8224;&#8224;&#8224;,4,5,8</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,708,234</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Wholesale Mortgage LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 11/15/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,060,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,762,158</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 04/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,592,937</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 06/15/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,106,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jefferies
    Finance LLC / JFIN Company-Issuer Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 08/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,237,825</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hunt
    Companies, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 04/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,325,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,075,130</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Iron
    Mountain, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.63%
    due 07/15/32<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,742,021</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>42 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 12.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Maple
    Grove Funding Trust I</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.16%
    due 08/15/51<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    5,546,610</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OneMain
    Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 09/15/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,652,185</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 03/15/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,462,950</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    due 03/15/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,065,674</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 09/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">634,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.63%
    due 01/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,775</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cushman
    &amp; Wakefield US Borrower LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    due 05/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,584,435</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National
    Life Insurance Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.50%
    due 09/15/39<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,525,551</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kennedy-Wilson,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 03/01/31<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,957,305</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 02/01/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,149,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 03/01/29<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">344,994</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liberty
    Mutual Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.30%
    due 02/01/61<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,277,508</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LPL
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 03/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,172,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,639,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 05/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472,843</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RXR
    Realty LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 07/17/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,038,048</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hampton
    Roads PPV LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.62%
    due 06/15/53<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,680,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,988,310</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">QBE
    Insurance Group Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.50%
    due 11/24/43<sup>4,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,988,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.88%
    <sup>4,5,8</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">871,569</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ceamer
    Finance LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.92%
    due 05/15/38<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,807,760</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NatWest
    Group plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.47%
    due 11/10/26<sup>4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,647,013</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rocket
    Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 10/15/33<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,031,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,962,785</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 03/01/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">825,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">638,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLP
    Capital Limited Partnership / GLP Financing II, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.25%
    due 01/15/32</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,566,341</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.30%
    due 01/15/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">987,157</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
    Atlantic Finance Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.70%
    due 10/15/51<sup>4,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,995,202</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.13%
    due 06/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,288,917</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Standard
    Chartered plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.78%
    due 11/16/25<sup>2,4,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,197,576</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>43</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 44 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 12.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jane
    Street Group / JSG Finance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 11/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,072,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Host
    Hotels &amp; Resorts, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%
    due 09/15/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,610,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,013,185</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Toronto-Dominion
    Bank</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.13%
    due 10/31/82<sup>4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,921,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays
    plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.75%
    <sup>2,4,8</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,880,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HUB
    International Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.63%
    due 12/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,189,074</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 05/01/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">544,533</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Americo
    Life, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.45%
    due 04/15/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,511,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,704,187</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sherwood
    Financing plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%
    due 11/15/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,819,273</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 11/15/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">815,754</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC
    Military Housing-Navy Northeast LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.30%
    due 10/15/49<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,630,057</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Home
    Point Capital, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 02/01/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,214,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,539,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ares
    Finance Company IV LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.65%
    due 02/01/52<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,539,466</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bank
    of Nova Scotia</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.63%
    due 10/27/82<sup>4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,211,528</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corebridge
    Financial, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 12/15/52<sup>4,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,202,857</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lincoln
    National Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 06/15/50<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,560,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,915,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fort
    Knox Military Housing Privatization Project</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.82%
    due 02/15/52<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,853,646</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,794,199</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kane
    Bidco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 02/15/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    2,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,726,429</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AmWINS
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 06/30/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,490,627</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First
    American Financial Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 05/15/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,740,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,469,005</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Newmark
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 11/15/23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,446,331</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PHM
    Group Holding Oy</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 06/18/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,232,394</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OneAmerica
    Financial Partners, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 10/15/50<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,730,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,225,547</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allianz
    SE</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%
    <sup>2,4,5,8</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,188,250</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>44 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 12.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weyerhaeuser
    Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 12/15/33<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,187,918</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ryan
    Specialty Group LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 02/01/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">940,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reinsurance
    Group of America, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.15%
    due 06/15/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">856,198</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pershing
    Square Holdings Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.25%
    due 10/01/31</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">823,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PartnerRe
    Finance B LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 10/01/50<sup>4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">788,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alliant
    Holdings Intermediate LLC / Alliant Holdings Company-Issuer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 10/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">652,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fort
    Benning Family Communities LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.09%
    due 01/15/51<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">700,068</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">643,272</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pacific
    Beacon LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.63%
    due 07/15/51<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">673,346</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">622,915</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prudential
    Financial, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 03/01/52<sup>4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">598,434</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Greystar
    Real Estate Partners LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 12/01/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">582,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Macquarie
    Bank Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.62%
    due 06/03/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">640,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">518,174</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assurant,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 03/27/48<sup>4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Atlas
    Mara Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    12/31/21<sup>&#8224;&#8224;&#8224;,9,10</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">709,271</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">238,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fort
    Gordon Housing LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.32%
    due 05/15/51<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">USI,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 05/01/25<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147,017</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">186,131,431</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 8.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US
    Foods, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.25%
    due 04/15/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,028,020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 06/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,218,525</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 02/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,005,020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPI
    CG, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.63%
    due 03/15/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,348,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,115,749</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Medline
    Borrower, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 10/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,238,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 04/01/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,719,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cheplapharm
    Arzneimittel GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 01/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,945,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,771,910</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>45</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 46 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November 30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 8.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCP
    V Modular Services Finance II plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 10/30/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    4,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    4,258,670</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 10/30/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,349,990</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sabre
    GLBL, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.38%
    due 09/01/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,548,063</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.25%
    due 04/15/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,044,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Williams
    Scotsman International, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 08/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,675,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,341,310</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 06/15/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,683,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,666,170</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bausch
    Health Companies, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 06/01/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,025,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,916,115</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sotheby&#8217;s</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.38%
    due 10/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,899,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,771,602</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Altria
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.70%
    due 02/04/51<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,884,926</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reynolds
    American, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.70%
    due 08/15/35<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,831,222</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KeHE
    Distributors LLC / KeHE Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.63%
    due 10/15/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,632,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,577,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JBS
    USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 02/02/52<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,489,408</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Post
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 09/15/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,344,963</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FAGE
    International S.A. / FAGE USA Dairy Industry, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.63%
    due 08/15/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,301,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,021,172</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rent-A-Center,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.38%
    due 02/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,981,562</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acadia
    Healthcare Company, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 04/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,214,264</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 07/01/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">517,096</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legends
    Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 02/01/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,624,656</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nathan&#8217;s
    Famous, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.63%
    due 11/01/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,676,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,622,480</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Garden
    Spinco Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.63%
    due 07/20/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,601,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Par
    Pharmaceutical, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/01/27<sup>5,9</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,345,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,517,113</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DaVita,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 06/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,538,012</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 02/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">882,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Avantor
    Funding, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 07/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,564,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 11/01/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">793,187</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Castor
    S.p.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.25%
    (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    2,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,308,756</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>46 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 8.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sotheby&#8217;s/Bidfair
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.88%
    due 06/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,247,031</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Option
    Care Health, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 10/31/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,275,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,936,713</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADT
    Security Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 08/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">916,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 07/15/32<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">865,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gartner,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 07/01/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,600,414</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Spectrum
    Brands, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 07/15/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,455,846</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endo
    Luxembourg Finance Company I SARL / Endo US, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/01/29<sup>5,9</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,422,777</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royalty
    Pharma plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.55%
    due 09/02/50<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,405,168</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">APi
    Group DE, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 10/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,225,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,051,354</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 07/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">332,448</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HealthEquity,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 10/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,357,955</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Grifols
    Escrow Issuer S.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 10/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,134,513</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kronos
    Acquisition Holdings, Inc. / KIK Custom Products, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 12/31/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,038,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">861,540</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 12/31/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">227,910</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TreeHouse
    Foods, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 09/01/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">979,766</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Central
    Garden &amp; Pet Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 10/15/30</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">520,312</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 04/30/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330,260</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMN
    Healthcare, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 10/01/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">670,234</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WW
    International, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 04/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">548,036</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Catalent
    Pharma Solutions, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%
    due 04/01/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">509,375</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carriage
    Services, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 05/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">675,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">506,587</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Performance
    Food Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 05/01/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prestige
    Brands, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 04/01/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">253,476</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nidda
    Healthcare Holding GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%
    due 09/30/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    175,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">169,016</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>47</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 48 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
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    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 8.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Albertsons
    Companies Incorporated / Safeway Inc / New Albertsons</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Limited
    Partnership / Albertsons LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.88%
    due 02/15/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    95,622</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endo
    Dac / Endo Finance LLC / Endo Finco, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    07/31/27<sup>5,9</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">181,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,340</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Consumer, Non-cyclical</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117,180,254</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 6.5%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delta
    Air Lines, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 05/01/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,535,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,735,037</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JB
    Poindexter &amp; Company, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    due 04/15/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,275,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,097,285</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Suburban
    Propane Partners Limited Partnership/Suburban Energy Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.88%
    due 03/01/27<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,210,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,037,293</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 06/01/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,539,259</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Penn
    Entertainment, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 07/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,013,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Air
    Canada Class A Pass Through Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 04/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,042,405</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,813,154</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delta
    Air Lines, Inc. / SkyMiles IP Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 10/20/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,950,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,744,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Crocs,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 03/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,188,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,616,252</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 08/15/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,118,684</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fertitta
    Entertainment LLC / Fertitta Entertainment Finance Company, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 01/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,619,890</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hawaiian
    Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 01/20/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,530,332</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Station
    Casinos LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 12/01/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,521,238</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wabash
    National Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 10/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,466,873</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Live
    Nation Entertainment, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.50%
    due 05/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,356,342</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mileage
    Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.50%
    due 06/20/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,182,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,166,556</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Walgreens
    Boots Alliance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.10%
    due 04/15/50<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,855,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Air
    Canada</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 08/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAD
    2,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,835,876</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 08/15/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">825,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">754,876</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PetSmart,
    Inc. / PetSmart Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 02/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,489,642</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aramark
    Services, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.38%
    due 05/01/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,295,446</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 02/01/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,869</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>48 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
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  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 6.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Airlines, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 04/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,575,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,292,309</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scotts
    Miracle-Gro Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 04/01/31<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,634,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 02/01/32</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">538,497</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HP
    Communities LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.82%
    due 09/15/53<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">929,348</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">968,565</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.16%
    due 09/15/53<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">930,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yum!
    Brands, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 01/31/32<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,987,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,758,495</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Superior
    Plus Limited Partnership / Superior General Partner, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 03/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,707,901</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hyatt
    Hotels Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 04/23/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,690,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,677,184</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Michaels
    Companies, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 05/01/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,611,357</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CD&amp;R
    Smokey Buyer, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    due 07/15/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,650,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,462,312</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wyndham
    Hotels &amp; Resorts, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 08/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,453,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1011778
    BC ULC / New Red Finance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 01/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">758,614</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 10/15/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">610,566</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boyne
    USA, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 05/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,112,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hilton
    Domestic Operating Company, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.63%
    due 02/15/32<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,111,468</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clarios
    Global, LP / Clarios US Finance Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.50%
    due 05/15/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,027,537</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wolverine
    World Wide, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 08/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">999,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vail
    Resorts, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.25%
    due 05/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">998,960</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clarios
    Global, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    due 05/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">990,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">989,369</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Six
    Flags Theme Parks, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 07/01/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">969,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">971,399</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tempur
    Sealy International, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 10/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">543,417</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 04/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414,537</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allison
    Transmission, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 01/30/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">921,151</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scientific
    Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.63%
    due 03/01/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">715,040</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>49</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 6.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Airlines Class AA Pass Through Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.45%
    due 12/01/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">452,195</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    408,995</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Superior
    Plus, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 05/18/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAD
    350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219,313</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hanesbrands,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 05/15/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">225,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ferrellgas
    Limited Partnership / Ferrellgas Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38%
    due 04/01/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exide
    Technologies</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    10/31/24<sup>&#8224;&#8224;&#8224;,9</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,353,687</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Consumer, Cyclical</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,889,104</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Communications
    &#8211; 5.7%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Altice
    France S.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 10/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,175,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,555,859</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 07/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,025,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,384,033</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.13%
    due 02/01/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,238,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">McGraw-Hill
    Education, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.00%
    due 08/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,345,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 08/01/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,525,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,132,844</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cogent
    Communications Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 06/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,312,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VZ
    Secured Financing BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 01/15/32<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,668,375</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">British
    Telecommunications plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 11/23/81<sup>2,4,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,479,891</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 11/23/81<sup>4,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">798,947</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paramount
    Global</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.95%
    due 05/19/50<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,390,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,749,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cengage
    Learning, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.50%
    due 06/15/24<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,976,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,720,980</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UPC
    Broadband Finco BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 07/15/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,890,773</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LCPR
    Senior Secured Financing DAC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    due 10/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,114,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,999,696</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 07/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,570,424</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corning,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 11/15/57<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,233,786</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vodafone
    Group plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 06/04/81<sup>2,4</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,924,694</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMC
    Networks, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 02/15/29<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,571,526</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>50 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Communications
    &#8211; 5.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CCO
    Holdings LLC / CCO Holdings Capital Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 06/01/33<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,225,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    972,172</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 02/01/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">690,030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 01/15/34<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">584,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 05/01/32</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">268,211</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ciena
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 01/31/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,803,312</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rogers
    Communications, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.55%
    due 03/15/52<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,790,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TripAdvisor,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 07/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,575,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,555,497</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
    3 Financing, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.63%
    due 01/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,107,600</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 07/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">433,905</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vmed
    O2 UK Financing I plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 01/31/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,225,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">983,369</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 07/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">650,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">540,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Radiate
    Holdco LLC / Radiate Finance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 09/15/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,471,860</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter
    Communications Operating LLC / Charter Communications Operating Capital</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.90%
    due 06/01/52</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,328,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CSC
    Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 12/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,913,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,213,143</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Virgin
    Media Secured Finance plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 08/15/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,002,157</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zayo
    Group Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 03/01/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">752,083</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sirius
    XM Radio, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 09/01/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">735,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outfront
    Media Capital LLC / Outfront Media Capital Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 01/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">825,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">688,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Match
    Group Holdings II LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.63%
    due 10/01/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">875,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">668,650</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ziggo
    BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 01/15/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">725,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">616,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ziggo
    Bond Company BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 02/28/30<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405,635</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Communications</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82,189,807</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 4.6%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New
    Enterprise Stone &amp; Lime Company, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.75%
    due 07/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,717,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,112,605</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 07/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,025,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,832,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boeing
    Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.81%
    due 05/01/50<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,868,469</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>51</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 52 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 4.6% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Standard
    Industries, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 07/15/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    5,781,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.38%
    due 01/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">843,304</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Artera
    Services LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.03%
    due 12/04/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,290,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,232,903</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Builders
    FirstSource, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.38%
    due 06/15/32<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,309,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 02/01/32<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,675,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,357,856</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mauser
    Packaging Solutions Holding Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.50%
    due 04/15/24<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,661,996</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.25%
    due 04/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">912,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 04/15/24<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">925,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">912,347</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fortune
    Brands Home &amp; Security, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 03/25/52</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,134,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,063,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Harsco
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 07/31/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,624,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,926,380</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Great
    Lakes Dredge &amp; Dock Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 06/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,780,348</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Howmet
    Aerospace, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.00%
    due 01/15/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,175,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">992,992</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.95%
    due 02/01/37</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">875,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">826,999</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 05/01/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">817,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GrafTech
    Finance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 12/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,785,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,321,994</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TransDigm,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.00%
    due 12/15/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,085,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ardagh
    Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 09/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,840,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Summit
    Materials LLC / Summit Materials Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 01/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,775,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,638,591</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brundage-Bone
    Concrete Pumping Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%
    due 02/01/26<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,525,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,418,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TK
    Elevator US Newco, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 07/15/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,406,656</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JELD-WEN,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.25%
    due 05/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,269,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deuce
    FinCo plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 06/15/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    1,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,146,171</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    (3 Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/15/27<sup>&#9674;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,573</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cellnex
    Finance Company S.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 07/07/41<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,183,575</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amsted
    Industries, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 05/15/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">802,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ball
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.13%
    due 09/15/31</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">875,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">695,187</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>52 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 4.6% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GATX
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 06/30/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">560,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    502,681</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PGT
    Innovations, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 10/01/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">336,912</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TopBuild
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 02/15/32<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">320,119</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcosa,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 04/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">304,381</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EnerSys</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 12/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">288,437</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hillenbrand,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 03/01/31</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EnPro
    Industries, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 10/15/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,693</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MIWD
    Holdco II LLC / MIWD Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 02/01/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vertical
    Midco GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.38%
    due 07/15/27</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    100,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,907</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66,396,001</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy
    &#8211; 3.7%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
    Partners Limited Partnership / GLP Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 08/01/27<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,548,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.88%
    due 01/15/29<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,980,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,705,840</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ITT
    Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.50%
    due 08/01/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,889,606</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Occidental
    Petroleum Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.20%
    due 03/15/40<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,052,687</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.00%
    due 11/15/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,033,170</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.30%
    due 08/15/39<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,701,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 06/15/45</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">603,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BP
    Capital Markets plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%<sup>2,4,8</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,938,313</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NuStar
    Logistics, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.38%
    due 10/01/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,231,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.63%
    due 04/28/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">188,072</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%
    due 06/01/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,140</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CVR
    Energy, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 02/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,275,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,180,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    due 02/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,889,244</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TransMontaigne
    Partners Limited Partnership / TLP Finance Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 02/15/26<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,025,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,487,613</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parkland
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 05/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,263,950</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 10/01/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,095,250</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>53</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 54 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy
    &#8211; 3.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hess
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.60%
    due 02/15/41<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,493,795</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%
    due 01/15/40<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,003,009</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    due 03/15/33</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">546,813</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EnLink
    Midstream LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.50%
    due 09/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,640,612</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Southwestern
    Energy Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38%
    due 02/01/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,321,600</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy
    Transfer, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 04/01/24<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">980,054</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buckeye
    Partners, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.35%
    due 10/15/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">723,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Venture
    Global Calcasieu Pass LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 08/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">775,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">668,438</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DT
    Midstream, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 06/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,467</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FLNG
    Liquefaction 2 LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13%
    due 03/31/38<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">243,073</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211,226</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Viper
    Energy Partners, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38%
    due 11/01/27<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189,561</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basic
    Energy Services, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    10/15/23<sup>&#8224;&#8224;&#8224;,9</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,030,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,325</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schahin
    II Finance Co. SPV Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    09/25/22<sup>9,10</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,216,133</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Energy</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,111,169</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Basic
    Materials &#8211; 2.5%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carpenter
    Technology Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.38%
    due 07/15/28<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,225,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,930,421</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.63%
    due 03/15/30<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,507,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SCIL
    IV LLC / SCIL USA Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.38%
    due 11/01/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,075,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,089,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alcoa
    Nederland Holding BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 12/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,474,889</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 05/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,475,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,431,884</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SK
    Invictus Intermediate II Sarl</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 10/30/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,200,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Compass
    Minerals International, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    due 12/01/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,404,726</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clearwater
    Paper Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%
    due 08/15/28<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,547,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,231,729</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WR
    Grace Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.88%
    due 06/15/27<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,325,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,083,084</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Illuminate
    Buyer LLC / Illuminate Holdings IV, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.00%
    due 07/01/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,625,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,340,625</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>54 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Basic
    Materials &#8211; 2.5% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kaiser
    Aluminum Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 03/01/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    879,410</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 06/01/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">422,185</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Minerals
    Technologies, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 07/01/28<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,189,944</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arconic
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.00%
    due 05/15/25<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,181,917</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HB
    Fuller Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 10/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,016,312</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diamond
    BC BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%
    due 10/01/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">825,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">621,959</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valvoline,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.63%
    due 06/15/31<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">760,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">619,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mirabela
    Nickel Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    06/24/19<sup>&#8224;&#8224;&#8224;,9,10</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,667,995</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,360</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Basic Materials</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,678,741</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology
    &#8211; 1.9%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AthenaHealth
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.50%
    due 02/15/30<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,916,326</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NCR
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.25%
    due 10/01/30<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,656,840</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 09/01/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,503,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.13%
    due 04/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">774,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Central
    Parent Incorporated / CDK Global Inc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.25%
    due 06/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,280,982</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broadcom,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.19%
    due 11/15/36<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,204,570</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boxer
    Parent Company, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    due 10/02/25<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,550,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,499,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Playtika
    Holding Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    due 03/15/29<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,025,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,642,619</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Twilio,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.88%
    due 03/15/31<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,620,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dun
    &amp; Bradstreet Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    due 12/15/29<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,548,630</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oracle
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.95%
    due 03/25/51<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,536,718</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TeamSystem
    S.p.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.50%
    due 02/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,478,873</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Booz
    Allen Hamilton, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 07/01/29<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">288,155</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Technology</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,950,402</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>55</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 56 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CORPORATE
    BONDS&#8224;&#8224; &#8211; 47.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities
    &#8211; 1.5%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Midcap
    Funding XLVI Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.35%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/23<sup>&#9674;,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    9,252,405</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Terraform
    Global Operating, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.13%
    due 03/01/26<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,255,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,917,261</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cheniere
    Corpus Christi Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.52%
    due 12/31/39<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,853,236</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clearway
    Energy Operating LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 02/15/31<sup>2,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,779,099</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.75%
    due 01/15/32<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">418,429</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Utilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,220,430</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Corporate Bonds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $794,170,739)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">684,747,339</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 8.4%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FR
    Refuel LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.42%
    (3 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,942,333</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,584,928</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pacific
    Bells LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.31%
    (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,990,247</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,504,201</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First
    Brands Group LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.37%
    (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 03/30/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,966,139</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,710,691</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CD&amp;R
    Firefly Bidco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.54%
    (1 Month GBP SONIA + 4.25%, Rate Floor: 4.25%) due 06/23/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    5,340,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,815,493</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accuride
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.92%
    (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,339,233</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,374,782</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MB2
    Dental Solutions LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.70%
    (3 Month Term SOFR + 6.00%, Rate Floor: 7.00%) due 01/29/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,089,332</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,996,196</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Piolin
    BidCo S.A.U.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.73%
    (6 Month EURIBOR + 7.50%, Rate Floor: 7.50%) due 09/16/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    4,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,634,683</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SP
    PF Buyer LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.57%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,842,242</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,968,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alexander
    Mann</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.67%
    (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,466,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.31%
    (3 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 06/16/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    1,150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,304,152</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secretariat
    Advisors LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.42%
    (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 12/29/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,771,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,601,782</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GVC
    Holdings plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.99%
    (1 Month EURIBOR + 2.50%, Rate Floor: 2.50%) due 03/29/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    3,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,593,734</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Truck
    Hero, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 01/31/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,940,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,321,420</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zephyr
    Bidco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.71%
    (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 07/23/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,979,119</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.46%
    (1 Month GBP SONIA + 7.50%, Rate Floor: 7.50%) due 07/23/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    360,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NFM
    &amp; J LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.82%
    (1 Month USD LIBOR + 5.75%, Rate Floor: 6.75%) due 11/30/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,281,097</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,204,122</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>56 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 8.4% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRE/Everbright
    M6 Borrower LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.90%
    (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 09/09/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,173,333</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,107,233</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WIRB
    &#8211; Copernicus Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    ((1 Month USD LIBOR + 4.00%) and (3 Month USD LIBOR + 4.00%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 5.00%) due 01/08/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,084,533</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,891,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Breitling
    Financing SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.62%
    (3 Month EURIBOR + 3.43%, Rate Floor: 3.43%) due 10/25/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    2,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,737,539</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PetSmart
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/11/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,814,375</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,700,787</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcis
    Golf LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.32%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 11/24/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,711,375</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,657,147</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    Facilities Group</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.73%
    ((1 Month USD LIBOR + 5.75%) and (3 Month USD LIBOR + 5.75%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 6.75%) due 11/30/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,672,053</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,609,366</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PAI
    Holdco, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.16%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 10/28/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,812,199</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,608,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BGIS
    (BIFM CA Buyer, Inc.)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,670,398</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,551,912</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Packers
    Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/09/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,735,287</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,379,700</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TTF
    Holdings Intermediate LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.13%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 03/31/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,262,299</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,228,364</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCP
    V Modular Services Holdings IV Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.69%
    (3 Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 12/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,914,747</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OEConnection
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.05%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/25/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,007,929</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,905,022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCPE
    Empire Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/11/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,844,166</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,789,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ScribeAmerica
    Intermediate Holdco LLC (Healthchannels)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.57%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,475,424</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,763,740</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CNT
    Holdings I Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.24%
    (3 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 11/08/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,822,250</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,761,041</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Michaels
    Stores, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.92%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/14/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,214,042</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,668,524</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SHO
    Holding I Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.66%
    (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 04/27/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,935,975</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,632,666</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.64%
    (3 Month USD LIBOR + 5.23%, Rate Floor: 6.23%) due 04/27/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,514</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,420</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Camin
    Cargo Control, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.57%
    (1 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/04/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,621,123</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,583,763</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Checkers
    Drive-In Restaurants, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.99%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,738,874</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,408,488</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sweetwater
    Sound</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.38%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 08/07/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,341,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Holding
    SOCOTEC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 06/30/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,336,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,262,992</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>57</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 58 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Cyclical &#8211; 8.4% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IBC
    Capital Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.65%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,189,624</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,169,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Congruex
    Group LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.99%
    (3 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 05/03/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,197,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,162,586</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Galls
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.19%
    (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 01/31/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">932,858</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">909,537</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.81%
    ((1 Month USD LIBOR + 6.75%) and (3 Month USD LIBOR + 6.75%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 7.75%) due 01/31/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,621</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122,434</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.16%
    (3 Month USD LIBOR + 6.75%, Rate Floor: 8.25%) due 01/31/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,240</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,809</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.66%
    (3 Month USD LIBOR + 6.25%, Rate Floor: 7.75%) due 01/31/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,052</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,351</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fertitta
    Entertainment LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.09%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/27/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,194,750</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,137,725</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ImageFIRST
    Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.17%
    (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 04/27/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,086,861</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,020,291</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Drive
    Chassis (DCLI)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.61%
    (1 Month USD LIBOR + 6.75%, Rate Floor: 6.75%) due 04/10/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">995,420</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PT
    Intermediate Holdings III LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.17%
    (3 Month USD LIBOR + 5.50%, Rate Floor: 6.25%) due 11/01/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">991,710</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">957,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alterra
    Mountain Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 08/17/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">587,215</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">578,407</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alexander
    Mann</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.21%
    (1 Month GBP SONIA + 3.25%, Rate Floor: 3.25%) due 12/16/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    493,421</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">568,328</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Outcomes
    Group Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.05%
    (3 Month Term SOFR + 7.50%, Rate Floor: 7.50%) due 10/26/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">427,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mavis
    Tire Express Services TopCo Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.13%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 05/04/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">320,938</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">307,984</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SHO
    Holding I Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.03%
    (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 04/27/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">334,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">290,022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.52%
    (3 Month USD LIBOR + 2.23%, Rate Floor: 3.23%) due 04/29/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">281</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EG
    Finco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">285,809</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">260,489</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sotheby&#8217;s</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.58%
    (3 Month USD LIBOR + 4.50%, Rate Floor: 5.00%) due 01/15/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">235,642</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229,407</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Scientific
    Games Holdings, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.10%
    (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/04/29</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119,219</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Consumer, Cyclical</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122,293,086</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 6.9%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quirch
    Foods Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.74%
    (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 10/27/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,824,929</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,185,122</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LaserAway
    Intermediate Holdings II LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.76%
    (3 Month USD LIBOR + 5.75%, Rate Floor: 6.50%) due 10/14/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,653,721</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,481,512</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HAH
    Group Holding Co. LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.71%
    (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 10/29/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,764,075</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,385,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Southern
    Veterinary Partners LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,645,243</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,376,642</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>58 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 6.9% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Women&#8217;s
    Care Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.87%
    (6 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/17/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,739,688</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    6,305,854</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blue
    Ribbon LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.77%
    (1 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,480,450</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,119,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Florida
    Food Products LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.07%
    (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/18/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,572,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,070,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kronos
    Acquisition Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.48%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,926,440</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,772,510</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.51%
    (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 12/22/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,786,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,694,192</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gibson
    Brands, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.13%
    (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,888,063</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,763,808</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mission
    Veterinary Partners</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.74%
    ((1 Month USD LIBOR + 4.00%) and (2 Month USD LIBOR + 4.00%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 4.75%) due 04/27/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,960,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,682,800</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inception
    Holdco SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    09/26/29<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    3,600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,597,763</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National
    Mentor Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.61%
    ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 4.50%) due 03/02/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,334,823</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,062,076</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.43%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/02/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cambrex
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.69%
    (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/04/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,252,800</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,152,158</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dhanani
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.89%
    (1 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 06/10/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,986,364</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,956,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chefs&#8217;
    Warehouse, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.87%
    (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 08/23/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,715,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Weber-Stephen
    Products LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 10/29/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,866,115</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,396,072</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PetIQ
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.12%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,271,250</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,066,838</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arctic
    Glacier Group Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.17%
    (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,290,740</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,065,492</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Confluent
    Health LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 11/30/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,801,566</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,606,403</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.02%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.76%) due 11/30/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">186,599</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">166,385</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Packaging
    Coordinators Midco, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.17%
    (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 11/30/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,773,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,705,768</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PlayPower,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.17%
    (3 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 05/08/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,157,145</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,644,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sierra
    Acquisition, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.41%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,374,801</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,626,739</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EyeCare
    Partners LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.42%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/18/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,708,919</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,473,088</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Resonetics
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.41%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/28/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,485,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,431,792</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>59</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 6.9% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hearthside
    Group Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,395,625</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,215,352</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fender
    Musical Instruments Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.90%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/01/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,486,875</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,208,086</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Endo
    Luxembourg Finance Company I SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.00%
    (Commercial Prime Lending Rate + 6.00%, Rate Floor: 7.75%) due 03/27/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,283,750</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,017,372</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stars
    UK Bidco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.75%
    (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 08/09/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,001,326</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IVC
    Acquisition Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.29%
    (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/13/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">973,374</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tecbid
    US, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.42%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/25/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">988,890</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">949,334</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zep,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">923,618</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">800,084</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pearl
    Intermediate Parent LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 02/14/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">785,823</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">725,904</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Moran
    Foods LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.67%
    (3 Month USD LIBOR + 7.00%, Rate Floor: 8.00%) due 04/01/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">730,642</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">586,947</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%
    (3 Month USD LIBOR &#8211; &#8211;%, Rate Floor: 1.00%) due 04/01/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95,116</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76,409</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balrog
    Acquisition, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.73%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 09/05/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">620,313</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">592,138</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Moran
    Foods LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.42%
    (3 Month USD LIBOR + 10.75%, Rate Floor: 11.75%) due 10/01/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">956,785</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">554,935</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Snacking
    Investments US LLC (Arnott&#8217;s)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.09%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/18/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464,765</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">451,984</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TGP
    Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 06/29/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365,643</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">292,653</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recess
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.16%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">290,076</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">283,309</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Consumer, Non-cyclical</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,340,778</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 5.6%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcline
    FM Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.39%
    (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 06/23/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,227,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,955,987</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CapStone
    Acquisition Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.82%
    (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 11/12/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,854,956</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,648,620</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DXP
    Enterprises, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.95%
    (6 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 12/23/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,468,648</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,235,921</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NA
    Rail Hold Co. LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.25%) due 10/19/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,283,372</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,235,184</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Integrated
    Power Services Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.57%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 11/22/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,973,418</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,834,348</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Merlin
    Buyer, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.09%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/14/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,980,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,718,832</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>60 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 5.6% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mileage
    Plus Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.78%
    (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,562,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,660,469</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter
    Next Generation, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/01/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,733,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,632,583</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US
    Farathane LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.92%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,715,904</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,344,313</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American
    Bath Group LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 11/23/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,694,732</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,246,746</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PECF
    USS Intermediate Holding III Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.32%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,970,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,202,480</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">StandardAero</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/06/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,911,219</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,794,159</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASP
    Dream Acquisition Co. LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.44%
    (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 12/15/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,487,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,400,437</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aegion
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.82%
    (1 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 05/17/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,524,498</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,345,688</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">STS
    Operating, Inc. (SunSource)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.32%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,387,666</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,273,249</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Minerva
    Bidco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.81%
    (3 Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 07/30/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,208,088</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Atlantic
    Aviation</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.06%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 09/22/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,200,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,184,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ILPEA
    Parent, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.58%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 06/22/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,285,788</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,125,783</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WP
    CPP Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.17%
    ((1 Month USD LIBOR + 3.75%) and (3 Month USD LIBOR + 3.75%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 4.75%) due 04/30/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,287,917</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,983,624</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Service
    Logic Acquisition, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.41%
    ((2 Month USD LIBOR + 4.00%) and (3 Month USD LIBOR + 4.00%),</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rate
    Floor: 4.75%) due 10/29/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,824,943</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,742,821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pelican
    Products, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.16%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 12/29/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,935,375</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,722,484</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dispatch
    Terra Acquisition LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.92%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,073,750</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,716,028</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anchor
    Packaging LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/18/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,602,719</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,541,287</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LTI
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.25%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 07/24/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,488,750</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,405,946</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">API
    Holdings III Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.92%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 05/09/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,548,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,246,140</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transcendia
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,717,093</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,236,307</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Protective
    Industrial Products, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,354,373</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,230,217</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>61</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 62 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 5.6% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TransDigm,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.92%
    (3 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/30/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,072,431</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,056,420</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">YAK
    MAT (YAK ACCESS LLC)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.64%
    (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,605,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">840,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BWAY
    Holding Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.02%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">852,455</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">826,353</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TK
    Elevator Midco GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.87%
    (6 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 07/30/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">633,884</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">606,944</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MI
    Windows And Doors LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.69%
    (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/18/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">613,365</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">603,398</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duran,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.13%
    (6 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/29/24<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">475,023</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">452,438</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPM
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.27%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/17/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">410,572</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403,132</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TK
    Elevator Midco GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.49%
    (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 01/29/27<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    377,298</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">362,993</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Osmose
    Utility Services, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.27%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 06/23/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">282,267</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Titan
    Acquisition Ltd. (Husky)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.88%
    (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">289,637</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">271,761</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Air
    Canada</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.13%
    (3 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 08/11/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,861</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">155,888</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Park
    River Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.99%
    (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 12/28/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138,526</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119,998</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sundyne
    (Star US Bidco)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.32%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/17/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,834</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114,524</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">White
    Cap Supply Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.25%
    (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 10/19/27</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,749</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95,921</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,065,414</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology
    &#8211; 4.7%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Avalara,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.21%
    (3 Month Term SOFR + 7.25%, Rate Floor: 7.25%) due 10/19/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,900,269</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Datix
    Bidco Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.94%
    (6 Month GBP SONIA + 7.75%, Rate Floor: 8.44%) due 04/27/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    1,775,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,086,418</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.95%
    (6 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/28/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,001,644</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,954,004</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.95%
    (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/27/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">652,084</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">636,565</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.20%
    (6 Month Term SOFR + 7.75%, Rate Floor: 7.75%) due 04/27/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,111</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">293,959</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Project
    Ruby Ultimate Parent Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.84%
    (1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 03/10/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,784,180</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Peraton
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,792,208</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,672,403</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Polaris
    Newco LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/04/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,029,969</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,588,539</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>62 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology
    &#8211; 4.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24-7
    Intouch, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.82%
    (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/25/25<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,139,549</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,901,525</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Planview
    Parent, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/17/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,291,375</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,065,916</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CDK
    Global, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.11%
    (3 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 07/06/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,467,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sitecore
    Holding III A/S</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.99%
    (3 Month EURIBOR + 7.00%, Rate Floor: 0.99%) due 03/12/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,333,817</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,367,771</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.27%
    (3 Month USD LIBOR + 7.00%, Rate Floor: 7.50%) due 03/12/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,085,673</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,075,013</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Apttus
    Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.66%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,444,063</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,281,117</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Atlas
    CC Acquisition Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.98%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/25/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,521,117</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,166,068</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Project
    Ruby Ultimate Parent Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/10/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,265,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,149,801</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concorde
    Lux</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.16%
    (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/01/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    2,100,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,023,947</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Misys
    Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.87%
    (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,136,009</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,928,240</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upland
    Software, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,940,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,843,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Team.Blue
    Finco SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.89%
    (3 Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 03/30/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,708,896</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wrench
    Group LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/30/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,768,224</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,704,126</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brave
    Parent Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,753,316</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,686,480</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sportradar
    Capital SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.95%
    (1 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 11/22/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,623,810</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,648,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aston
    FinCo SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.32%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/09/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,653,250</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,536,150</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Navicure,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 10/22/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,503,125</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,473,063</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Precise
    Midco BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.00%
    (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 05/13/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,396,114</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RLDatix</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.20%
    (6 Month Term SOFR + 7.75%, Rate Floor: 7.75%) due 04/27/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,387,999</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,359,545</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Park
    Place Technologies, LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.19%
    (1 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 11/10/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,371,519</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,290,599</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CoreLogic,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.63%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 06/02/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,270,911</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,045,324</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Greenway
    Health LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">954,660</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">798,735</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sitecore
    USA, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.27%
    (3 Month USD LIBOR + 7.00%, Rate Floor: 7.50%) due 03/12/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">531,558</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">526,338</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>63</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technology
    &#8211; 4.7% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Epicor
    Software</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 07/30/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">490,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    472,644</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aston
    FinCo SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.70%
    (1 Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    395,015</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">439,669</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Polaris
    Newco LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 06/02/28</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340,070</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,994</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Technology</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67,582,337</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 3.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eisner
    Advisory Group</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.45%
    (1 Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 07/28/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,527,717</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,076,054</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Higginbotham
    Insurance Agency, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.32%
    (1 Month USD LIBOR + 5.25%, Rate Floor: 6.00%) due 11/25/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,407,564</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,279,303</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franchise
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.69%
    (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,995,519</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,840,693</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jones
    Deslauriers Insurance Management, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.81%
    (3 Month Canada Banker Acceptance + 4.25%, Rate Floor: 5.00%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    03/27/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAD
    5,545,265</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,788,754</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Claros
    Mortgage Trust, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.40%
    (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/10/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,493,600</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,436,829</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HighTower
    Holding LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.28%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,483,086</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,247,977</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alter
    Domus</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.75%
    (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,758,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,682,155</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jones
    Deslauriers Insurance Management, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.06%
    (3 Month Canada Banker Acceptance + 7.50%, Rate Floor: 8.00%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    03/26/29<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAD
    3,887,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,591,334</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Orion
    Advisor Solutions, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.16%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 09/24/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,704,440</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,430,616</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Avison
    Young (Canada), Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.95%
    (1 Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 01/31/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,323,730</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,091,357</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duff
    &amp; Phelps</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.84%
    (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 04/09/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,955,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,844,679</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cobham
    Ultra SeniorCo SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.06%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 08/06/29</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,693,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aretec
    Group, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.44%
    (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 10/01/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,636,250</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,587,572</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nexus
    Buyer LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.82%
    (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/09/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,653,250</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,581,334</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Apex
    Group Treasury LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    07/27/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,450,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,395,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sandy
    Bidco BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.04%
    (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/17/29</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,100,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,088,437</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44,655,844</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>64 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Communications
    &#8211; 1.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FirstDigital
    Communications LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.31%
    (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 12/17/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    7,810,307</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Syndigo
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.40%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 12/15/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,531,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,077,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flight
    Bidco, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.57%
    (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,715,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,352,788</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.57%
    (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">434,171</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399,845</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Xplornet
    Communications, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/02/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,603,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,740,344</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conterra
    Ultra Broadband Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.76%
    (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/30/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,430,142</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,332,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authentic
    Brands</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/27/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,189,703</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,178,306</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">McGraw
    Hill LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.32%
    (3 Month USD LIBOR + 4.75%, Rate Floor: 5.25%) due 07/28/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">990,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">943,965</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recorded
    Books, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.02%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/29/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">846,831</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">832,011</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Titan
    AcquisitionCo New Zealand Ltd. (Trade Me)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.67%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 10/18/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">447,750</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">427,230</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cengage
    Learning Acquisitions, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.81%
    (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 07/14/26</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">445,500</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408,301</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Communications</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,503,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Basic
    Materials &#8211; 1.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barentz
    Midco BV</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.92%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 11/30/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,242,681</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,096,761</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vector
    WP Holdco, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.00%
    (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 10/12/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,091,638</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,998,888</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DCG
    Acquisition Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.57%
    (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 09/30/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,943,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,865,760</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ascend
    Performance Materials Operations LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.83%
    (6 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 08/27/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,846,587</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,764,653</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LSF11
    Skyscraper HoldCo SARL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.17%
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    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,526,895</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,488,722</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LTI
    Holdings, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.19%
    (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 07/24/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,423,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NIC
    Acquisition Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.42%
    (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,182,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,005,929</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GrafTech
    Finance, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.07%
    (1 Month USD LIBOR + 3.00%, Rate Floor: 3.50%) due 02/12/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">675,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">658,969</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pregis
    TopCo LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.50%) due 07/31/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">663,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">633,452</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vectra
    Co.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.32%
    (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">531,215</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">441,382</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>65</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#8224;&#8224;,&#9674; </sup>&#8211; 32.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Basic
    Materials &#8211; 1.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schur
    Flexibles GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.67%
    (3 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 09/28/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    312,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    252,434</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Noranda
    Aluminum Acquisition Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    02/28/19<sup>&#8224;&#8224;&#8224;,9</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463,989</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Basic Materials</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,630,751</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Utilities
    &#8211; 0.4%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hamilton
    Projects Acquiror LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.17%
    (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 06/17/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,562,248</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,517,255</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oregon
    Clean Energy LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.94%
    (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 03/01/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,991,275</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,941,493</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Franklin
    Energy (KAMC Holdings, Inc.)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.73%
    (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/14/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,600,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,288,403</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EIF
    Channelview Cogeneration LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13%
    (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 05/03/25</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229,405</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228,473</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Utilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,975,624</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Energy
    &#8211; 0.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Venture
    Global Calcasieu Pass LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.70%
    (1 Month USD LIBOR + 2.63%, Rate Floor: 2.63%) due 08/19/26<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,683,595</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,679,386</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Permian
    Production Partners LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.08%
    (1 Month USD LIBOR + 6.00%, Rate Floor: 10.08%) (in-kind rate was 2.00%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    11/24/25<sup>&#8224;&#8224;&#8224;,11</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,924</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366,085</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Centurion
    Pipe</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.07%
    (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/29/25</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">192,236</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">188,872</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Energy</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,234,343</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Senior Floating Rate Interests</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $505,127,929)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465,282,110</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSET-BACKED
    SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 15.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateralized
    Loan Obligations &#8211; 6.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Madison
    Park Funding LIII Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-53A
    E, 9.99% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 04/21/35<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,025,218</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Palmer
    Square Loan Funding Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-1A
    D, 8.86% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/30<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,362,276</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-3A
    D, 9.24% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 07/20/29<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,279,133</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-2A
    D, 9.68% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 05/20/29<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,758,542</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIFC
    Funding Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-4RA
    DR, 11.08% (3 Month USD LIBOR + 7.00%, Rate Floor: 7.00%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    01/17/35<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,193,129</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boyce
    Park CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-1A
    E, 10.24% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/21/35<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,798,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fortress
    Credit Opportunities IX CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-9A
    DR, 8.03% (3 Month USD LIBOR + 3.95%, Rate Floor: 3.95%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    10/15/33<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,801,952</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>66 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSET-BACKED
    SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 15.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateralized
    Loan Obligations &#8211; 6.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlyle
    Global Market Strategies</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-1A
    E, 11.21% (3 Month Term SOFR + 7.35%, Rate Floor: 7.35%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/15/35<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    4,788,685</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LoanCore
    Issuer Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-CRE2
    AS, 5.38% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    05/15/36<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,150,410</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,100,862</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Neuberger
    Berman Loan Advisers CLO 47 Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-47A
    E, 10.08% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/14/35<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,704,844</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Voya
    CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-1A
    SUB, due 04/20/35<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,650,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,983,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-1A
    INC, due 10/15/30<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">512,970</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diamond
    CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-1A
    D, 8.03% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    07/22/30<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,953,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABPCI
    Direct Lending Fund CLO II LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-1A
    DR, 8.74% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/20/32<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,680,569</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LCCM
    Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-FL2
    C, 6.03% (1 Month USD LIBOR + 2.15%, Rate Floor: 2.15%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    12/13/38<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,438,371</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FS
    Rialto Issuer LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-FL6
    C, 8.14% (1 Month Term SOFR + 4.23%, Rate Floor: 4.23%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    08/17/37<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,234,558</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Golub
    Capital Partners CLO 49M Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-49A
    D, 8.09% (3 Month USD LIBOR + 3.85%, Rate Floor: 3.85%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    08/26/33<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,940,245</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIFC
    Funding 2022-III Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-3A
    E, 11.26% (3 Month Term SOFR + 7.27%, Rate Floor: 7.27%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/21/35<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,822,986</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlyle
    US CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-4A
    DR, 10.46% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/15/35<b><sup>&#9674;,5</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,683,436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ACRES
    Commercial Realty Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-FL2
    D, 7.01% (1 Month USD LIBOR + 3.10%, Rate Floor: 3.10%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    01/15/37<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,676,929</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cerberus
    Loan Funding XXVI, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-1A
    DR, 8.18% (3 Month USD LIBOR + 4.10%, Rate Floor: 4.10%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    04/15/31<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,583,249</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dryden
    50 Senior Loan Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-50A
    SUB, due 07/15/30<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,555,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,434,549</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Monroe
    Capital CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-1A
    DR, 7.93% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    10/22/26<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,332,464</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,313,749</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carlyle
    Global Market Strategies CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2012-3A
    SUB, due 01/14/32<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">798,200</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>67</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 68 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSET-BACKED
    SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 15.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateralized
    Loan Obligations &#8211; 6.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dryden
    Senior Loan Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    01/15/31<sup>12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,998,799</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    737,857</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dryden
    41 Senior Loan Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015-41A
    SUB, due 04/15/31<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">440,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Great
    Lakes CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2014-1A
    SUB, due 10/15/29<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,153,846</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423,997</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KVK
    CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-1A
    SUB, due 01/14/28<sup>2,5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,300,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">389,137</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dryden
    37 Senior Loan Fund</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015-37A
    SUB, due 01/15/31<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">258,354</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A10
    Permanent Asset Financing LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-II
    C1, 6.24% (WAC) due 06/15/51<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">182,020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Marathon
    CLO V Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-5A
    SUB, due 11/21/27<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,566,667</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">169,417</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Venture
    XIII CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-13A
    SUB, due 09/10/29<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">155,814</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Babson
    CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2014-IA
    SUB, due 07/20/25<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Atlas
    Senior Loan Fund IX Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-9A
    SUB, due 04/20/28<sup>2,5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134,108</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treman
    Park CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015-1A
    COM, due 10/20/28<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">814,751</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,383</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Avery
    Point II CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-3X
    COM , due 01/18/25<sup>12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">759,981</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,396</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">West
    CLO Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-1A
    SUB, due 11/07/25<sup>5,12</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,350,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OHA
    Credit Partners IX Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-9A
    ACOM, due 10/20/25<sup>5,12</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">602,740</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">663</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Collateralized Loan Obligations</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,956,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Transport-Aircraft
    &#8211; 3.3%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sprite
    Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-1,
    3.75% due 11/15/46<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,545,440</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,474,722</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GAIA
    Aviation Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.97% due 12/15/44<sup>5,13</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,728,146</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,856,567</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AASET
    Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-2A,
    2.80% due 01/15/47<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,458,240</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,481,548</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-2,
    4.46% due 10/16/39<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,524,131</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,619,489</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.84% due 05/15/39<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,240,583</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">824,045</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-1A,
    4.34% due 01/16/40<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,111,510</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">490,389</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-1A,
    3.35% due 01/16/40<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">468,284</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375,815</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Castlelake
    Aircraft Securitization Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-1,
    4.13% due 06/15/43<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,884,726</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,649,205</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1A,
    3.97% due 04/15/39<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,399,873</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,180,807</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2016-1,
    4.45% due 08/15/41</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">682,476</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">593,775</span></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>68 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSET-BACKED
    SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 15.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Transport-Aircraft
    &#8211; 3.3% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Start
    Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-1,
    4.09% due 05/15/43<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,135,563</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,702,877</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-1,
    5.32% due 05/15/43<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,976,829</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,371,248</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JOL
    Air Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.97% due 04/15/44<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,123,397</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,545,832</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Start
    II Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    4.09% due 03/15/44<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,862,635</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,862,636</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WAVE
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.60% due 09/15/44<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,242,351</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,689,136</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Falcon
    Aerospace Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.60% due 09/15/39<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,060,441</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">872,939</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-1,
    6.30% due 02/15/42<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">800,405</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">690,670</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Castlelake
    Aircraft Structured Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-1A,
    6.66% due 01/15/46<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,813,226</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,400,826</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sapphire
    Aviation Finance II Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-1A,
    4.34% due 03/15/40<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,870,268</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,093,396</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Project
    Silver</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.97% due 07/15/44<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,343,533</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,034,255</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KDAC
    Aviation Finance Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-1A,
    4.21% due 12/15/42<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,233,828</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,085</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MAPS
    Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1A,
    4.46% due 03/15/44<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">826,490</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">723,900</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sapphire
    Aviation Finance I Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-1A,
    4.25% due 03/15/40<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">637,376</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">484,444</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Castlelake
    Aircraft Securitization Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2014-1,
    due 12/31/30<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,054,105</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409,705</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Stripes
    Aircraft Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013-1
    A1, 7.44% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    03/20/23<sup>&#9674;,&#8224;&#8224;&#8224;</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101,680</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,092</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Transport-Aircraft</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,475,403</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 1.8%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thunderbird
    A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 03/01/37<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,954,850</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,477,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lightning
    A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.50%
    due 03/01/37<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,777,490</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,310,841</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ceamer
    Finance LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.69%
    due 03/22/31<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,878,560</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,538,876</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KKR
    Core Holding Company LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 08/12/31<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,849,642</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,468,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nassau
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1,
    3.98% due 08/15/34<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,295,097</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,229,534</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thunderbird
    B</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.50%
    due 03/01/37<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,013,118</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">921,937</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>69</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 70 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSET-BACKED
    SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 15.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial
    &#8211; 1.8% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lightning
    B</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.50%
    due 03/01/37<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">990,529</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    901,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bib
    Merchant Voucher Receivables Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.18%
    due 04/07/28<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">949,504</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">894,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aesf
    Vi Verdi, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.15%
    (3 Month EURIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24<b><sup>&#9674;,&#8224;&#8224;&#8224;</sup></b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    708,462</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">733,298</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,476,038</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Infrastructure
    &#8211; 1.2%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VB-S1
    Issuer LLC &#8211; VBTEL</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-1A,
    5.27% due 02/15/52<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,499,415</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hotwire
    Funding LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-1,
    4.46% due 11/20/51<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,250,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,342,279</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Five
    Guys Funding LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-1A,
    4.60% due 07/25/47<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,542,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,272,512</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secured
    Tenant Site Contract Revenue Notes Series</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018-1A,
    5.92% due 06/15/48<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,825,351</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,800,847</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Infrastructure</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,915,053</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Whole
    Business &#8211; 1.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Applebee&#8217;s
    Funding LLC / IHOP Funding LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1A,
    4.19% due 06/05/49<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,375,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,980,262</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TSGE</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017-1,
    6.25% due 09/25/31<sup>&#8224;&#8224;&#8224;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,975,654</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,635,270</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SERVPRO
    Master Issuer LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019-1A,
    3.88% due 10/25/49<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,988,500</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,758,041</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sonic
    Capital LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-1A,
    3.85% due 01/20/50<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,221,875</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,080,902</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wingstop
    Funding LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-1A,
    2.84% due 12/05/50<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,250</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">84,473</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Whole Business</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,538,948</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Single
    Family Residence &#8211; 0.7%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FirstKey
    Homes Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-SFR2,
    4.00% due 10/19/37<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,050,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,679,017</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-SFR2,
    4.50% due 10/19/37<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,665,050</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-SFR2,
    3.37% due 10/19/37<sup>5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,646,880</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FirstKey
    Homes 2022-SFR3 Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-SFR3,
    due 07/17/26<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,200,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,925,462</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Single Family Residence</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,916,409</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Lease &#8211; 0.3%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CARS-DB4,
    LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-1A,
    4.95% due 02/15/50<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,260,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,255,798</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateralized
    Debt Obligations &#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anchorage
    Credit Funding 4 Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021-4A
    CR, 3.52% due 04/27/39<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">803,111</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>70 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSET-BACKED
    SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 15.1% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    &#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CBC
    Insurance Revenue Securitization LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2016-1,
    5.25% due 07/15/46<sup>10</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302,965</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    273,687</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Transport-Rail
    &#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trinity
    Rail Leasing, LP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2009-1A,
    6.66% due 11/16/39<sup>5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120,792</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117,713</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Asset-Backed Securities</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $248,270,514)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218,729,096</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COLLATERALIZED
    MORTGAGE OBLIGATIONS<sup>&#8224;&#8224; </sup>&#8211; 5.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Residential
    Mortgage-Backed Securities &#8211; 2.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance
    of America HECM Buyout</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-HB2,
    6.00% (WAC) due 04/25/26<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,800,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,670,540</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Carrington
    Mortgage Loan Trust Series</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2006-NC5,
    4.19% (1 Month USD LIBOR + 0.15%, Rate Cap/Floor: 14.50%/0.15%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    01/25/37<b><sup>&#9674;</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,369,159</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,637,160</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NYMT
    Loan Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-SP1,
    5.25% due 07/25/62<sup>5,13</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,587,358</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,443,122</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CFMT
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-HB9,
    3.25% (WAC) due 09/25/37<sup>&#9674;,10</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,400,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,746,036</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New
    Residential Mortgage Loan Trust 2022-NQM5</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-NQM5,
    6.50% due 11/25/52<sup>5,13</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,505,312</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,420,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">WaMu
    Asset-Backed Certificates WaMu Series</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2007-HE4,
    4.21% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/47<b><sup>&#9674;</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,717,158</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,235,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2007-HE4,
    4.29% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/47<sup>&#9674;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">959,829</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">594,456</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2007-HE2,
    4.23% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37<sup>&#9674;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,389,637</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">533,336</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GCAT
    Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-NQM5,
    5.71% due 08/25/67<sup>5,13</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,242,032</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,137,525</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lehman
    XS Trust Series</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2006-18N,
    4.40% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 12/25/36<sup>&#9674;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,115,159</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,966,345</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BRAVO
    Residential Funding Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-NQM3,
    5.50% (WAC) due 07/25/62<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,833,843</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,750,220</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PRKCM
    Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-AFC2,
    6.14% (WAC) due 08/25/57<sup>&#9674;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,339,675</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,287,284</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OBX
    Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-NQM8,
    6.10% due 09/25/62<sup>5,13</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,227,040</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,182,613</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup
    Mortgage Loan Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-A,
    6.17% due 09/25/62<sup>5,13</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,128,629</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,097,056</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JP
    Morgan Mortgage Acquisition Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2006-WMC4,
    4.17% (1 Month USD LIBOR + 0.13%, Rate Floor: 0.13%) due 12/25/36<sup>&#9674;</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,519,405</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">884,748</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CSMC
    Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-RPL5,
    3.02% (WAC) due 08/25/60<sup>&#9674;,5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">884,044</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">837,676</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Residential Mortgage-Backed Securities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,424,276</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>71</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 72 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COLLATERALIZED
    MORTGAGE OBLIGATIONS<sup>&#8224;&#8224; </sup>&#8211; 5.0% (continued)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Government
    Agency &#8211; 1.9%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fannie
    Mae</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 07/01/52<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,423,740</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    15,692,725</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Freddie
    Mac</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.00%
    due 06/01/52<sup>2</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,681,675</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,067,133</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Government Agency</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,759,858</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Military
    Housing &#8211; 0.9%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Freddie
    Mac Military Housing Bonds Resecuritization Trust Certificates</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015-R1,
    0.70% (WAC) due 11/25/55<sup>&#9674;,5,14</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73,054,919</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,807,053</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015-R1,
    5.94% (WAC) due 11/25/52<sup>&#9674;,10</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,477,498</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,948,692</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GMAC
    Commercial Mortgage Asset Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2004-POKA,
    6.36% due 09/10/44<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,468,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capmark
    Military Housing Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2007-AETC,
    5.75% due 02/10/52<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,533,695</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,436,811</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2007-AET2,
    6.06% due 10/10/52<sup>&#8224;&#8224;&#8224;,5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">460,541</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">442,534</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Military Housing</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,103,590</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commercial
    Mortgage-Backed Securities &#8211; 0.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GS
    Mortgage Securities Corporation Trust</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020-DUNE,
    6.38% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    12/15/36<sup>&#9674;,5</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,000,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,864,401</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Collateralized Mortgage Obligations</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $76,234,720)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,152,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>U.S.
    GOVERNMENT SECURITIES<sup>&#8224;&#8224; </sup>&#8211; 1.2%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    Treasury Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    08/15/51<sup>2,15,16</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,650,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,108,580</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    05/15/44<sup>2,15,16</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,030,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,107,838</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    11/15/44<sup>2,15,16</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,030,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,062,538</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    02/15/46<sup>15,16</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,060,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,978,934</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    U.S. Government Securities</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $20,156,689)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,257,890</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CONVERTIBLE
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 0.2%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consumer,
    Non-cyclical &#8211; 0.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Block,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    05/01/26<sup>15</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,840,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,279,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Communications
    &#8211; 0.1%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cable
    One, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    03/15/26<sup>15</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">953,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Convertible Bonds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $3,449,842)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,232,850</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt"><sup>72 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 70%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount~</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FOREIGN
    GOVERNMENT DEBT<sup>&#8224;&#8224; </sup>&#8211; 0.2%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Panama
    Government International Bond</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    due 01/19/63</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,150,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,016,089</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Foreign Government Debt</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $4,124,257)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,016,089</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>MUNICIPAL
    BONDS<sup>&#8224;&#8224; </sup>&#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Oklahoma
    &#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Oklahoma
    Development Finance Authority Revenue Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.45%
    due 08/15/28</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Municipal Bonds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $400,000)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SENIOR
    FIXED RATE INTERESTS<sup>&#8224;&#8224; </sup>&#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Industrial
    &#8211; 0.0%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schur
    Flexibles GmbH</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.67%
    due 09/30/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    159,093</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">161,465</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.30%
    due 09/30/26</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    109,083</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,710</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Senior Fixed Rate Interests</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $271,940)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Investments &#8211; 131.6%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cost
    $2,057,200,348)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,907,193,317</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>LISTED
    OPTIONS WRITTEN<sup>&#8224; </sup>&#8211; (0.3)%</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call
    Options on:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Figs,
    Inc. Expiring December 2022 with strike price of $50.00 (Notional Value $6,264)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Figs,
    Inc. Expiring December 2022 with strike price of $55.00 (Notional Value $6,264)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SPDR
    S&amp;P 500 ETF Trust Expiring December 2022 with strike price of $396.00</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 25.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Notional
    Value $937,664)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35,569)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P
    500 Index Trust Expiring December 2022 with strike price of $4,020.00</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 25.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Notional
    Value $57,529,551)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,101,605)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NASDAQ-100
    Index Expiring December 2022 with strike price of $11,890.00</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 25.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Notional
    Value $57,744,288)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,301,964)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell
    2000 Index Expiring December 2022 with strike price of $1,860.00</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;(Notional
    Value $57,540,599)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">305</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,423,601)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Listed Options Written</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Premiums
    received $3,865,918)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,862,739)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Other
    Assets &amp; Liabilities, net &#8211; (31.3)%</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(454,023,857)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Net Assets &#8211; 100.0%</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,449,306,721</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>73</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 74 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="border-bottom: Black 1pt solid; width: 80%; text-align: left"><span style="font-size: 10pt"><b>SCHEDULE OF INVESTMENTS (Unaudited) continued</b></span></td><td style="border-bottom: Black 1pt solid; width: 1%"></td><td style="border-bottom: Black 1pt solid; text-align: right; width: 19%"><span style="font-size: 10pt"><b> </b>November 30, 2022</span></td>
</tr></table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <tr style="vertical-align: bottom">
    <td colspan="8" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CENTRALLY
    CLEARED CREDIT DEFAULT SWAP AGREEMENTS PROTECTION PURCHASED<sup>&#8224;&#8224;</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 7%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 16%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Protection</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Upfront</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Premium</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maturity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notional</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Premiums</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unrealized</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exchange</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Index</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Frequency</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Date</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Received</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Depreciation**</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BofA
    Securities,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ITRAXX.EUR.38.V1</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.00%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarterly</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/20/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$28,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(115,787)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(80,131)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(35,656)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inc.</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <tr style="vertical-align: bottom">
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CENTRALLY
    CLEARED INTEREST RATE SWAP AGREEMENTS<sup>&#8224;&#8224;</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Floating</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Floating</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Upfront</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fixed</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maturity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notional</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Premiums
    </b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unrealized</b></span></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; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exchange</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 6%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Type</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Index</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 6%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Frequency</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Date</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Paid
    </b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Depreciation**</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BofA
    Securities,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CME</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pay</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    Secured</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.78%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annually</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">07/18/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$143,900,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(5,137,872)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$876
    </span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(5,138,748)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Overnight</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing
    Rate</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <tr style="vertical-align: bottom">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FORWARD
    FOREIGN CURRENCY EXCHANGE CONTRACTS<sup>&#8224;&#8224;</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 32%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contract</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Settlement</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Appreciation</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Type</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Quantity</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amount</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Date</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Depreciation)</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,130,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,164,863
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    10,376</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buy</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">530,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">629,935
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,846</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BNP
    Paribas</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95,216
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(467)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360,150
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,781)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays
    Bank plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">273,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323,408
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,110)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
    Stanley Capital Services LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,742,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,677,121
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,358)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,850,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,806,423
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/30/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(125,795)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays
    Bank plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,663,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,747,320
    USD</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,263,339)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sell</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,605,000</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,252,890
    USD</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/22</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,339,006)</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (2,730,634)</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>~</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>The face amount is denominated in U.S. dollars unless otherwise
indicated.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>*</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Non-income producing security.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>**</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Includes cumulative appreciation (depreciation). Variation
margin is reported within the Statement of Assets and Liabilities.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>&#8224;</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Value determined based on Level 1 inputs, unless otherwise
noted &#8212; See Note 6.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>&#8224;&#8224;</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i> Value determined based on Level 2 inputs, unless
otherwise noted &#8212; See Note 6.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>&#8224;&#8224;&#8224;</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Value determined based on Level 3 inputs
&#8212; See Note 6.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>&#9674;</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Variable rate security. Rate indicated is the rate effective
at November 30, 2022. 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.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>1</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Special Purpose Acquisition Company (SPAC).</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 55pt; text-align: right"><span style="font-size: 10pt"><i>2</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>All or a portion of these securities have been physically
segregated in connection with borrowings, reverse repurchase agreements and unfunded loan commitments. As of November 30, 2022, the total
value of segregated securities was $642,207,987.</i></span></td>
</tr></table>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>74 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>




