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ACCESSION NUMBER:		0001821268-25-000038
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20241130
FILED AS OF DATE:		20250205
DATE AS OF CHANGE:		20250205
EFFECTIVENESS DATE:		20250205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001380936
		ORGANIZATION NAME:           	
		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:		25591848

	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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
<span id="xdx_907_edei--DocumentType_dxL_c20240601__20241130_z4XKfFKt3tM4" title="::XDX::N-CSRS"><span style="-sec-ix-hidden: xdx2ixbrl0010">N-CSR</span></span> </b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_90B_edei--EntityRegistrantName_c20240601__20241130_zBie4340EyIa"><ix:nonNumeric contextRef="From2024-06-01to2024-11-30" id="Fact000011" 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-