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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 74%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 26%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>3</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Affiliated issuer.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>4</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security has a fixed rate coupon which will convert to a
floating or variable rate coupon on a future date.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>5</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security is a 144A or Section 4(a)(2) security. These securities
have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2)
securities is $726,839,057 (cost $828,542,112), or 50.2% of total net assets.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>6</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Rate indicated is the 7-day yield as of November 30, 2022.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>7</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Variable rate security. Rate indicated is the rate effective
at November 30, 2022. The rate is linked to the volatility-adjusted performance of the series 1 securities due 2069 of the underlying
company, Alphas Managed Accounts Platform LXXIX Limited.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>8</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Perpetual maturity.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>9</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security is in default of interest and/or principal obligations.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>10</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security is a 144A or Section 4(a)(2) security. These securities
have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A
or Section 4(a)(2) illiquid and restricted securities is $6,260,091 (cost $11,016,494), or 0.4% of total net assets &#8212; See Note
12.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>11</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Payment-in-kind security.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>12</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security has no stated coupon. However, it is expected to
receive residual cash flow payments on defined deal dates.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>13</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security is a step up/down bond. The coupon increases or
decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at November 30, 2022. See table below
for additional step information for each security.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>14</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security is an interest-only strip.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>15</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Zero coupon rate security.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 35pt; text-align: right"><span style="font-size: 10pt"><i>16</i></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-size: 10pt"><i>Security is a principal-only strip.</i></span></td>
</tr></table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 34%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>BofA</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 66%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Bank
    of America</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>CAD</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Canadian
    Dollar</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>CME</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Chicago
    Mercantile Exchange</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>EUR</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Euro</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>EURIBOR</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>European
    Interbank Offered Rate</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>GBP</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>British
    Pound</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ICE</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Intercontinental
    Exchange</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>ITRAXX.EUR.38.V1</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>iTraxx
    Europe Series 38 Index Version V1</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>LIBOR</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>London
    Interbank Offered Rate</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>plc</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Public
    Limited Company</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>PPV</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Public-Private
    Venture</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>REIT</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Real
    Estate Investment Trust</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>SARL</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Soci&#233;t&#233;
    &#224; Responsabilit&#233; Limit&#233;e</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>SOFR</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Secured
    Overnight Financing Rate</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>SONIA</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Sterling
    Overnight Index Average</i></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>WAC</i></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Weighted
    Average Coupon</i></span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>75</sup></span></p>



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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 74%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 26%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <tr>
    <td style="padding: 0.75pt; width: 33%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 42%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 25%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Country
    Diversification</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>%
    of Long-Term</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Country</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investments</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    States</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bermuda</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ireland</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cayman
    Islands</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Switzerland</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United
    Kingdom</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.2%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jersey</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.2%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Long-Term Investments</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0%</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table summarizes the
inputs used to value the Fund&#8217;s investments at November 30, 2022 (See Note 6 in the Notes to Financial Statements):</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 43%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Significant</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Significant</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investments
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Observable</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unobservable</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Securities
    (Assets)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Quoted
    Prices</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inputs</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inputs</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    205,863,528</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,615,519</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    805,250</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    210,284,297</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,028,636</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">888,847</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,917,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Warrants</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,646</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,658</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchange-Traded
    Funds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,323,633</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,323,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Closed-End
    Funds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,869,894</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,869,894</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money
    Market Funds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,700,420</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,700,420</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">638,309,864</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,437,475</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">684,747,339</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Floating Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349,114,624</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,167,486</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465,282,110</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset-Backed
    Securities</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">189,340,525</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,388,571</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218,729,096</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Collateralized
    Mortgage Obligations</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66,804,280</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,347,845</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,152,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    Government Securities</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,257,890</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,257,890</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Convertible
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,232,850</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,232,850</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
    Government Debt</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,016,089</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,016,089</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Municipal
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,258</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Fixed Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272,175</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">272,175</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    Foreign Currency Exchange Contracts**</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,222</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,222</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Assets</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    339,814,121</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,368,361,932</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$199,035,486</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,907,211,539</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>76 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>




<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 43%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 17%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 11%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 43%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 3%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Level
    2</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Level
    3</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Significant</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Significant</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investments
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Level
    1</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Observable</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unobservable</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Securities
    (Liabilities)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Quoted
    Prices</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inputs</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inputs</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    Written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,862,739</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,862,739</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit
    Default Swap Agreements**</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,656</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,656</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    Rate Swap Agreements**</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,138,748</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,138,748</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    Foreign Currency Exchange Contracts**</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,748,856</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,748,856</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unfunded
    Loan Commitments (Note 11)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">452,236</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">452,236</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Liabilities</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,862,739</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    7,923,260</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    452,236</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    12,238,235</span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">**
    This derivative is reported as unrealized appreciation/depreciation at period end.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 $380,818,435 are categorized as Level 2 within the disclosure hierarchy &#8212; See Note 7.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Valuation</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unobservable</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Input</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Weighted</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Category</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Technique</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inputs</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Range</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average*</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets:</b></span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset-Backed
    Securities</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    25,019,305</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yield
    Analysis</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yield</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.6%-13.0%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset-Backed
    Securities</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,369,266</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Option
    adjusted spread off</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broker
    Quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior
    month end broker quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Collateralized
    Mortgage</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,347,845</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Option
    adjusted spread off</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broker
    Quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Obligations</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior
    month end broker quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">442,319</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enterprise
    Value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valuation
    Multiple</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.6x-17.5x</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.8x</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361,904</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,027</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liquidation
    Value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,049,349</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Option
    adjusted spread off</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broker
    Quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior
    month end broker quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,096,449</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third
    Party Pricing</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vendor
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">238,317</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,360</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third
    Party Pricing</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broker
    Quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
    Stocks</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">888,847</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Floating Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,729,372</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third
    Party Pricing</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Broker
    Quote</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Floating Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,573,551</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yield
    Analysis</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yield</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.7%-13.3%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Floating Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,832,866</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior
    Floating Rate Interests</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,031,697</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market
    Comparable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.9%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yields</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Warrants</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liquidation
    Value</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Assets</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$199,035,486</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities:</b></span></td>
    <td style="padding-top: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unfunded
    Loan Commitments</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    452,236</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Model
    Price</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    Price</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*
Inputs are weighted by the fair value of the instruments.</span> <span style="font-size: 10pt">&#160; &#160; &#160;</span></p>


<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>77</sup></span></p>



<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund&#8217;s fair valuation
leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level
3, if such a quote or price cannot be supported with other available market information.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Transfers between Level 2 and Level
3 may occur as markets fluctuate and/or the availability of data used in an investment&#8217;s valuation changes. For the period ended
November 30, 2022, the Fund had securities with a total value of $37,805,659 transfer into Level 3 from Level 2 due to a lack of observable
inputs and had securities with a total value of $27,364,094 transfer out of Level 3 into Level 2 due to the availability of current and
reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Summary of Fair Value Level 3
Activity</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Following is a reconciliation of
Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended November 30, 2022:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <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: 17%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 7%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt 0.75pt 1pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Senior</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unfunded</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateralized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Floating</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Loan</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset-Backed</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Common</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Preferred</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commit-</b></span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Securities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Obligations</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bonds</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interests</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Warrants</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Stocks</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Stocks</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ments</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beginning</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Balance</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$23,840,586</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,761,054
    </span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$32,918,506
    </span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$102,508,562</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,567,512</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$855,025</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$168,451,245</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(655,716)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchases/</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Receipts)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,437,985</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,724,807</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,720</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46,200,512</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(413,688)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Sales,
    maturities</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">paydowns)/</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fundings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,720,781)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,266)
    </span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,510,730)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,322,039)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(121,132)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,686,948)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">497,199</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization
    of</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">premiums/</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">discounts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347,621</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,225)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">266,800</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">307,715</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">917,911</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,025)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    realized</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">gains
    (losses)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">included
    in</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">earnings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(58,675)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(70,428)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,395</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,708)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,894</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    change in</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unrealized</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">appreciation</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(depreciation)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">included
    in</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">earnings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,276,145)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(396,718)
    </span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,768,661)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,878,720)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,331</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,822</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,284,091)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">109,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers
    into</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
    3</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,511,560</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,294,087</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,805,659</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfers
    out of</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;Level
    3</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(182,020)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,396,498)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,785,576)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,364,094)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ending
    Balance</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$29,388,571</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,347,845</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$46,437,475</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$116,167,486</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$805,250</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$888,847</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$199,035,486</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(452,236)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unrealized</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">appreciation</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(depreciation)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for
    investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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; text-indent: 6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
    Level 3 securities</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">still
    held at</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;2022</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (2,230,800)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (396,718) </span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(1,848,015)
    </span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (2,164,713)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (37,863)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    33,822</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (6,644,287)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    51,113</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>78 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 74%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 26%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Step Coupon Bonds</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table discloses additional
information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity.
For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are
scheduled to increase, except GAIA Aviation Ltd. which is scheduled to decrease.</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; width: 46%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Coupon
    Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; width: 12%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>at
    Next</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate
    Reset</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Future
    Reset</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Future
    Reset</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Reset
    Date</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Next
    Date</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate(s)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Date(s)</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup
    Mortgage Loan Trust 2022-A, 6.17% due 09/25/62</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.17%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/25/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.17%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9/25/26</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GAIA
    Aviation Ltd. 2019-1, 3.97% due 12/15/44</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.00%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11/15/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GCAT
    Trust 2022-NQM5, 5.71% due 08/25/67</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.71%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/01/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New
    Residential Mortgage Loan Trust 2022-NQM5</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 7.45pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-NQM5,
    6.50% due 11/25/52</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.50%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/01/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NYMT
    Loan Trust 2022-SP1, 5.25% due 07/25/62</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.25%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">07/01/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.25%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7/01/26</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OBX
    Trust 2022-NQM8, 6.10% due 09/25/62</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.10%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/01/26</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Affiliated Transactions</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Transactions during the period ended
November 30, 2022, in which the company is an affiliated issuer, were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 27%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Change
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Realized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Unrealized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gain</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Appreciation</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shares</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security
    Name</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>05/31/22</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Additions
    Reductions</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Loss)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Depreciation)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11/30/22</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11/30/22</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Common
    Stocks</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BP
    Holdco LLC*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    85,334</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (11,936)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    73,398</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,041</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Targus
    Group</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International
    Equity, Inc.*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113,897</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(121,133)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,395</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(97,159)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Closed-End
    Funds</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
    Active</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Allocation
    Fund</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,348</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,829</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,255,177</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,002</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$199,231</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,250,348</span></td>
    <td style="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(121,133)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$104,395</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(104,266)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,328,575</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">* Non-income producing security.</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>79</sup></span></p>



<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 80 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 82%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 18%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>STATEMENT
    OF ASSETS AND LIABILITIES (Unaudited)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ASSETS:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in unaffiliated issuers, at value (cost $2,055,907,260)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,905,864,742</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in affiliated issuers, at value (cost $1,293,088)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,328,575</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
    currency, at value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,225,019</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,367,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Segregated
    cash from broker</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,543,075</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized
    appreciation on forward foreign currency exchange contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,222</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unamortized
    upfront premiums paid on interest rate swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">876</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepaid
    expenses</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">190,443</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Receivables:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    sold</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113,398,882</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,953,677</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
    shares sold</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,301,070</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">693,705</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Variation
    margin on interest rate swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">595,660</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax
    reclaims</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,366</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Variation
    margin on credit default swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,869</span></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; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    assets</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">294</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    assets</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,054,493,034</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>LIABILITIES:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reverse
    repurchase agreements (Note 7)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,818,435</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings
    (Note 8)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,000,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unfunded
    loan commitments, at value (Note 11) (commitment fees received $546,928)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">452,236</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    written, at value (premiums received $3,865,918)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,862,739</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unamortized
    upfront premiums received on credit default swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80,131</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized
    depreciation on forward foreign currency exchange contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,748,856</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    due on borrowings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">853,561</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Segregated
    cash due to broker</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,086,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payable
    for:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    purchased</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125,063,154</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
    advisory fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,547,345</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offering
    costs</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,312,127</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Professional
    fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,665</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Protection
    fees on credit default swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,995</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustees&#8217;
    fees and expenses*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,225</span></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; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    liabilities</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191,844</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    liabilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">605,186,313</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NET
    ASSETS</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,449,306,721</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NET
    ASSETS CONSIST OF:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    stock, $0.01 par value per share; unlimited number of shares</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorized,
    112,164,730 shares issued and outstanding</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,121,647</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
    paid-in capital</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,727,195,422</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    distributable earnings (loss)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(279,010,348)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NET
    ASSETS</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,449,306,721</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
    outstanding ($0.01 par value with unlimited amount authorized)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90F_ecef--OutstandingSecurityAuthorizedShares_c20221130__20221130_zDBo7mDy2Snj"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2022-11-30to2022-11-30" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">112,164,730</ix:nonFraction></span></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$12.92</span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*
    Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 Act.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>80 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 81%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 19%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>STATEMENT
    OF OPERATIONS (Unaudited)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    the Six Months Ended November 30, 2022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>INVESTMENT
    INCOME:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    from securities of unaffiliated issuers</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    52,566,505</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends
    from securities of unaffiliated issuers (net of foreign withholdings tax $515)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,080,428</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;Total
    investment income</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,646,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>EXPENSES:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
    advisory fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,235,439</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    expense</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,752,667</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Professional
    fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">238,266</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administration
    fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136,915</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
    accounting fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustees&#8217;
    fees and expenses*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92,415</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Printing
    fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90,585</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custodian
    fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,672</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insurance</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,610</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registration
    and filing fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,214</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfer
    agent fees</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,163</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Miscellaneous</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,034</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    expenses</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,842,155</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Less:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;Expenses
    waived by adviser</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(66)</span></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"><span style="font-size: 10pt">&#8239;<span style="font-family: Arial, Helvetica, Sans-Serif">Net
    expenses</span></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,842,089</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,804,844</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NET
    REALIZED AND UNREALIZED GAIN (LOSS):</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain (loss) on:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in unaffiliated issuers</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7,405,087)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in affiliated issuers</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,395</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap
    agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(125,288)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    purchased</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,947,372</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(526,414)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    foreign currency exchange contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,303,436</span></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"><span style="font-size: 10pt">&#8239;<span style="font-family: Arial, Helvetica, Sans-Serif">Foreign
    currency transactions</span></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377,656</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,676,070</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation (depreciation) on:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in unaffiliated issuers</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(95,942,098)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in affiliated issuers</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(104,266)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap
    agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,136,459)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    purchased</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">441,412</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,967,047</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    foreign currency exchange contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,341,193)</span></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"><span style="font-size: 10pt">&#8239;<span style="font-family: Arial, Helvetica, Sans-Serif">Foreign
    currency translations</span></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(330,426)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation (depreciation)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(96,445,983)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized and unrealized loss</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(93,769,913)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    decrease in net assets resulting from operations</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (52,965,069)</span></td></tr>
  <tr style="background-color: White">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*
    Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 Act.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>81</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 82 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 61%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 21%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 18%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>STATEMENTS
    OF CHANGES IN NET ASSETS</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Six
    Months Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Unaudited)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31, 2022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>INCREASE
    (DECREASE) IN NET ASSETS FROM OPERATIONS:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    40,804,844</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    61,747,184</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain on investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,676,070</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,862,539</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation (depreciation)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on
    investments</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(96,445,983)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(239,758,554)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    decrease in net assets resulting from operations</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,965,069)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(127,148,831)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DISTRIBUTIONS:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions
    to shareholders</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(117,933,588)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(99,989,607)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return
    of capital</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;<sup>a</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,986,628)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    distributions</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(117,933,588)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(174,976,235)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SHAREHOLDER
    TRANSACTIONS:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    proceeds from the issuance of shares from Mergers<sup>b</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">644,136,499</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds
    from shares issued through at-the-market offering</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114,375,389</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">252,476,733</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    contribution from adviser</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216,351</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reinvestments
    of distributions</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,695,234</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,923,416</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    shares offering cost charged to paid-in-capital</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(696,703)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">162,111</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    increase in net assets resulting from shareholder transactions</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127,590,271</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">916,698,759</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    increase (decrease) in net assets</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(43,308,386)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">614,573,693</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NET
    ASSETS:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beginning
    of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,492,615,107</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">878,041,414</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">End
    of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,449,306,721</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,492,615,107</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>a</sup> A portion of the distributions
to shareholders may be deemed a return of capital at fiscal year-end.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>b</sup> Fund Mergers &#8212;
See Note 13.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>82 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 81%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 19%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>STATEMENT
    OF CASH FLOWS (Unaudited)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    the six months ended November 30, 2022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr 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: 81%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    Flows from Operating Activities:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 19%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    decrease in net assets resulting from operations</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (52,965,069)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Adjustments
    to Reconcile Net Decrease in Net Assets Resulting from Operations to</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Cash Provided by Operating and Investing Activities:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized (appreciation) depreciation on investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,046,364</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized (appreciation) depreciation on options purchased</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(441,412)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized (appreciation) depreciation on options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,967,047)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized (appreciation) depreciation on OTC swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,503)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized (appreciation) depreciation on forward foreign currency</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 24pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">exchange
    contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,341,193</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized loss on investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,300,692</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain on options purchased</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,947,372)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized loss on options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">526,414</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase
    of long-term investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(297,443,477)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds
    from sale of long-term investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">264,629,449</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    purchases of short-term investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,265,926)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    accretion of discount and amortization of bond premium</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,754,241)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    actions and other payments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401,529</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Premiums
    received on options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149,724,196</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    of closing options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(152,910,325)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commitment
    fees received and repayments of unfunded commitments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(82,403)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in interest receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,779,889)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease
    in dividends receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130,639</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in investments sold receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(78,291,133)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in unamortized upfront premiums paid on interest rate swap</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 24pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(876)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in variation margin on interest rate swap agreements receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(595,660)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease
    in swap settlement receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,367</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in variation margin on credit default swap agreements receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,869)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in segregated cash from broker</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,283,075)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease
    in due from adviser</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,509</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in prepaid expenses</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(129,653)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease
    in tax reclaims receivable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in other assets</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(294)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in investments purchased payable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110,384,686</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in interest due on borrowings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">539,210</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease
    in professional fees payable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(118,748)</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in protection fees on credit default swap agreements payable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,995</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in segregated cash due to broker</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,026,000</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease
    in investment advisory fees payable</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(158,429)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase
    in trustees&#8217; fees and expenses payable*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,925</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;Increase
    in other liabilities</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71,017</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    Cash Provided by Operating and Investing Activities</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    5,031,790</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;&#8239;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>83</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 73%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 27%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>STATEMENT
    OF CASH FLOWS (Unaudited) continued</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
    six months ended November 30, 2022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr 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: 73%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    Flows From Financing Activities:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 27%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions
    to common shareholders</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (104,238,354)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds
    from the issuance of common shares</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115,901,204</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    contribution from adviser</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216,351</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds
    from borrowings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,000,000</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments
    made on borrowings</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(74,000,000)</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds
    from reverse repurchase agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">683,416,839</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8239;&#8239;Payments
    made on reverse repurchase agreements</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(652,030,587)</span></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; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    Cash Provided by Financing Activities</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">265,453</span></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"><span style="font-size: 10pt">&#8239;&#8239;<span style="font-family: Arial, Helvetica, Sans-Serif">Net
    increase in cash</span></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,297,243</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    at Beginning of Period (including foreign currency)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,295,335</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    at End of Period (including foreign currency)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    9,592,578</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Supplemental
    Disclosure of Cash Flow Information:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    paid during the year for interest</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    4,254,001</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Supplemental
    Disclosure of Cash Financing Activity:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8239;&#8239;Dividend
    reinvestment</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    13,695,234</span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*
    Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 Act.</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>84 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 55%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 45%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FINANCIAL
    HIGHLIGHTS</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The information in this table for
the fiscal years ended 2022, 2021, 2020, 2019, and 2018 is derived from the Fund&#8217;s financial statements and has been audited by
Ernst &amp; Young LLP, independent registered public accounting firm for the Fund. The Fund&#8217;s audited financial statements appearing
in the Fund&#8217;s annual report to shareholders for the year ended May 31, 2022, including the report of Ernst &amp; Young LLP thereon,
including accompanying notes thereto, are incorporated by reference in this report.</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <tr>
    <td style="padding: 0.75pt; width: 40%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 17%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 2%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 6%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 8%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Six
    Months Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30,</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Unaudited)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2021</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2020</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2019</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Per
    Share Data:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value, beginning of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    14.33</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.05</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    15.29</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.91</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.12</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.78</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    from investment operations:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income<sup>(a)</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.38</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.80</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.95</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.89</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.97</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.23</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    gain (loss) on investments (realized and unrealized)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.70)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.33)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.00</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.32)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.01</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.30</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    from investment operations</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.32)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.53)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.95</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.43)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.98</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.53</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less
    distributions from:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.09)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.04)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.97)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.86)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.12)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.01)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    gains</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.19)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.16)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.18)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return
    of capital</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.96)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.22)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.33)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.91)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    distributions to shareholders</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.09)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.19)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.19)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.19)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.19)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.19)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value, end of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    12.92</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    14.33</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.05</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    15.29</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.91</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.12</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market
    value, end of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    16.30</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.92</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20.90</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    16.20</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.96</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    21.29</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Return<sup>(b)</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value</span></td>
    <td style="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 36.8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.93%)<sup>(g)</sup></span></td>
    <td style="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 36.8pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.99%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.20%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.79%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.43%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.02%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market
    value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.40%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.48%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.59%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7.96%)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.94%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.31%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ratios/Supplemental
    Data:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    assets, end of period (in thousands)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,449,307</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,492,615</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    878,041</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    648,892</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    641,825</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    530,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio
    to average net assets of:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income, including interest expense</span></td>
    <td style="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 39.3pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.71%<sup>(f)</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.75%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.72%</span></td>
    <td style="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 21.65pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.29%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.26%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.27%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    expenses, including interest expense<sup>(c)(d)</sup></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.35%<sup>(f)</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.83%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.83%</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.17%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.52%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
    turnover rate</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Senior
    Indebtedness</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Borrowings outstanding (in thousands)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    <span id="xdx_905_ecef--SeniorSecuritiesAmount_pdn3_c20221130__20221130_zcJeWltMsxI8"><ix:nonFraction name="cef:SeniorSecuritiesAmount" contextRef="From2022-11-30to2022-11-30" format="ixt:numdotdecimal" decimals="0" scale="3" unitRef="USD">85,000</ix:nonFraction></span></span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    128,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    38,501</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19,300</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset
    Coverage per $1,000 of indebtedness<sup>(e)</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    <span id="xdx_90F_ecef--SeniorSecuritiesCoveragePerUnit_c20221130__20221130_fKGUp_zh6yVviYTH7b"><ix:nonFraction name="cef:SeniorSecuritiesCoveragePerUnit" contextRef="From2022-11-30to2022-11-30" id="Fact000043" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18,051</ix:nonFraction></span></span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    12,661</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    23,806</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    34,621</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 85</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 60%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 40%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FINANCIAL
    HIGHLIGHTS continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 46%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 19%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
    Ended</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May
    31,</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2017</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2016</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2014</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2013</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Per
    Share Data:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value, beginning of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.50</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.61</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20.56</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20.95</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.00</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    from investment operations:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income<sup>(a)</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.61</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.40</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.44</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.68</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    gain (loss) on investments (realized and unrealized)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.86</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.33)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.05)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.35</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.22</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    from investment operations</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.47</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.07</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.23</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.79</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.90</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less
    distributions from:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.18)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.82)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.42)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.82)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.78)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
    gains</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.01)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.36)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.76)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.36)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.17)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    distributions to shareholders</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.19)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.18)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.18)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2.18)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.95)</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value, end of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.78</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.50</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    19.61</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20.56</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20.95</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market
    value, end of period</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    20.94</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    17.61</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    21.21</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    21.83</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    21.91</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Return<sup>(b)</sup></b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    asset value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.76%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.80%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.39%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.20%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.37%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market
    value</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.33%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-6.07%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.08%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.71%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.10%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ratios/Supplemental
    Data:</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    assets, end of period (in thousands)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    410,465</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    310,246</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    342,988</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    318,001</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    286,471</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratio
    to average net assets of:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income, including interest expense</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.55%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.79%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.44%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.07%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.30%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    expenses, including interest expense<sup>(c)(d)</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.35%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.38%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.16%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.28%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.47%</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
    turnover rate</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">165%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Senior
    Indebtedness</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    Borrowings outstanding (in thousands)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    16,705</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    9,355</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    45,489</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    60,789</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    56,099</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset
    coverage per $1,000 of borrowings<sup>(e)</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    25,571</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    34,164</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    8,540</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    6,231</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    6,107</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><i>See notes to financial statements.</i></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>86 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 60%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 40%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FINANCIAL
    HIGHLIGHTS continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Based
                                            on average shares outstanding.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Total
                                            return is calculated assuming a purchase of a common share at the beginning of the period
                                            and a sale on the last day of the period reported either at net asset value (&#8220;NAV&#8221;)
                                            or market price per share. Dividends and distributions are assumed to be reinvested at NAV
                                            for NAV returns or the prices obtained under the Fund&#8217;s Dividend Reinvestment Plan
                                            for market value returns. Total return does not reflect brokerage commissions. A return calculated
                                            for a period of less than one year is not annualized.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">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 0.06%, 0.06%, 0.09%, 0.08%, 0.00%*, 0.00%*, 0.00%*, 0.02%, 0.03%,
                                            0.03%, and 0.05% for the period ended November 30, 2022 and the years ended May 31, 2022,
                                            2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, respectively.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Excluding
                                            interest expense, the operating expense ratios for the period ended November 30, 2022 and
                                            the years ended May 31, would be:</span></td>
</tr></table>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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; text-align: center; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>November
    30,</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 7%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 6%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Unaudited)<sup>(f)
</sup></b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2022</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2021</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2020</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2019</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2018</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2017</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2016</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2015</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2014</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2013</b></span></td></tr>
  <tr style="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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.41%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.51%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.55%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.17%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.15%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.33%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.62%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.74%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.72%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.78%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.81%</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span id="xdx_F01_zWBBwr6VsIJl" style="font-size: 10pt">(e)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span id="xdx_F12_zVEimXg9nU9j" style="font-size: 10pt"><ix:footnote id="Footnote000044" xml:lang="en-US">Calculated
                                            by subtracting the Fund&#8217;s total liabilities (not including the borrowings) from the
                                            Fund&#8217;s total assets and dividing by the borrowings.</ix:footnote></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">(f)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Annualized.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">(g)</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">The
                                            net increase from the payment by the Adviser totaling $216,351 relating to an operational
                                            issue contributed 0.01% to total return at net asset value for the period ended November
                                            &#160;30, 2022.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">*</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Less
                                            than 0.01%.</span></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b><sup>&#160;</sup></b></span></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"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 87</sup></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 77%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 23%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 1 &#8211; <b>Organization</b></span></p>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim Strategic Opportunities
Fund (the &#8220;Fund&#8221;) was organized as a Delaware statutory trust on November 13, 2006. The Fund is registered as a diversified,
closed-end management investment company under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).</span></p>

<p id="xdx_982_ecef--InvestmentObjectivesAndPracticesTextBlock_c20221130__20221130_zZVj73xSVlkl" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><ix:nonNumeric contextRef="From2022-11-30to2022-11-30" escape="true" name="cef:InvestmentObjectivesAndPracticesTextBlock"><span style="font-size: 10pt">The Fund&#8217;s investment objective
is to maximize total return through a combination of current income and capital appreciation.</span></ix:nonNumeric></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 2 &#8211; <b>Significant Accounting
Policies</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund operates as an investment
company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board
(&#8220;FASB&#8221;) Accounting Standards Codification Topic 946 Financial Services &#8211; Investment Companies.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following significant accounting
policies are in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and are consistently followed
by the Fund. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent
assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates. All time references are based on Eastern Time.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(a) Valuation of Investments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Board of Trustees of the Fund
(the &#8220;Board&#8221;) adopted policies and procedures for the valuation of the Fund's investments (the &#8220;Valuation Procedures&#8221;).
The U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) adopted Rule 2a-5 under the 1940 Act (&#8220;Rule 2a-5&#8221;) which
establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines &#8220;readily
available market quotations&#8221; for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair
value a security in good faith.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Pursuant to Rule 2a-5, the Board
has designated Guggenheim Funds Investment Advisors, LLC (&#8220;GFIA&#8221; or the &#8220;Adviser&#8221;) as the valuation designee
to perform fair valuation determinations for the Fund with respect to all Fund investments and/or other assets. As the Fund&#8217;s valuation
designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the &#8220;Valuation Designee Procedures&#8221;) reasonably
designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes
the assistance of a valuation committee, consisting of representatives from Guggenheim&#8217;s investment management, fund administration,
legal and compliance departments (the &#8220;Valuation Committee&#8221;), in determining the fair value of the Fund's securities and/or
other assets.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 Adviser, with the assistance of 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 Adviser, consistent with the monitoring and review responsibilities
set forth in the Valuation Designee Procedures,</span></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"><span style="font-size: 10pt"><sup>88 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">regularly reviews the appropriateness
of the inputs, methods, models and assumptions employed by the pricing services.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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
Adviser.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Equity securities listed or traded
on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (&#8220;NASDAQ&#8221;)
National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which
the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price,
which may not necessarily represent the last sale price.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Open-end investment companies are
valued at their net asset value (&#8220;NAV&#8221;) as of the close of business, on the valuation date. Exchange-traded funds and closed-end
investment companies are generally valued at the last quoted sale price.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Generally, trading in foreign securities
markets is substantially completed each day at various times prior to the close of the New York Stock Exchange (&#34;NYSE&#34;). 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 Adviser 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 Designee Procedures, the Adviser is authorized to use prices and other information supplied by a third
party pricing vendor in valuing foreign securities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">U.S. Government securities are valued
by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Commercial paper and discount notes
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. Commercial paper and discount notes
with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does
not represent the fair value of the applicable asset in which case it will be valued using an independent pricing services.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 Adviser.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>89</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Exchange-traded options are valued
at the mean of the bid and ask prices on the principal exchange on which they are traded.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The value of futures contracts are
valued on the basis of the last sale price 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 the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation
would provide a more accurate valuation.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The value of interest rate swap
agreements entered into by the Fund is valued on the basis of the last sale price on the primary exchange on which the swap is traded.
The values of other swap agreements entered into by the Fund will generally be valued using an evaluated price provided by a third party
pricing vendor.</span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Investments for which market quotations
are not readily available are fair-valued as determined in good faith by the Adviser. Valuations in accordance with these methods are
intended to reflect each security&#8217;s (or asset&#8217;s or liability&#8217;s) &#8220;fair value&#34;. 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
anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(b) Investment Transactions and
Investment Income</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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. Dividend income from
Real Estate Investment Trusts (&#8220;REITs&#8221;) is recorded based on the income included in the distributions received from the REIT
investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions
received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains.
The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may
differ from the estimated amounts. 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.</span></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"><span style="font-size: 10pt"><sup>90 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(c) Senior Floating Rate Interests
and Loan Investments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 (&#34;LIBOR&#34;), (ii) the prime rate offered by one or more major United
States banks, or (iii) the bank&#8217;s certificate of deposit rate. Senior floating rate interests often require prepayments from excess
cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy.
As a result, the actual remaining maturity may be substantially less than the stated maturities disclosed in the Fund's Schedule of Investments.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund invests in loans and other
similar debt obligations (&#8220;obligations&#8221;). A portion of the Fund's investments in these obligations is sometimes referred
to as &#8220;covenant lite&#8221; loans or obligations (&#8220;covenant lite obligations&#8221;), which are obligations that lack covenants
or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also
obtain exposure to covenant lite obligations through investment in securitization vehicles and other structured products. In recent market
conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors
by (i) imposing certain restrictions or other limitations on a borrower&#8217;s operations or assets or (ii) providing certain rights
to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility
of default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject
to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other risks associated with
investments in (or exposure to) obligations, including that obligations may not be considered &#8220;securities&#8221; and, as a result,
the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to
state law and direct claims.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(d) Currency Translations</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>91</sup></span></p>


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  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(e) Forward Foreign Currency
Exchange Contracts</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(f) Distributions to Shareholders</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund declares and pays monthly
distributions to common shareholders. These distributions consist of investment company taxable income, which generally includes qualified
dividend income, ordinary income and short-term capital gains. Any net realized long-term capital gains are distributed annually to common
shareholders. To the extent distributions exceed taxable income, the excess will be deemed a return of capital. A return of capital is
not taxable, but it reduces the shareholder&#8217;s basis in its shares, which reduces the loss (or increase the gain) on a subsequent
taxable disposition by such shareholder of the shares, until such shareholder&#8217;s basis reaches zero at which point subsequent return
of capital distributions will constitute taxable capital gain to such shareholder.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></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"><span style="font-size: 10pt"><sup>92 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(g) Restricted Cash</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">A portion of cash on hand relates
to collateral received by the Fund for repurchase agreements and futures contracts. This amount, if any, is presented on the Statement
of Assets and Liabilities as Restricted Cash. At November 30, 2022, there was no restricted cash outstanding.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(h) U.S. Government and Agency
Obligations</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(i) Swap Agreements</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Upon entering into certain centrally-cleared
swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent
variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity
and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain
or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Upfront payments received or made
by the Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement.
Periodic payments received or paid by the Fund are recorded as realized gains or losses. Payments received or made as a result of a credit
event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(j) Options</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">When the Fund writes (sells) an
option, an amount equal to the premium received is entered in that Fund&#8217;s accounting records as an asset and equivalent liability.
The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. When a written option
expires, or if the Fund enters into a closing purchase transaction, it realizes a gain (or loss if the cost of a closing purchase transaction
exceeds the premium received when the option was sold).</span></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"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>93</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(k) Short Sales</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">When the 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(l) Futures Contracts</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(m) Indemnifications</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>(n) Special Purpose Acquisition
Companies</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund may acquire an interest
in a special purpose acquisition company (&#8220;SPAC&#8221;) 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</span></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"><span style="font-size: 10pt"><sup>94 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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&#8217;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 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.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 3 &#8211; <b>Financial Instruments
and Derivatives</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">As part of its investment strategy,
the Fund may utilize 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.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Short Sales</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Derivatives</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial
position and results of operations.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>95</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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.</span></p>

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

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

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Options Purchased and Written</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table represents the
Fund&#8217;s use and volume of call/put options purchased on a monthly basis:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average
    Notional Amount</b></span></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; width: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Call</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Put</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duration,
    Hedge</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$58,823,845</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$66,550,000</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The risk in writing a call option
is that the 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 the 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 the
Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, the Fund may be
at risk because of the counterparty&#8217;s inability to perform.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table represents the
Fund's use and volume of call/put options written on a monthly&#160;basis:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average
    Notional Amount</b></span></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; width: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Call</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Put</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hedge,
    Income</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$206,010,459</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$42,594,741</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Swap Agreements</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">A swap is an agreement that obligates
two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices
or rates for a specified amount of an underlying asset. When utilizing OTC swaps, the Fund bears the risk of loss of the amount expected
to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying
asset declines in value. Certain standardized</span></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"><span style="font-size: 10pt"><sup>96 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>




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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table represents the
Fund&#8217;s use and volume of total return swaps on a monthly basis:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average
    Notional Amount</b></span></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; width: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Long</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Short</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Index
    exposure, Income</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$278,850</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8211;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average
    Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 74%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Pay</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Receive</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Floating
    Rate</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Floating
    Rate</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duration,
    Hedge</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$119,916,667</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8211;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Credit default swaps are instruments
which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty
to the other. The Fund enters into credit default swaps as a &#8220;seller&#8221; or &#8220;buyer&#8221; of protection primarily to gain
or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection
or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the
seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation
has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer
of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities
comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of
the</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>97</sup></span></p>




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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The quoted market prices and resulting
market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the
payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional
amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the
notional amount of the swap, represent a deterioration of the referenced entity&#8217;s credit soundness and a greater likelihood or
risk of default or other credit event occurring as defined under the terms of the agreement.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table represents the
Fund&#8217;s use and volume of credit default swaps on a monthly basis:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average
    Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 74%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Protection</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Protection</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sold</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchased</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hedge</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8211;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$4,666,667</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Forward Foreign Currency Exchange
Contracts</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.&#160;dollar.</span></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"><span style="font-size: 10pt"><sup>98 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following table represents the
Fund&#8217;s use and volume of forward foreign currency exchange contracts on a monthly basis:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Average
    Value</b></span></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; width: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Use</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchased</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sold</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hedge</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,067,488</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$65,648,360</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Derivative Investment Holdings
Categorized by Risk Exposure</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following is a summary of the
location of derivative investments on the Fund's Statement of Assets and Liabilities as of November 30, 2022:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Derivative
    Investment Type</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 34%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset
    Derivatives</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 24%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liability
    Derivatives</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity/Interest
    rate option contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    written, at value</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency
    forward contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized
    appreciation</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized
    depreciation</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on
    forward foreign</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on
    forward foreign</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency
    exchange</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency
    exchange</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contracts</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit/Interest
    rate swap contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unamortized
    upfront</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unamortized
    upfront</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">premiums
    paid on interest</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">premiums
    received on credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">rate
    swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">default
    swap agreements</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Variation
    margin on credit</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">default
    swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Variation
    margin on interest</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">rate
    swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following tables set forth the
fair value of the Fund's derivative investments categorized by primary risk exposure at November 30, 2022:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset
    Derivative Investments Value</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Forward</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Options</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Written</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Default</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exchange</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Value at</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Risk</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>November
    30 2022</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    18,222</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    18,222</span></td></tr>
</table>

<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="5" style="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liability
    Derivative Investments Value</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Forward</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Options</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Written</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Default</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exchange</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total
    Value at</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Risk</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>November
    30 2022</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    5,138,748</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    35,656</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,862,739</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,748,856</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    11,785,999</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>99</sup></span></p>





<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following is a summary of the
location of derivative investments on the Fund's Statement of Operations for the period ended November 30, 2022:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 45%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Derivative
    Investment Type</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 55%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Location
    of Gain (Loss) on Derivatives</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit/Interest
    rate swap contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain (loss) on swap agreements</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(depreciation)
    on swap agreements</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    option contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain (loss) on options purchased</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(depreciation)
    on options purchased</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain (loss) on options written</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(depreciation)
    on options written</span></td></tr>
  <tr>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency
    forward contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized gain (loss) on forward foreign</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency
    exchange contracts</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    change in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(depreciation)
    on forward foreign currency</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">exchange
    contracts</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 period ended November 30, 2022:</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: center"><span style="font-size: 10pt"><b>Realized Gain
(Loss) on Derivative Investments Recognized on the Statement of Operations</b></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: center"></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Forward</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Options</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Options</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Written</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchased</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Default</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exchange</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,960</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (121,524)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (7,724)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (526,414)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,947,372</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    4,303,436</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    9,599,106</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0"><span style="font-size: 10pt"><b>Change
in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations</b></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Forward</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Options</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Options</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Foreign</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Swaps</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Credit</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Written</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchased</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rate</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Default</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Equity</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exchange</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    37,945</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(5,138,748)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (35,656)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$5,967,047</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    441,412</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (1,341,193)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (69,193)</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>100 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>




<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Foreign Investments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">There are several risks associated
with exposure to foreign currencies, foreign issuers and emerging markets. The Fund&#8217;s indirect and direct exposure to foreign currencies
subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions,
that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly
over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other
political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with conversions between
various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency
forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging
techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly
when foreign currencies strengthen or weaken relative to the U.S. dollar.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund may invest in securities
of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the
performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political,
regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies
directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically
associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities,
can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally
have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities
traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies,
and it may be more difficult to obtain reliable information regarding a foreign issuer&#8217;s financial condition and operations. Transaction
costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some
foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are
recoverable, the non-recovered portion will reduce the income received by the Fund.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 4 &#8211;<b>Offsetting</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">In the normal course of business,
the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right
to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received from or
delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the
occurrence of an event of default, credit event upon merger or additional termination event.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>101</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">In order to better define its contractual
rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and
Derivatives Association, Inc. Master Agreement (&#8220;ISDA Master Agreement&#8221;) or similar agreement with its derivative contract
counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including
foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event
of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event
of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Amount</b></span></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gross
    Amounts Not Offset</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gross
    Amounts</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>of
    Assets</b></span></td>
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>in
    the Statement of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gross</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Offset
    in the</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Presented
    on the</b></span></td>
    <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets
    and Liabilities</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amounts
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Recognized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets
    and</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets
    and</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial</b></span></td>
    <td colspan="2" style="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateral</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Instrument</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets<sup>1</sup></b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Instruments</b></span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Received</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    foreign</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 19%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 16%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 5%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">exchange</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    18,222</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    18,222</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (18,222)</span></td>
    <td colspan="2" style="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.4pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
&#8212;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt"><sup>102 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Amount</b></span></td>
    <td colspan="2" style="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gross
    Amounts Not Offset</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gross
    Amounts</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>of
    Liabilities</b></span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>in
    the Statement of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Gross</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Offset
    in the</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Presented
    on the</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets
    and Liabilities</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Amounts
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 19%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Statement
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Recognized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets
    and</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assets
    and</b></span></td>
    <td style="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Collateral</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Instrument</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities<sup>1</sup></b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Instruments</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Pledged</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Amount</b></span></td></tr>
  <tr style="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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    foreign</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">exchange</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,748,856</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,748,856</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (18,222)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(1,240,000)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,490,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reverse</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,818,435</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380,818,435</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 7.15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(380,818,435)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 27.8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#8212;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>1 </sup>Exchange-traded or centrally-cleared
derivatives are excluded from these reported amounts.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund has the right to offset
deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared
derivatives. The following table presents deposits held by others in connection with derivative investments as of November 30, 2022.</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 46%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset
    Type</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    Pledged</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cash
    Received</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays
    Bank plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward
    foreign currency exchange contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    1,240,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays
    Bank plc</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reverse
    repurchase agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,824,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BofA
    Securities, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit
    default swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,401</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BofA
    Securities, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest
    rate swap agreements</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,255,674</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reverse
    repurchase agreements</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">262,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,543,075</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    3,086,000</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 5 &#8211; <b>Fees and Other
Transactions with Affiliates</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Pursuant to an Investment Advisory
Agreement between the Fund and the Adviser, the Adviser furnishes office facilities and equipment, and clerical, bookkeeping and administrative
services on behalf of the Fund and oversees the activities of Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221; or the
&#8220;Sub-Adviser&#8221;). The Adviser provides all services through the medium of any directors, officers or employees of the Adviser
or its affiliates as the Adviser deems appropriate in order to fulfill its obligations. 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 (as defined in this report).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Pursuant to an Investment Sub-Advisory
Agreement among the Fund, the Adviser and GPIM, GPIM under the oversight and supervision of the Board and the Adviser, manages the investment
of the assets of the Fund in accordance with its investment objectives and policies, places orders to purchase and sell securities on
behalf of the Fund, and, at the request of the Adviser, consults with the Adviser as to the overall management of the assets of the Fund
and its investment policies and practices. 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, less 0.50% of the Fund&#8217;s average daily assets attributable to
any investments by the Fund in affiliated Investment Funds.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>103</sup></span></p>




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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Pursuant to an Investment Sub-Advisory
Agreement among the Fund, the Adviser and Guggenheim Partners Advisors, LLC (&#8220;GPA&#8221;) that was in effect during the Reporting
Period, GPA, under the oversight and supervision of the Board and the Adviser, assisted GPIM in the supervision and direction of the
investment strategy of the Fund in accordance with the Fund&#8217;s investment policies. As compensation for its services, the Adviser
paid GPA a fee, payable monthly, in an amount equal to 0.005% of the Fund&#8217;s average daily Managed Assets, less 0.005% of the Fund&#8217;s
average daily assets attributable to any investments by the Fund in affiliated Investment Funds. The Investment Sub-Advisory Agreement
among the Fund, the Adviser and GPA was terminated effective December 22, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">For purposes of calculating the
fees payable under the foregoing agreements, &#8220;Managed Assets&#8221; means the total assets of the Fund (other than assets attributable
to any investments by the Fund in Affiliated Investment Funds), including the assets attributable to the proceeds from any borrowings
or other forms of financial leverage, minus liabilities, other than liabilities related to any financial leverage. &#8220;Affiliated
Investment Funds&#8221; means investment companies, including registered investment companies, private investment funds and/or other
pooled investment vehicles, advised or managed by the Fund&#8217;s investment Sub-Adviser or any of its affiliates.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">If the Fund invests in a fund that
is advised by the same adviser or an affiliated adviser, the investing Fund&#8217;s adviser has agreed to waive fees at the investing
fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment
in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect
for the investing Fund. Fees waived under this arrangement are not subject to reimbursement. For the period ended November 30, 2022,
the Fund waived $66 related to investments in affiliated funds.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">On November 11, 2022, the Fund booked
a receivable from the Adviser for a one-time payment to the Fund for $216,351 relating to an operational issue. This amount is included
in Capital contribution from adviser on the Statements of Changes in Net Assets and the impact of this amount to total return at NAV
is included within the Financial Highlights.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">MUFG Investor Services (US), LLC
(&#8220;MUIS&#8221;) acts as the Fund&#8217;s administrator and accounting agent. As administrator and accounting agent, MUIS maintains
the books and records of the Fund&#8217;s securities and cash. The Bank of New York Mellon Corp. (&#8220;BNY&#8221;) acts as the Fund&#8217;s
custodian. As custodian, BNY is responsible for the custody of the Fund&#8217;s assets. For providing the aforementioned services, MUIS
and BNY are entitled to receive a monthly fee equal to an annual percentage of the Fund&#8217;s average daily Managed Assets subject
to certain minimum monthly fees and out of pocket expenses.</span></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"><span style="font-size: 10pt"><sup>104 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 6 &#8211; <b>Fair Value Measurement</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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
between market participants at the measurement date. 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:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Level 1 &#8212; unadjusted quoted
prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Level 2 &#8212; significant other
observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment
speeds, credit risk, etc.).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Level 3 &#8212; significant unobservable
inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may
include assumptions.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Rule 2a-5 sets forth a definition
of &#8220;readily available market quotations,&#8221; which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule
2a-5 provides that &#8220;a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets
for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if
it is not reliable.&#8221;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Securities for which market quotations
are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other
than Level 1 inputs will be subject to fair value requirements. 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&#160;judgment.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Independent pricing services are
used to value a majority of the Fund&#8217;s investments. When values are not available from a pricing service, they will be determined
using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such
as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral,
spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Fund&#8217;s assets and liabilities
are categorized as Level 2, as indicated in this report.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Quotes from broker-dealers, adjusted
for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund&#8217;s assets and liabilities,
i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are
typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support
the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>105</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>

  <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"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The inputs or methodologies selected
and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability,
appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed
and subject to change.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 7 &#8211; <b>Reverse Repurchase
Agreements</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 Fund's assets.
For the period ended November 30, 2022, the average daily balance for which reverse repurchase agreements were outstanding amounted to
$325,380,732. The weighted average interest rate was 2.76%. As of November 30, 2022 there was $380,818,435 (inclusive of interest payable)
in reverse repurchase agreements outstanding.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">As of November 30, 2022, the Fund
had outstanding reverse repurchase agreements with various counterparties. Details of the reverse repurchase agreements by counterparty
are as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterparty</b></span></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%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest
    Rate(s)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 27%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maturity
    Date(s)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face
    Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Barclays
    Capital, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.50%
    - 4.70%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/17/23
    - 01/19/23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    56,227,065</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BMO
    Capital Markets Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.02%
    - 4.05%*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open
    Maturity</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,498,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BMO
    Capital Markets Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.63%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/17/23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">899,103</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BNP
    Paribas</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.28%
    - 4.58%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/17/23</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,761,955</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BofA
    Securities, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.93%
    - 4.25%*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open
    Maturity</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50,147,961</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup
    Global Markets, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.91%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(U.S.
    Secured Overnight</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing
    Rate + 0.11%)**</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open
    Maturity</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,641,068</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Citigroup
    Global Markets, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.94%</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(U.S.
    Secured Overnight</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financing
    Rate + 0.14%)**</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open
    Maturity</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,427,181</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goldman
    Sachs &amp; Co. LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00%
    - 4.15%*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open
    Maturity</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116,511,028</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RBC
    Capital Markets LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.10%
    - 4.25%*</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Open
    Maturity</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,792,041</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RBC
    Capital Markets LLC</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.41%
    - 4.65%</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/06/22
    - 01/17/23</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,912,399</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    380,818,435</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">*</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">The
                                            rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and
                                            is not based upon a set of reference rate and spread. Rate indicated is the rate effective
                                            at November 30, 2022.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">**</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Variable
                                            rate. Rate indicated is the rate effective at November 30, 2022.</span></td>
</tr></table>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>106 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The following is a summary of the
remaining contractual maturities of the reverse repurchase agreements outstanding as of November 30, 2022, aggregated by asset class
of the related collateral pledged by the Fund:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 28%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Overnight
    and</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Greater
    than</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Asset
    Type</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>continuous</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Up
    to 30 days</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31-90
    days</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>90
    days</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
    Bonds</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$183,282,758</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,302,075</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$128,498,447</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$342,083,280</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Federal
    Agency Notes</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,666,906</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,666,906</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mortgage-Backed
    Securities</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,068,249</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,068,249</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
    reverse repurchase</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agreements</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$222,017,913</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,302,075</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$128,498,447</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$380,818,435</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gross
    amount of recognized</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities
    for reverse</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repurchase
    agreements</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$222,017,913</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,302,075</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$128,498,447</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8211;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$380,818,435</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 8 &#8211; <b>Borrowings</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund has entered into a $400,000,000,
with the right to request an increase to $800,000,000, 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 1-month LIBOR plus 0.85%, and an unused commitment fee of 0.50% is charged on the difference between the amount available
to borrow under the credit facility agreement and the actual amount borrowed. Effective September 1, 2022, the terms of the credit facility
agreement were amended such that the interest rate on the amount borrowed is based on SOFR plus 0.95%, and an unused commitment fee of
0.50% is charged on the difference between the amount available to borrow under the credit facility agreement and the actual amount borrowed.
As of November 30, 2022, there was $85,000,000 outstanding in connection with the Fund&#8217;s credit facility. The average daily amount
of borrowings on the credit facility during the period was $84,224,044 with a related average interest rate of 3.43%. The maximum amount
outstanding during the period was $126,000,000. As of November 30, 2022, the total value of securities segregated and pledged as collateral
in connection with borrowings was $193,018,156.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The credit facility agreement governing
the loan facility includes usual and customary covenants. These covenants impose on the Fund asset coverage requirements, collateral
requirements, investment strategy requirements, and certain financial obligations. These covenants place limits or restrictions on the
Fund&#8217;s ability to (i) enter into additional indebtedness with a party other than the counterparty, (ii) change its fundamental
investment policy, or (iii) pledge to any other party, other than to the counterparty, securities owned or held by the Fund over which
the counterparty has a lien. In addition, the Fund is required to deliver financial information to the counterparty within established
deadlines, maintain an asset coverage ratio (as defined in Section 18(g) of the 1940 Act) greater than 300%, comply with the rules of
the stock exchange on which its shares are listed, and maintain its classification as a &#8220;closed-end management investment company&#8221;
as defined in the 1940 Act.</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>107</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">There is no guarantee that the Fund&#8217;s
leverage strategy will be successful. The Fund&#8217;s use of leverage may cause the Fund&#8217;s NAV and market price of common shares
to be more volatile and can magnify the effect of any losses.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 9 &#8211; <b>Federal Income
Tax Information</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Tax positions taken or expected
to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are &#8220;more-likely-than-not&#8221;
of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded
as a tax benefit or expense in the current year. Management has analyzed the Fund'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's financial statements.
The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service (&#8220;IRS&#8221;) for a period
of three years after they are filed.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">At November 30, 2022, 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:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 22%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 25%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Tax Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Tax
    Unrealized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Tax
    Unrealized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Appreciation</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Tax
    Cost</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Appreciation</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Depreciation</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Depreciation)</b></span></td></tr>
  <tr style="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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$2,058,855,433</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$71,559,799</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(234,989,692)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(163,429,893)</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">As of May 31, 2022, (the most recent
fiscal year end for U.S. federal income tax purposes) tax components of distributable earnings / (loss) were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Undistributed</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Undistributed</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Net
    Unrealized</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Accumulated</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 18%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ordinary</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Long-Term</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Appreciation</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Capital
    and</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Income</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Capital
    Gain</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Depreciation)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Other
    Losses</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></td></tr>
  <tr style="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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(79,857,925)</span></td>
    <td style="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(28,253,766)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(108,111,691)</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">For the year ended May 31, 2022,
(the most recent fiscal year end for U.S. federal income tax purposes) the tax character of distributions paid to shareholders as reflected
in the Statements of Changes in Net Assets was as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ordinary</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Long-Term</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Return
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 23%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Total</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Income</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Capital
    Gain</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Capital</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Distributions</b></span></td></tr>
  <tr style="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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$80,613,131</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$19,376,476</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$74,986,628</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$174,976,235</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></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"><span style="font-size: 10pt"><sup>108 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note: For U. S. federal income tax
purposes, short-term capital gain distributions are treated as ordinary income distributions.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 10 &#8211; <b>Securities Transactions</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">For the period ended November 30,
2022, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments
and derivatives, were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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; width: 49%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchases</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 51%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sales</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$290,895,274</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$264,629,449</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">For the period ended November 30,
2022, the cost of purchases and proceeds from sales of government securities were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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; width: 58%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchases</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sales</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$6,548,203</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8212;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 period ended November 30, 2022, the Fund engaged in purchases and
sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as&#160;follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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; width: 34%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchases</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 27%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sales</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Realized
    Gain (Loss)</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    5,953,594</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$&#8212;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 11 &#8211; <b>Unfunded Loan
Commitments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Pursuant to the terms of certain
loan agreements, the Fund held unfunded loan commitments as of November 30, 2022. The Fund is obligated to fund these loan commitments
at the borrower&#8217;s discretion. The Fund reserves against such contingent obligations by designating cash, liquid securities, illiquid
securities, and liquid term loans as a reserve. As of November 30, 2022, the total amount segregated in connection with unfunded loan
commitments and reverse repurchase agreements was $449,189,831.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>109</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The unfunded loan commitments as
of November 30, 2022, were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Borrower</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maturity
    Date</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Face
    Amount*</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alexander
    Mann</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/16/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GBP
    2,006,579</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    96,791</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Avalara,
    Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/19/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">700,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,997</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Care
    BidCo</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">05/04/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,000,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Confluent
    Health LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11/30/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202,782</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,967</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fontainbleau
    Vegas Unfunded</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/30/25</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,500,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Galls
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/31/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,162</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Higginbotham
    Insurance Agency, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11/25/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,057,675</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,778</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lightning
    A Unfunded</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">03/01/37</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,422,510</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Lightning
    B Unfunded</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">03/01/37</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,709,471</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Polaris
    Newco LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/04/26</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,370,031</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120,234</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secretariat
    Advisors LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/29/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SHO
    Holding I Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">04/27/24</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">166,000</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,857</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TGP
    Holdings LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/29/28</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,357</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,859</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    Facilities Group</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11/30/27</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">657,356</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,422</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thunderbird
    A Unfunded</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">03/01/37</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,245,150</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thunderbird
    B Unfunded</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">03/01/37</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,686,882</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8211;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vertical
    (TK Elevator)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/29/27</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUR
    1,372,702</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,946</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    452,236</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">* The face amount is denominated
in U.S. dollars unless otherwise indicated.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">EUR &#8211; Euro</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">GBP &#8211; British Pound</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 12 &#8211; <b>Restricted Securities</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The securities below are considered
illiquid and restricted under guidelines established by the Board:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Restricted
    Securities</b></span></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%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Acquisition
    Date</b></span></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%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cost</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Atlas
    Mara Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    12/31/21<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/01/15</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    945,015</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    238,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CBC
    Insurance Revenue Securitization LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2016-1,
    5.25% due 07/15/46</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">08/09/19</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295,848</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">273,687</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CFMT
    LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2022-HB9,
    3.25% (WAC) due 09/25/37<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/23/22</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,777,828</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,746,036</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Freddie
    Mac Military Housing Bonds</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Resecuritization
    Trust Certificates</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2015-R1,
    5.94% (WAC) due 11/25/52<sup>2</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">09/10/19</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,477,498</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,948,692</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mirabela
    Nickel Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    06/24/19<sup>1</sup></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/31/13</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,341,590</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,360</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schahin
    II Finance Co. SPV Ltd.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">due
    09/25/22<sup>1</sup></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">01/08/14</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,178,715</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    11,016,494</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    6,260,091</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt"><sup>1</sup></span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Security
                                            is in default of interest and/or principal obligations.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt"><sup>2</sup></span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Variable
                                            rate security. Rate indicated is the rate effective at November 30, 2022. 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.</span></td>
</tr></table>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>110 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>




<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 13 &#8211; <b>Mergers</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">On October 25, 2021, the Mergers
of Guggenheim Enhanced Equity Income Fund (GPM) and Guggenheim Credit Allocation Fund (GGM) (the &#8220;Target Funds&#8221;) with and
into GOF (the &#8220;Acquiring Fund&#8221;) were completed (each, a &#8220;Merger&#8221; and together, the &#8220;Mergers&#8221;).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">In the Mergers, common shareholders
of GPM and GGM, respectively, received newly-issued GOF common shares in tax- free transactions having an aggregate net asset value equal
to the aggregate net asset value of their holdings of GPM and/or GGM common shares, as applicable, as determined at the close of business
on October 22, 2021. Relevant details pertaining to the Mergers are as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 53%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fund</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NAV/Share
    ($)</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 19%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Conversion
    Ratio</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
    Strategic Opportunities Fund (GOF)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16.82</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
    Credit Allocation Fund (GGM)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$18.89</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.12334682</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
    Enhanced Equity Income Fund (GPM)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    8.88</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.52792920</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Investments</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The cost, fair value and net unrealized
appreciation (depreciation) of the investments of the Target Funds as of the date of the Mergers, were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 61%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Target
    Funds &#8211; Prior to Mergers</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GGM</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GPM</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    of unaffiliated investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$306,647,641</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$476,112,858</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fair
    value of unaffiliated investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$309,306,828</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$620,925,002</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    unrealized appreciation (depreciation) on unaffiliated investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    2,659,187</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$144,812,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    of affiliated investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    34,202</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fair
    value of affiliated investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    125,061</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    unrealized appreciation (depreciation) on affiliated investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    90,859</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Premiums
    received on options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (33,778)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (8,803,701)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fair
    value of options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (49,820)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (16,184,230)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    unrealized appreciation (depreciation) on options written</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (16,042)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (7,380,529)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    unrealized appreciation (depreciation) on forward foreign</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 8pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency
    exchange contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (30,383)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8211;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    unrealized appreciation (depreciation) on foreign</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency
    translations</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    15</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    &#8211;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Common Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The common shares outstanding, net
assets applicable to common shares and NAV per common share outstanding immediately before and after the Mergers were as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Target
    Funds &#8211; Prior to Mergers</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 33%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GGM</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GPM</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    shares outstanding</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,353,737</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,390,478</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    assets applicable to common shares</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$214,497,022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$429,639,477</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAV
    per common share</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    18.89</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    8.88</span></td></tr>
  <tr style="background-color: White">
    <td colspan="3" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Acquiring
    Fund &#8211; Prior to Mergers</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GOF</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    shares outstanding</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55,585,735</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    assets applicable to common shares</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$934,828,474</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAV
    per common share</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    16.82</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>111</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 61%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 39%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Acquiring
    Fund &#8211; Post Mergers</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GOF</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    shares outstanding</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93,886,666</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    assets applicable to common shares</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,578,964,974</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAV
    per common share</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    16.82</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Cost and Expenses</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">In connection with the Mergers,
the Target Funds and the Acquiring Fund did not incur any costs or expenses. All costs were paid by the Adviser.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Pro Forma Results of Operations</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Assuming the acquisition had been
completed on June 1, 2021, the beginning of the fiscal reporting period of the Fund, the pro forma results of operations for the year
ended May 31, 2022, are as follows:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <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: 80%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Acquiring
    Fund &#8211; Pro Forma Results from Operations</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GOF</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    investment income (loss)</span></td>
    <td style="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    69,025,370</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    realized and unrealized gains (loss)</span></td>
    <td style="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$(155,088,662)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change
    in net assets resulting from operations</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$
    (86,063,292)</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Because the combined investment
portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate
the amounts of revenue and earnings of GGM and GPM that have been included in the Fund&#8217;s Statement of Operations since October
25, 2021.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 14 &#8211; <b>Capital</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Common Shares</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund has an unlimited amount
of common shares, $0.01 par value, authorized 112,164,730 shares issued and outstanding.</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 55%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transactions
    in common shares were as follows:</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 28%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Period
    Ended</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Year
    Ended</b></span></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"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>November
    30, 2022</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>May
    31, 2022</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beginning
    shares</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,149,415</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,503,912</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
    issues through at-the-market offering</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,982,232</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,248,243</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
    issues through dividend reinvestment</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,033,083</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,096,329</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares
    issued in fund Mergers</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8212;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,300,931</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ending
    shares</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112,164,730</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,149,415</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">On September 20, 2021, 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 $700,000,000 of common shares. The Fund entered into an at-the-market sales agreement with Cantor Fitzgerald
&amp; Co. on July 1, 2019, as amended, to offer and sell common shares having an aggregated initial offering price of up to $374,537,331,
from time to time, through Cantor Fitzgerald &amp; Co. as agent for the Fund.</span></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"><span style="font-size: 10pt"><sup>112 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 77%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 23%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">As of November 30, 2022, up to $66,143,694
worth of shares remained available under the at-the-market sales agreement. For the period ended November 30, 2022, the Fund paid no
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 common shares sold pursuant to the shelf registration statement.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 15 &#8211; <b>Market Risks</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The value of, or income generated
by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result
from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including
real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates
or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment,
changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty,
environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics),
debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion
or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for
extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other 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, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent
of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future,
cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value
of the Fund&#8217;s investments and performance of the Fund.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Note 16 &#8211;<b>Subsequent Events</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Investment Sub-Advisory Agreement
among the Fund, the Adviser and GPA was terminated effective December 22, 2022.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund evaluated subsequent events
through the date the financial statements were available for issue and determined there were no additional material events that would
require adjustment to or disclosure in the Fund&#8217;s financial statements.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>113</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 60%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 40%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OTHER
    INFORMATION (Unaudited)</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Federal Income Tax Information</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">In January 2023, shareholders will
be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the U.S. federal tax status of the distributions received by shareholders
in the calendar year 2022.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Delaware Statutory Trust Act-Control
Share Acquisition</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Under Delaware law applicable to
the Fund as of August 1, 2022, if a shareholder acquires direct or indirect ownership or power to direct the voting of shares of the
Fund in an amount that equals or exceeds certain percentage thresholds specified under Delaware law (beginning at 10% or more of shares
of the Fund), the shareholder&#8217;s ability to vote certain of these shares may be limited.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Sector Classification</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Information in the &#8220;Schedule
of Investments&#8221; is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System,
a widely recognized industry classification system provider. In the Fund&#8217;s registration statement, the Fund has investment policies
relating to concentration in specific industries. For purposes of these investment policies, the Fund usually classifies industries based
on industry-level classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification
System, Global Industry Classification Standards and Barclays Global Classification Scheme.</span></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"><span style="font-size: 10pt"><sup>114 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Trustees</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Trustees of the Guggenheim Strategic
Opportunities Fund and their principal occupations during the past five years:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 12%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 41%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of
    Time</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Other
    Directorships</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
    Past Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held
    by Trustees***</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Randall
    C. Barnes</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee
    and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2007</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Private Investor (2001-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">155</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Advent Convertible and Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1951)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair
    of the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)
    Since</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2005-present); Purpose</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Valuation</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2020
    (Chair of</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997);</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments
    Funds (2013-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Oversight</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">the
    Valuation</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President,
    Pizza Hut International (1991-1993); Senior Vice President,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Oversight</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Strategic
    Planning and New Business Development, PepsiCo, Inc.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1987-1990).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2004-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2005-2021); Guggenheim Credit</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2013-2021).</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></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; text-align: right"><span style="font-size: 7pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 115</sup></span></p>



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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 7pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 12%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 41%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of
    Time</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Other
    Directorships</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
    Past Five Years</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held
    by Trustees***</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees continued:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Angela
    Brock-Kyle</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2019</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">154</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Bowhead Insurance GP, LLC</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1959)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Director,
    Mutual Fund Directors Forum (2022-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2020-present);
    Hunt Companies, Inc.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2019-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Senior Leader, TIAA (1987-2012).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2019-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2019-2021); Guggenheim Credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2019-2021); Infinity</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Property
    &amp; Casualty Corp. (2014-2018).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Thomas
    F. Lydon, Jr.</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee
    and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2019</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    President, Global Trends Investments (1996-present); Chief</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">154</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    US Global Investors, Inc.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1960)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair
    of the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)
    Since</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive
    Officer, ETF Flows, LLC (2019-present); Chief Executive Officer,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(GROW)
    (1995-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2020
    (Chair of</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Lydon
    Media (2016-present); Director, GDX Index Partners, LLC</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Review</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">the
    Contracts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2021-present);
    Vice Chairman, VettaFi (2022-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Review</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2019-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2019-2021); Guggenheim Credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2019-2021); Harvest</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Volatility
    Edge Trust (3) (2017-2019).</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></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"><span style="font-size: 7pt"><sup>116 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>



<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 7pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 11%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 38%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 23%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of
    Time</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Other
    Directorships</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
    Past Five Years</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held
    by Trustees***</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees continued:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Ronald
    A. Nyberg</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee
    and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2007</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Of Counsel, Momkus LLP (2016-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">155</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Advent Convertible and Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1953)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair
    of the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2005-present); PPM Funds (2)</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Nominating</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Partner, Nyberg &amp; Cassioppi, LLC (2000-2016); Executive Vice</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present);
    NorthShore-Edward-</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and
    Governance</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President,
    General Counsel, and Corporate Secretary, Van Kampen</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Elmhurst
    Healthcare System</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments
    (1982-1999).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</span></td></tr>
  <tr>
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2004-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2005-2021); Guggenheim Credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2013-2021); Western</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Asset
    Inflation-Linked Opportunities &amp;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Income
    Fund (2004-2020); Western</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Asset
    Inflation-Linked Income Fund</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2003-2020).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Sandra
    G. Sponem</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee
    and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2019</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Retired.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">154</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    SPDR Series Trust (81) (2018-</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1958)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair
    of the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)
    Since</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">present);
    SPDR Index Shares Funds (30)</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Audit</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2020
    (Chair of</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Senior Vice President and Chief Financial Officer, M.A.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present);
    SSGA Active Trust (14)</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">the
    Audit</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Mortenson-Companies,
    Inc. (2007-2017).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2004-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2019-2021); Guggenheim Credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2019-2021); SSGA</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Master
    Trust (1) (2018-2020).</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 7pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 7pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 117</sup></span></p>



<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 118 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 7pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 12%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 41%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of
    Time</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Other
    Directorships</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
    Past Five Years</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held
    by Trustees***</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees continued:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Ronald
    E. Toupin, Jr.</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2007</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Portfolio Consultant (2010-present); Member, Governing Council,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">154</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1958)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair
    of the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Independent
    Directors Council (2013-present); Governor, Board of Governors,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2004-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Board
    and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investment
    Company Institute (2018-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair
    of the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2005-2021); Guggenheim Credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Member, Executive Committee, Independent Directors Council</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Asset
    Inflation-Linked Opportunities &amp;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2016-2018);
    Vice President, Manager and Portfolio Manager, Nuveen Asset</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Income
    Fund (2004-2020); Western</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Management
    (1998-1999); Vice President, Nuveen Investment Advisory Corp.</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Asset
    Inflation-Linked Income Fund</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1992-1999);
    Vice President and Manager, Nuveen Unit Investment Trusts</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2003-2020).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1991-1999);
    and Assistant Vice President and Portfolio Manager, Nuveen</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></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: left"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><span style="font-size: 7pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Unit
    Investment Trusts (1988-1999), each of John Nuveen &amp; Co., Inc. (1982-1999).</span></td></tr>
  <tr>
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>118 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 12%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 41%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios
    in</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of
    Time</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Other
    Directorships</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
    Past Five Years</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held
    by Trustees***</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Interested
    Trustee:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Amy
    J. Lee****</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee,</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2018</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Interested Trustee, certain other funds in the Fund Complex</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">154</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Fiduciary/Claymore Energy</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1961)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Vice
    President</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)
    Since</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present);
    Chief Legal Officer, certain other funds in the Fund Complex</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Infrastructure
    Fund (2018-March 2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and
    Chief</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Legal
    Officer)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2014-present);
    Vice President, certain other funds in the Fund Complex</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Enhanced Equity Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Legal
    Officer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2012</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2007-present);
    Senior Managing Director, Guggenheim Investments</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    (2018-2021); Guggenheim Credit</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Vice
    President)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2018-2021).</span></td></tr>
  <tr>
    <td colspan="6" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    President and Chief Executive Officer, certain other funds in the</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    Complex (2017-2019); Vice President, Associate General Counsel and</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant
    Secretary, Security Benefit Life Insurance Company and Security</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Benefit
    Corporation (2004-2012).</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

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



<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">*</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">The
                                            business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago,
                                            Illinois 60606.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">**</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Each
                                            Trustee elected shall hold office until his or her successor shall have been elected and
                                            shall have qualified. After a Trustee&#8217;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.</span></td>
</tr></table>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt"><span style="font-size: 10pt">- 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&#8217;s annual
meeting of shareholders for the fiscal year ended May 31, 2023.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt"><span style="font-size: 10pt">- 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&#8217;s annual meeting of shareholders
for the fiscal year ended May 31, 2024.</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">***</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Each
                                            Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable
                                            Funds Trust, Guggenheim Strategy Funds Trust, Guggen-heim Taxable Municipal Bond &amp; Investment
                                            Grade Debt Trust, Guggenheim Energy &amp; Income Fund, Guggenheim Active 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.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">****</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">This
                                            Trustee is deemed to be an interested person of the Fund under the 1940 Act by reason of
                                            her position with the Fund's Adviser and/or the parent of the Adviser.</span></td>
</tr></table>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 119</sup></span></p>

<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


<!-- Field: Page; Sequence: 120 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Officers</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Officers of the Guggenheim Strategic
Opportunities Fund and their principal occupations during the past five years:</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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: 11%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 72%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Time
    Served**</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s) During Past Five Years</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Officers:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Brian
    E. Binder</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2018</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer
    and</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1972)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and
    Chief</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chairman
    of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer,</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Security
    Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Managing
    Director and President of Mutual Funds Boards, Guggenheim Investments (2018-present).</span></td></tr>
  <tr>
    <td colspan="4" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Management
    (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Joanna
    M. Catalucci</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chief</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2012</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1966)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Compliance</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2014-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    AML Officer, certain other funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary certain other funds in the</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund
    Complex (2008-2012); Senior Vice President and Chief Compliance Officer, Security Investor, LLC and certain affiliates (2010-2012);
    Chief</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Compliance
    Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>James
    M. Howley</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chief
    Financial</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    August</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1972)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer,
    Chief</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2022</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">other
    funds in the Fund Complex (August 2022-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td colspan="2" style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accounting
    Officer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and
    Treasurer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments,
    Inc. (1996-2004).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Mark
    E. Mathiasen</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Secretary</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2008</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1978)</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Glenn
    McWhinnie</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2016</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1969)</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"><span style="font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><sup>120 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>



<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 64%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 36%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt 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%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 72%"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term
    of Office</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name,
    Address*</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length of</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Time
    Served**</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
    Occupation(s) During Past Five Years</b></span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Officers
    continued:</b></span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Michael
    P. Megaris</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2014</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1984)</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Secretary</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Kimberly
    J. Scott</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2012</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1974)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments,
    Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments,</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Inc./Morgan
    Stanley Investment Management (2005-2009).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Bryan
    Stone</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Vice
    President</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2014</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1979)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Jon
    Szafran</b></span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since
    2017</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1989)</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America)</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Inc.
    (&#34;HGINA&#34;), (2017); Senior Analyst of US Fund Administration, HGINA (2014&#8211;2017); Senior Associate of Fund Administration,
    Cortland</span></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"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Capital
    Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">*</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">The
                                            business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago,
                                            Illinois 60606.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 8pt 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: left"><span style="font-size: 10pt">**</span></td><td style="text-align: left; width: 5pt"></td><td style="text-align: left"><span style="font-size: 10pt">Each
                                            officer serves an indefinite term, until his or her successor is duly elected and qualified.</span></td>
</tr></table>

<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"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 121</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 69%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 31%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DIVIDEND
    REINVESTMENT PLAN (Unaudited)</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Unless the registered owner of common
shares elects to receive cash by contacting Computershare Trust Company, N.A. (the &#8220;Plan Administrator&#8221;), all dividends declared
on common shares of the Fund will be automatically reinvested by the Plan Administrator for shareholders in the Fund&#8217;s Dividend
Reinvestment Plan (the &#8220;Plan&#8221;), in additional common shares of the Fund. Participation in the Plan is completely voluntary
and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the
dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or
other distribution. Some brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional common
shares of the Fund for you. If you wish for all dividends declared on your common shares of the Fund to be automatically reinvested pursuant
to the Plan, please contact your broker.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Plan Administrator will open
an account for each common shareholder under the Plan in the same name in which such common shareholder&#8217;s common shares are registered.
Whenever the Fund declares a dividend or other distribution (together, a &#8220;Dividend&#8221;) payable in cash, nonparticipants in
the Plan will receive cash and participants in the Plan will receive the equivalent in common shares. The common shares will be acquired
by the Plan Administrator for the participants&#8217; accounts, depending upon the circumstances described below, either (i) through
receipt of additional unissued but authorized common shares from the Fund (&#8220;Newly Issued Common Shares&#8221;) or (ii) by purchase
of outstanding common shares on the open market (&#8220;Open- Market Purchases&#8221;) on the New York Stock Exchange or elsewhere. If,
on the payment date for any Dividend, the closing market price plus estimated brokerage commission per common share is greater than the
net asset value per common share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the
participants. The number of Newly Issued Common Shares to be credited to each participant&#8217;s account will be determined by dividing
the dollar amount of the Dividend by the net asset value per common share on the payment date; provided that, if the net asset value
is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95%
of the closing market price per common share on the payment date. If, on the payment date for any Dividend, the net asset value per common
share is greater than the closing market value plus estimated brokerage commission, the Plan Administrator will invest the Dividend amount
in common shares acquired on behalf of the participants in Open-Market Purchases. For federal income tax purposes, the Fund generally
would be able to claim a deduction for distributions to shareholders with respect to the common shares issued at up to a 5-percent discount
from the closing market value pursuant to the Plan.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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</span></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"><span style="font-size: 10pt"><sup>122 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 75%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 25%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DIVIDEND
    REINVESTMENT PLAN (Unaudited) continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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 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 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Plan Administrator maintains
all shareholders&#8217; accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information
needed by shareholders for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator
on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The
Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance
with the instruction of the participants.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>123</sup></span></p>


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  <tr>
    <td style="padding: 0.75pt; width: 55%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 45%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    INFORMATION</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 50%"><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Board
                         of Trustees</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Randall C. Barnes</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Angela Brock-Kyle</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amy J. Lee*</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thomas F. Lydon, Jr.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ronald A. Nyberg</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sandra G. Sponem</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ronald E. Toupin, Jr.,</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Chairman</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">* This Trustee is an &#8220;interested
                         person&#8221; (as</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">defined in Section 2(a)(19)
                         of the 1940 Act)</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;Interested Trustee&#8221;)
                         of the Fund because of</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">her affiliation with Guggenheim
                         Investments.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Principal Executive Officers</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brian E. Binder</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>President and Chief Executive
                         Officer</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joanna M. Catalucci</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Chief Compliance Officer</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amy J. Lee</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Vice President and Chief
                         Legal Officer</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark E. Mathiasen</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Secretary</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">James M. Howley</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Chief Financial Officer,
                         Chief Accounting</i></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Officer and Treasurer</i></span></p>
</td>
  <td style="width: 50%"><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment
                         Adviser</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim Funds Investment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advisors, LLC</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chicago, IL</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Investment Sub-Adviser</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim Partners Investment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management, LLC</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Santa Monica, CA</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Administrator and Accounting
                         Agent</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MUFG Investor Services (US),
                         LLC</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rockville, MD</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Custodian</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Bank of New York Mellon
                         Corp.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, NY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal Counsel</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dechert LLP</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Washington, D.C.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         <br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Independent Registered Public</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Accounting Firm</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ernst &amp; Young LLP</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
                         </span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tysons, VA</span></p></td></tr>
</table>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 11pt Calibri, 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"><span style="font-size: 10pt"><sup>126 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></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%">&#160;</td></tr></table></div>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <tr>
    <td style="padding: 0.75pt; width: 62%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="padding: 0.75pt; width: 38%"><span style="font-size: 10pt">&#160;</span></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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND
    INFORMATION continued</b></span></td>
    <td style="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November
    30, 2022</span></td></tr>
  </table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Privacy Principles of Guggenheim
Strategic Opportunities Fund for Shareholders</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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).</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Questions concerning your shares
of Guggenheim Strategic Opportunities Fund?</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8226; If your shares are held in
a Brokerage Account, contact your Broker.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">&#8226; If you have physical possession
of your shares in certificate form, contact the Fund&#8217;s Transfer Agent:</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Paper copies of the Fund&#8217;s
annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports. Instead,
the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website address
to access the report.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund's Statement of Additional
Information includes additional information about directors of the Fund and is available, without charge, upon request, by calling the
Fund at (888) 991-0091.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">A description of the Fund&#8217;s
proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at
(888) 991-0091 and on the SEC's website at www.sec.gov.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Information regarding how the Fund
voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without
charge and upon request by calling (888) 991-0091, by visiting the Fund&#8217;s website at guggenheiminvestments.com/gof or by accessing
the Fund&#8217;s Form N-PX on the U.S. Securities and Exchange Commission&#8217;s (SEC) website at www.sec.gov.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">The Fund files its complete schedule
of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for the reporting periods
ended prior to August 31, 2019, filed such information on Form N-Q. The Fund&#8217;s Forms N-PORT and N-Q are available on the SEC website
at www.sec.gov or at guggenheiminvestments.com/gof.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Notice to Shareholders</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></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; text-align: right"><span style="font-size: 10pt"><b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>127</sup></span></p>


<hr style="border-width: 0; background-color: #A0A0A0; height: 2px; width: 100%; color: #A0A0A0" />


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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><span style="font-size: 10pt"><b>ABOUT THE FUND MANAGERS</b></span></p>

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

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Guggenheim Funds Investment Advisors,
LLC</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim Investments represents
the investment management businesses of Guggenheim Partners, LLC (&#8220;Guggenheim&#8221;), which includes Guggenheim Funds Investment
Advisors, LLC (&#8220;GFIA&#8221;) the investment adviser to the referenced fund. Collectively Guggenheim Investments has a long, distinguished
history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim
Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Guggenheim Partners Investment
Management, LLC</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Guggenheim Partners Investment Management,
LLC (&#8220;GPIM&#8221;) is an indirect subsidiary of Guggenheim Partners, LLC, a diversified financial services firm. The firm provides
capital markets services, portfolio and risk management expertise, wealth management, and investment advisory services. Clients of Guggenheim
Partners, LLC subsidiaries are an elite mix of individuals, family offices, endowments, foundations, insurance companies and other institutions.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Investment Philosophy</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">GPIM&#8217;s investment philosophy
is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to
outperform benchmark indexes with both lower volatility and lower correlation of returns over time as compared to such benchmark indexes.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Investment Process</b></span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">GPIM&#8217;s investment process
is a collaborative effort between various groups including the Portfolio Construction Group, which utilize proprietary portfolio construction
and risk modeling tools to determine allocation of assets among a variety of sectors, and its Sector Specialists, who are responsible
for security selection within these sectors and for implementing securities transactions, including the structuring of certain securities
directly with the issuers or with investment banks and dealers involved in the origination of such securities.</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Guggenheim Funds Distributors,
LLC</b><br />
227 West Monroe Street<br />
Chicago, IL 60606<br />
Member FINRA/SIPC<br />
(01/23)</span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><span style="font-size: 10pt"><b>NOT FDIC-INSURED
l NOT BANK-GUARANTEED l MAY LOSE VALUE</b></span></p>

<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b>CEF-GOF-SAR-1122</b></span></p>

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<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><span style="font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 2. Code of Ethics.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Not
applicable for semi-annual reporting period.&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 3. Audit Committee Financial
Expert.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Not applicable for semi-annual reporting
period.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 4. Principal Accountant Fees
and Services.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">Not applicable for semi-annual reporting
period.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Item 5. Audit Committee of Listed
Registrants.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Not applicable for semi-annual reporting
period.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 6. Schedule of Investments.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">The Schedule of Investments is included
as part of Item 1.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 7. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Not applicable for semi-annual reporting
period.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 8. Portfolio Managers of
Closed-End Management Investment Companies.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">Not applicable for semi-annual reporting
period.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 9. Purchases of Equity Securities
by Closed-End Management Investment Company and Affiliated Purchasers.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">None.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 10. Submission of Matters
to a Vote of Security Holders.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">The registrant has not made any material
changes to the procedures by which shareholders may recommend nominees to the registrant&#8217;s Board of Trustees.</span></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"><span style="font-size: 10pt"><b>Item 11. Controls and Procedures.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(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&#8217;s rules and forms.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(b) There were no changes in the
registrant&#8217;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred
during the registrant&#8217;s period covered by this report that have materially affected, or are reasonably likely to materially affect,
the registrant&#8217;s internal control over financial reporting.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 12. Disclosure of Securities
Lending Activities for Closed-End Management Investment Companies.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(a) The registrant has not participated
in securities lending activities during the period covered by this report.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(b) Not applicable</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><b>Item 13. Exhibits.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(a)(1) &#9;Not applicable.<b>&#160;</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><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></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(a)(3)&#9;Not applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><a href="ex99906cert.htm">(b) &#160;
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></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt"><a href="ex99c.htm">(c)&#9; Consent of Independent Registered Public Accounting Firm.</a></span></p>



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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">(Registrant) <span style="text-decoration: underline">Guggenheim Strategic
Opportunities Fund </span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">By: <span style="text-decoration: underline">/s/
Brian E. Binder</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Name:&#9;<span style="background-color: white">Brian
E. Binder</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Title:&#9;President and Chief Executive
Officer</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Date:&#9; February 3, 2023</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">By: <span style="text-decoration: underline">/s/
Brian E. Binder</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Name:&#9;<span style="background-color: white">Brian
E. Binder</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Title:&#9;President and Chief Executive
Officer</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Date:&#9; February 3, 2023</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">By: <span style="text-decoration: underline">/s/
James M. Howley</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Name:&#9;James M. Howley</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Title:&#9;Chief Financial Officer,
Chief Accounting Officer and Treasurer</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-size: 10pt">Date:&#9; February 3, 2023</span></p>

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<TYPE>EX-99.CERT
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<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.6in; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
(a)(2)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CERTIFICATION
OF CHIEF EXECUTIVE OFFICER</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CERTIFICATIONS</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I, <FONT STYLE="background-color: white">Brian
E. Binder</FONT>, certify that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1. I have reviewed
this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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</FONT></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; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Date:&#9; February 3, 2023</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in"><FONT STYLE="font-size: 10pt"><U>/s/ Brian E.
Binder</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in"><FONT STYLE="font-size: 10pt; background-color: white">Brian
E. Binder</FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">President
and Chief Executive Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 2.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CERTIFICATION
OF CHIEF FINANCIAL OFFICER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>CERTIFICATIONS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I, James M. Howley,
certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1. I have reviewed
this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Date:&#9; February 3, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2.5in"><FONT STYLE="font-size: 10pt"><U>/s/ James
M. Howley</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">James M.
Howley</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in"><FONT STYLE="font-size: 10pt">Chief Financial Officer, Chief
Accounting Officer and Treasurer</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT (b)</B></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt">Certification
of CEO and CFO Pursuant to</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt">18 U.S.C.
Section 1350,</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt">as Adopted
Pursuant to</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt">Section 906
of the Sarbanes-Oxley Act of 2002</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">In connection with the Report on
Form N-CSR of Guggenheim Strategic Opportunities Fund (the &ldquo;Issuer&rdquo;) for the semi-annual period ended November 30, 2022 (the
&ldquo;Report&rdquo;), Brian E. Binder, as President and Chief Executive Officer of the Issuer, and James M. Howley, 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:</FONT></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"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Report fully complies with the
                                            requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></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"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the information contained in the Report
                                            fairly presents, in all material respects, the financial condition and results of operations
                                            of the Issuer.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Dated:&#9; February 3, 2023</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt"><U>/s/ Brian E. Binder</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Name:&#9;<FONT STYLE="background-color: white">Brian
E. Binder</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Title:&#9;President and Chief Executive
Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ James M. Howley</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Name:&#9;James M. Howley</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 10pt">Title:&#9;Chief Financial Officer,
Chief Accounting Officer and Treasurer</FONT></P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99c.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.6in; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
(c)</B></FONT></P><P STYLE="text-align: center; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the reference to our firm under the caption &ldquo;Financial Highlights&rdquo; in the Semi-Annual Report to Shareholders (Form
N-CSRS) for the six-month period ended November 30, 2022, dated January 27, 2023, into Registration Statement (Form N-2, File No. 333-259592)
of Guggenheim Strategic Opportunities Fund (the &ldquo;Registration Statement&rdquo;).</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also consent to the incorporation by reference of our report dated August 1, 2022, with respect to the financial statements and financial
highlights of Guggenheim Strategic Opportunities Fund included in its Annual Report to Shareholders (Form N-CSR) for the year ended May
31, 2022, into this Registration Statement, filed with the Securities and Exchange Commission.</FONT></P>

<P STYLE="text-align: right; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Ernst &amp; Young LLP</FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tysons,
Virginia<BR>
January 27, 2023</FONT></P>

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<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm140098042446464">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>N-2<br></strong></div></th>
<th class="th" colspan="2">
<div>Nov. 30, 2022 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001380936<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">N-CSRS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Guggenheim
Strategic Opportunities Fund<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesAmount', window );">Senior Securities Amount | $</a></td>
<td class="nump">$ 85,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesCoveragePerUnit', window );">Senior Securities Coverage per Unit</a></td>
<td class="nump">$ 18,051<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="text"><span style="font-size: 10pt">The Fund&#8217;s investment objective
is to maximize total return through a combination of current income and capital appreciation.</span><span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text">
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Risks and Other Considerations</b></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">Investors should be aware that in
light of the current uncertainty, volatility and distress in economies, financial markets, geopolitical tensions, and labor and public
health conditions all over the world, the Fund&#8217;s investments and a shareholder&#8217;s investment in the Fund are subject to sudden
and substantial losses, increased volatility and other adverse events.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.
The Fund is subject to various risk factors. Certain of these risk factors are described below. Please see the Fund&#8217;s Prospectus,
Statement of Additional Information (SAI), most recent annual report on Form N-CSR and guggenheiminvestments.com/gof for a more detailed
description of the risks of investing in the Fund. Shareholders may access the Fund&#8217;s Prospectus, SAI and most recent annual report
on the EDGAR Database on the Securities and Exchange Commission&#8217;s website at www.sec.gov.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Below Investment Grade Securities
Risk. </b>High yield, below investment grade and unrated high risk debt securities (which also may be known as &#8220;junk bonds&#8221;)
may present additional risks because these securities may be less liquid, and therefore more difficult to value accurately and sell at
an advantageous price or time, and present more credit risk than investment grade bonds. The price of high yield securities tends to
be subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive
industry conditions. This exposure may be obtained through investments in other investment companies. Generally, the risks associated
with high yield securities are heightened during times of weakening economic conditions or rising interest rates.</span></p>

<span style="font-size: 10pt"><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&#8217;s performance and perceptions of the corporation in the marketplace.
Corporate bonds usually yield more than government or agency bonds due to the presence</span><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">of credit risk. Depending on the
nature of the seniority provisions, a senior corporate bond may be junior to other credit securities of the issuer. The market value
of a corporate bond may be affected by factors directly related to the issuer, such as investors&#8217; perceptions of the creditworthiness
of the issuer, the issuer&#8217;s financial performance, perceptions of the issuer in the marketplace, performance of management of the
issuer, the issuer&#8217;s capital structure and use of financial leverage and demand for the issuer&#8217;s goods and services. There
is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time
called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics
and may be particularly susceptible to adverse issuer-specific developments.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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 &#8220;covered&#8221; if the Fund owns the security underlying the call or has an absolute right to acquire the security
without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount are
segregated by the Fund&#8217;s custodian). As a seller of covered call options, the Fund faces the risk that it will forgo the opportunity
to profit from increases in the market value of the security covering the call option during an option&#8217;s life. As the Fund writes
covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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. The risk that such issuer,
guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. Also,
the issuer, guarantor or counterparty may suffer adverse changes in its financial condition or be adversely affected by economic, political
or social conditions that could lower the credit quality (or the market&#8217;s perception of the credit quality) of the issuer or instrument,
leading to greater volatility in the price of the instrument and in shares of the Fund. Although credit quality may not accurately reflect
the true credit risk of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse
effect on the instrument&#8217;s liquidity and make it more difficult for the Fund to sell at an advantageous price or time. The risk
of the occurrence of these types of events is especially heightened in market environments where interest rates are rising.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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 high inflation in recent periods, governmental authorities have implemented significant fiscal and monetary policy
changes, including increasing interest rates and implementation of quantitative tightening. These actions present heightened risks, particularly
to fixed-income and debt instruments, and such risks could be even further heightened if these actions are ineffective in achieving their
desired outcomes. The U.S. Federal Reserve Board (&#8220;Federal Reserve&#8221;) has signaled its intention to continue raising</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">interest rates and maintain interest
rates at increased levels until inflation decreases to the Federal Reserve&#8217;s target level. It is difficult to accurately predict
the effect of these actions. Certain economic conditions and market environments will expose fixed-income and debt instruments to heightened
volatility and reduced liquidity, which can impact the Fund&#8217;s investments and may negatively impact the Fund&#8217;s characteristics,
which in turn would impact performance.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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). There may be imperfect correlation between the value of derivative instruments and the underlying assets. Derivatives
transactions may be subject to risks associated with the possible default of the other party to the transaction. Derivative instruments
may be illiquid. 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 derivatives transactions that involve leverage can result
in losses that greatly exceed the amount originally invested. Changes in value of a derivative may also create sudden margin delivery
or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk
profiles. Furthermore, the Fund&#8217;s ability to successfully use derivatives transactions depends on the Sub-Adviser&#8217;s ability
to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured.
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. The use of derivatives
transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities
at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an
investment or may cause the Fund to hold a security that it might otherwise sell. Derivatives transactions involve risks of mispricing
or improper valuation. 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. Derivatives transactions also are subject to operational risk, including
from documentation issues, settlement issues, system failures, inadequate controls, and human error, and legal risk, including risk of
insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Derivatives
transactions may involve commissions and other costs, which may increase the Fund&#8217;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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">investments, may rise or fall rapidly
or unpredictably and may reflect real or perceived changes in the issuing company&#8217;s financial condition and changes in the overall
market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in
the Fund.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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
(&#8220;LIBOR&#8221;) or Secured Overnight Financing Rate (&#8220;SOFR&#8221;)), may adversely affect the Fund&#8217;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&#8217;s yield, income
and performance. Generally, when interest rates increase, the values of fixed-income and other debt instruments decline, and when interest
rates decrease, the values of fixed-income and other debt instruments rise. The Federal Reserve, in recent periods, has increased interest
rates at significant levels and signaled an intention to continue to raise interest rates and maintain interest rates at increased levels
until inflation decreases to the Federal Reserve&#8217;s target level. 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. It is difficult to accurately predict how long the Federal Reserve&#8217;s current stance on interest
rates will persist and the impact these actions will have on the economy and the Fund&#8217;s investments and the markets where they
trade.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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&#8217;s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed
income instruments of similar credit quality and/or maturity. Participations in loans may subject the Fund to the credit risk of both
the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal
action may have to go through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation
are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower&#8217;s operations
or assets and by providing certain information and consent rights to lenders. The Fund invests in or is exposed to loans and other similar
debt obligations that are sometimes referred to as &#8220;covenant-lite&#8221; loans or obligations, which are generally subject to more
risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many
loans and other instruments are tied to LIBOR, 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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Senior
Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#8220;Senior
Loans&#8221;). Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured
with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">subordinated debt holders and stockholders
of the borrower. The Fund&#8217;s investments in Senior Loans are generally rated below investment grade or unrated but believed by the
Adviser to be of below investment grade quality and are considered speculative because of the credit risk of their issuers. The risks
associated with such Senior Loans are similar to the risks of other lower grade securities, although Senior Loans are typically senior
in payment priority and secured on a senior priority basis in contrast to subordinated and unsecured securities. Senior Loans&#8217;
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.</span></p><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Second
Lien Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest in &#8220;second lien&#8221; secured floating rate loans made to public and private corporations and other non-governmental
entities and issuers for a variety of purposes (&#8220;Second Lien Loans&#8221;). Second Lien Loans are 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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Subordinated
Secured Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Unsecured
Loans Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Leverage Risk. </b>The Fund&#8217;s
use of leverage, through borrowings or instruments such as derivatives, causes the Fund to be more volatile and riskier than if it had
not been leveraged. Although the use of leverage by the Fund may create an opportunity for increased return, it also results in additional
risks and can magnify the effect of any losses. The effect of leverage in a declining market is likely to cause a greater decline in
the net asset value of the Fund than if the Fund were not leveraged, which may result</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">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. When the cost of leverage is no longer favorable, or when the Fund is otherwise required to reduce
its leverage, the Fund may not be able to maintain distributions at historical levels and common shareholders will bear any costs associated
with selling portfolio securities. The Fund&#8217;s total leverage may vary significantly over time. To the extent the Fund increases
its amount of leverage outstanding, it will be more exposed to these risks. Investments in Investment Funds (as defined below) and certain
other pooled and structured finance vehicles, such as collateralized loan obligations, frequently expose the Fund to an additional layer
of financial leverage and, thus, increase the Fund&#8217;s exposure to leverage risk.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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 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 (including geopolitical), social or financial market conditions, tariffs and trade disruptions, recession, changes in currency
rates, natural/environmental disasters, cyber attacks, terrorism, governmental or quasigovernmental actions, public health emergencies
(such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened war or other armed conflicts
(such as the ongoing Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrade,
and other similar events, each of which may be temporary or last for extended periods. Many economies and markets are experiencing, and
have experienced in recent periods, high inflation rates. In response to such inflation, government authorities have implemented significant
fiscal and monetary policies such as increasing interest rates and quantitative tightening (reduction of money available in the market)
which may adversely affect financial markets and the broader economy, as well as the Fund&#8217;s performance. 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.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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&#8217;s yield.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">the short sale and the time the
Fund replaces the borrowed security, the Fund will incur a loss. Although the Fund&#8217;s gain is limited to the price at which it sold
the security short, its potential loss is theoretically unlimited.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><b>Structured Finance Investments
Risk. </b>The Fund&#8217;s structured finance investments may consist of residential mortgage-backed securities (&#8220;RMBS&#8221;)
and commercial mortgage-backed securities (&#8220;CMBS&#8221;) issued by governmental entities and private issuers, asset-backed securities
(&#8220;ABS&#8221;), structured notes, credit-linked notes and other types of structured finance securities. Holders of structured finance
investments bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may
have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or
the entity that sold the assets to be securitized. The Fund may invest in structured finance products collateralized by low grade or
defaulted loans or securities. Investments in such structured finance products are subject to the risks associated with below investment
grade securities. Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the
market for such securities and may have an adverse impact on the value of such securities. Moreover, other types of events, domestic
or international, may affect general economic conditions and financial markets, such as pandemics, armed conflicts, energy supply or
price disruptions, natural disasters and man-made disasters, which may have a significant effect on the underlying assets. 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.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">Mortgage-Backed
Securities (&#8220;MBS&#8221;) Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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. Income from and values of MBS also may be greatly affected by demographic trends, such as population
shifts or changing tastes and values, or increasing vacancies or declining rents resulting from legal, cultural technological, global
or local economic developments, as well as reduced demand for properties. In addition, the general effects of inflation on the U.S. economy
can be wide-ranging, as evidenced by rising interest rates, wages and costs of consumer goods and necessities. The long-term effects
of inflation on the general economy and on any individual mortgagor are unclear, and in certain cases, rising inflation may affect a
mortgagor&#8217;s ability to repay its related mortgage loan, thereby reducing the amount received by the holders of MBS with respect
to such mortgage loan. Additionally, increased rates of inflation, as are currently being</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">experienced, may negatively affect
the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. Rising interest rates
generally result in a decline in the value of mortgage-related securities, such as CMBS and RMBS.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"><span style="font-size: 10pt"><b>Commercial Mortgage-Backed
Securities Risk. </b>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 adversely impact
the value of such securities. For example, economic decline in the businesses operated by the tenants of office properties may increase
the likelihood that the tenants may be unable to pay their rents or that properties may be unable to attract or retain tenants.</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"><span style="font-size: 10pt"><b>Residential Mortgage-Backed
Securities Risk. </b>Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on
the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant
to which the RMBS are issued. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting
losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related
mortgaged property is located, the level of the borrower&#8217;s equity in the mortgaged property and the individual financial circumstances
of the borrower. Asset-Backed Securities Risk. 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. ABS are particularly subject
to interest rate risk and credit risk. Compared to other fixed income investments with similar maturity and credit, ABS generally increase
in value to a lesser extent when interest rates decline and generally decline in value to a similar or greater extent when interest rates
rise.</span></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span style="text-decoration: underline">CLO,
CDO and CBO Risk.</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to the general risks associated with credit securities discussed herein, collateralized loan obligations (&#8220;CLOs&#8221;),
collateralized debt obligations (&#8220;CDOs&#8221;), and collateralized bond obligations (&#8220;CBOs&#8221;) are subject to additional
risks due to their complex structure and highly leveraged nature. 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. The value of securities issued
by CLOs, CDOs and CBOs also may change because of changes in market value; changes in the market&#8217;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 the credit support
or enhancement; loan performance and prices; broader market sentiment, including expectations</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt">regarding future loan defaults;
liquidity conditions; and supply and demand for structured products. Additionally, the indirect investment structure of CLOs, CDOs and
CBOs presents certain risks to the Fund such as less liquidity compared with holding the underlying assets directly. CLOs, CDOs and CBOs
normally charge management fees and administrative expenses, which would be borne by the Fund.</span></p><div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><span style="font-size: 10pt"><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&#8217;s net asset value, causing the Fund to be unable to realize what the Fund believes should
be the price of the investment. The Fund&#8217;s ability to sell an instrument under favorable conditions may also be negatively impacted
by, among other things, other market participants selling the same or similar instruments at the same time or legal restrictions on the
instrument&#8217;s resale. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity,
and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be
valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and
may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a
significant portion of the Fund&#8217;s investments can be difficult to value and thus particularly prone to the foregoing risks. In
addition to the foregoing risks, investors should note that the Fund reserves the right to merge or reorganize with another fund, liquidate
or convert into an open-end fund, in each case subject to applicable approvals by shareholders and the Fund&#8217;s Board of Trustees
as required by law and the Fund&#8217;s governing documents.</span></p>

</div><span style="font-size: 10pt"><b>Investment Funds Risk. </b>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 other investment companies, including registered investment companies, private investment
funds and/or other pooled investment vehicles (collectively, &#8220;Investment Funds&#8221;). 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&#8217;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&#8217; 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&#8217; managers to employ Financial Leverage, thereby adding additional expense and increasing volatility and risk
(including the Fund&#8217;s overall exposure to leverage risk). Fees 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</span><span style="font-size: 10pt">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. The use of leverage by Investment Funds may cause the
Investments Funds&#8217; market price of common shares and/or NAV to be more volatile and can magnify the effect of any losses. Investments
in Investment Funds expose the Fund to additional management risk. The success of the Fund&#8217;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&#8217; managers is nevertheless present with such investments. 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&#8217;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&#8217;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.</span><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestSharePrice', window );">Latest Share Price</a></td>
<td class="nump">$ 16.30<span></span>
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<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="nump">26.16%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestNav', window );">Latest NAV</a></td>
<td class="nump">$ 12.92<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityAuthorizedShares', window );">Outstanding Security, Authorized [Shares] | shares</a></td>
<td class="nump">112,164,730<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Calculated
                                            by subtracting the Fund&#8217;s total liabilities (not including the borrowings) from the
                                            Fund&#8217;s total assets and dividing by the borrowings.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FinancialHighlightsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FinancialHighlightsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestSharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestSharePrice</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityAuthorizedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityAuthorizedShares</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesAmount</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 3<br> -Subparagraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesCoveragePerUnit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Risks and Other Considerations&lt;/b&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;Investors should be aware that in
light of the current uncertainty, volatility and distress in economies, financial markets, geopolitical tensions, and labor and public
health conditions all over the world, the Fund&#x2019;s investments and a shareholder&#x2019;s investment in the Fund are subject to sudden
and substantial losses, increased volatility and other adverse events.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;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.
The Fund is subject to various risk factors. Certain of these risk factors are described below. Please see the Fund&#x2019;s Prospectus,
Statement of Additional Information (SAI), most recent annual report on Form N-CSR and guggenheiminvestments.com/gof for a more detailed
description of the risks of investing in the Fund. Shareholders may access the Fund&#x2019;s Prospectus, SAI and most recent annual report
on the EDGAR Database on the Securities and Exchange Commission&#x2019;s website at www.sec.gov.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Below Investment Grade Securities
Risk. &lt;/b&gt;High yield, below investment grade and unrated high risk debt securities (which also may be known as &#x201c;junk bonds&#x201d;)
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.&lt;/span&gt;&lt;/p&gt;

&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Corporate Bond Risk. &lt;/b&gt;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&#x2019;s performance and perceptions of the corporation in the marketplace.
Corporate bonds usually yield more than government or agency bonds due to the presence&lt;/span&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;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&#x2019; perceptions of the creditworthiness
of the issuer, the issuer&#x2019;s financial performance, perceptions of the issuer in the marketplace, performance of management of the
issuer, the issuer&#x2019;s capital structure and use of financial leverage and demand for the issuer&#x2019;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.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Covered Call Option Strategy
Risk. &lt;/b&gt;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 &#x201c;covered&#x201d; 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&#x2019;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&#x2019;s life. As the Fund writes
covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Credit Risk. &lt;/b&gt;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. The risk that such issuer,
guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. 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&#x2019;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&#x2019;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 in market environments where interest rates are rising.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Current Fixed-Income and Debt
Market Conditions. &lt;/b&gt;Fixed-income and debt market conditions are highly unpredictable and some parts of the market are subject to dislocations.
In response to the high inflation in recent periods, governmental authorities have implemented significant fiscal and monetary policy
changes, including increasing interest rates and implementation of quantitative tightening. These actions present heightened risks, particularly
to fixed-income and debt instruments, and such risks could be even further heightened if these actions are ineffective in achieving their
desired outcomes. The U.S. Federal Reserve Board (&#x201c;Federal Reserve&#x201d;) has signaled its intention to continue raising&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;interest rates and maintain interest
rates at increased levels until inflation decreases to the Federal Reserve&#x2019;s target level. It is difficult to accurately predict
the effect of these actions. Certain economic conditions and market environments will expose fixed-income and debt instruments to heightened
volatility and reduced liquidity, which can impact the Fund&#x2019;s investments and may negatively impact the Fund&#x2019;s characteristics,
which in turn would impact performance.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Derivatives Transactions Risk.
&lt;/b&gt;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). There may be imperfect correlation between the value of derivative instruments and the underlying assets. Derivatives
transactions may be subject to risks associated with the possible default of the other party to the transaction. Derivative instruments
may be illiquid. 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 derivatives transactions that involve leverage can result
in losses that greatly exceed the amount originally invested. Changes in value of a derivative may also create sudden margin delivery
or settlement payment obligations for the Fund, which can materially affect the performance of the Fund and its liquidity and other risk
profiles. Furthermore, the Fund&#x2019;s ability to successfully use derivatives transactions depends on the Sub-Adviser&#x2019;s ability
to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured.
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. The use of derivatives
transactions may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities
at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an
investment or may cause the Fund to hold a security that it might otherwise sell. Derivatives transactions involve risks of mispricing
or improper valuation. 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. Derivatives transactions also are subject to operational risk, including
from documentation issues, settlement issues, system failures, inadequate controls, and human error, and legal risk, including risk of
insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Derivatives
transactions may involve commissions and other costs, which may increase the Fund&#x2019;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Equity Securities Risk. &lt;/b&gt;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&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;investments, may rise or fall rapidly
or unpredictably and may reflect real or perceived changes in the issuing company&#x2019;s financial condition and changes in the overall
market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in
the Fund.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Interest Rate Risk. &lt;/b&gt;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
(&#x201c;LIBOR&#x201d;) or Secured Overnight Financing Rate (&#x201c;SOFR&#x201d;)), may adversely affect the Fund&#x2019;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&#x2019;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. The Federal Reserve, in recent periods, has increased interest
rates at significant levels and signaled an intention to continue to raise interest rates and maintain interest rates at increased levels
until inflation decreases to the Federal Reserve&#x2019;s target level. 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. It is difficult to accurately predict how long the Federal Reserve&#x2019;s current stance on interest
rates will persist and the impact these actions will have on the economy and the Fund&#x2019;s investments and the markets where they
trade.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Investment in Loans Risk. &lt;/b&gt;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&#x2019;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&#x2019;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 &#x201c;covenant-lite&#x201d; loans or obligations, which are generally subject to more
risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many
loans and other instruments are tied to LIBOR, 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Senior
Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#x201c;Senior
Loans&#x201d;). 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&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;subordinated debt holders and stockholders
of the borrower. The Fund&#x2019;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&#x2019;
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.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Second
Lien Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;The
Fund may invest in &#x201c;second lien&#x201d; secured floating rate loans made to public and private corporations and other non-governmental
entities and issuers for a variety of purposes (&#x201c;Second Lien Loans&#x201d;). 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Subordinated
Secured Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Unsecured
Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Leverage Risk. &lt;/b&gt;The Fund&#x2019;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&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;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. When the cost of leverage is no longer favorable, or when 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&#x2019;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. Investments in Investment Funds (as defined below) and certain
other pooled and structured finance vehicles, such as collateralized loan obligations, frequently expose the Fund to an additional layer
of financial leverage and, thus, increase the Fund&#x2019;s exposure to leverage risk.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Management Risk. &lt;/b&gt;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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Market Risk. &lt;/b&gt;The value of,
or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation. The value
of certain investments (e.g., equity securities) tends to fluctuate more dramatically over the shorter term than do the value of other
asset classes. These movements may result from factors affecting individual companies, or from broader influences, including real or
perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, investor confidence or economic,
political (including geopolitical), social or financial market conditions, tariffs and trade disruptions, recession, changes in currency
rates, natural/environmental disasters, cyber attacks, terrorism, governmental or quasigovernmental actions, public health emergencies
(such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened war or other armed conflicts
(such as the ongoing Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrade,
and other similar events, each of which may be temporary or last for extended periods. Many economies and markets are experiencing, and
have experienced in recent periods, high inflation rates. In response to such inflation, government authorities have implemented significant
fiscal and monetary policies such as increasing interest rates and quantitative tightening (reduction of money available in the market)
which may adversely affect financial markets and the broader economy, as well as the Fund&#x2019;s performance. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Prepayment Risk. &lt;/b&gt;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&#x2019;s yield.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Short Sales Risk. &lt;/b&gt;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&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;the short sale and the time the
Fund replaces the borrowed security, the Fund will incur a loss. Although the Fund&#x2019;s gain is limited to the price at which it sold
the security short, its potential loss is theoretically unlimited.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Structured Finance Investments
Risk. &lt;/b&gt;The Fund&#x2019;s structured finance investments may consist of residential mortgage-backed securities (&#x201c;RMBS&#x201d;)
and commercial mortgage-backed securities (&#x201c;CMBS&#x201d;) issued by governmental entities and private issuers, asset-backed securities
(&#x201c;ABS&#x201d;), structured notes, credit-linked notes and other types of structured finance securities. Holders of structured finance
investments bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may
have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or
the entity that sold the assets to be securitized. The Fund may invest in structured finance products collateralized by low grade or
defaulted loans or securities. Investments in such structured finance products are subject to the risks associated with below investment
grade securities. Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the
market for such securities and may have an adverse impact on the value of such securities. Moreover, other types of events, domestic
or international, may affect general economic conditions and financial markets, such as pandemics, armed conflicts, energy supply or
price disruptions, natural disasters and man-made disasters, which may have a significant effect on the underlying assets. 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.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;Mortgage-Backed
Securities (&#x201c;MBS&#x201d;) Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;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. Income from and values of MBS also may be greatly affected by demographic trends, such as population
shifts or changing tastes and values, or increasing vacancies or declining rents resulting from legal, cultural technological, global
or local economic developments, as well as reduced demand for properties. In addition, the general effects of inflation on the U.S. economy
can be wide-ranging, as evidenced by rising interest rates, wages and costs of consumer goods and necessities. The long-term effects
of inflation on the general economy and on any individual mortgagor are unclear, and in certain cases, rising inflation may affect a
mortgagor&#x2019;s ability to repay its related mortgage loan, thereby reducing the amount received by the holders of MBS with respect
to such mortgage loan. Additionally, increased rates of inflation, as are currently being&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;experienced, may negatively affect
the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. Rising interest rates
generally result in a decline in the value of mortgage-related securities, such as CMBS and RMBS.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Commercial Mortgage-Backed
Securities Risk. &lt;/b&gt;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 adversely impact
the value of such securities. For example, economic decline in the businesses operated by the tenants of office properties may increase
the likelihood that the tenants may be unable to pay their rents or that properties may be unable to attract or retain tenants.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Residential Mortgage-Backed
Securities Risk. &lt;/b&gt;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&#x2019;s equity in the mortgaged property and the individual financial circumstances
of the borrower. Asset-Backed Securities Risk. 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. ABS are particularly subject
to interest rate risk and credit risk. Compared to other fixed income investments with similar maturity and credit, ABS generally increase
in value to a lesser extent when interest rates decline and generally decline in value to a similar or greater extent when interest rates
rise.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;&lt;span style="text-decoration: underline"&gt;CLO,
CDO and CBO Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"&gt;In
addition to the general risks associated with credit securities discussed herein, collateralized loan obligations (&#x201c;CLOs&#x201d;),
collateralized debt obligations (&#x201c;CDOs&#x201d;), and collateralized bond obligations (&#x201c;CBOs&#x201d;) are subject to additional
risks due to their complex structure and highly leveraged nature. 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. The value of securities issued
by CLOs, CDOs and CBOs also may change because of changes in market value; changes in the market&#x2019;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 the credit support
or enhancement; loan performance and prices; broader market sentiment, including expectations&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;regarding future loan defaults;
liquidity conditions; and supply and demand for structured products. Additionally, the indirect investment structure of CLOs, CDOs and
CBOs presents certain risks to the Fund such as less liquidity compared with holding the underlying assets directly. CLOs, CDOs and CBOs
normally charge management fees and administrative expenses, which would be borne by the Fund.&lt;/span&gt;&lt;/p&gt;&lt;div&gt;&lt;p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Valuation Risk. &lt;/b&gt;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&#x2019;s net asset value, causing the Fund to be unable to realize what the Fund believes should
be the price of the investment. The Fund&#x2019;s ability to sell an instrument under favorable conditions may also be negatively impacted
by, among other things, other market participants selling the same or similar instruments at the same time or legal restrictions on the
instrument&#x2019;s resale. 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&#x2019;s investments can be difficult to value and thus particularly prone to the foregoing risks. 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&#x2019;s Board of Trustees
as required by law and the Fund&#x2019;s governing documents.&lt;/span&gt;&lt;/p&gt;

&lt;/div&gt;&lt;span style="font-size: 10pt"&gt;&lt;b&gt;Investment Funds Risk. &lt;/b&gt;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 other investment companies, including registered investment companies, private investment
funds and/or other pooled investment vehicles (collectively, &#x201c;Investment Funds&#x201d;). 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&#x2019;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&#x2019; 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&#x2019; managers to employ Financial Leverage, thereby adding additional expense and increasing volatility and risk
(including the Fund&#x2019;s overall exposure to leverage risk). Fees 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&lt;/span&gt;&lt;span style="font-size: 10pt"&gt;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. The use of leverage by Investment Funds may cause the
Investments Funds&#x2019; market price of common shares and/or NAV to be more volatile and can magnify the effect of any losses. Investments
in Investment Funds expose the Fund to additional management risk. The success of the Fund&#x2019;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&#x2019; managers is nevertheless present with such investments. 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&#x2019;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&#x2019;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.&lt;/span&gt;</cef:RiskTextBlock>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
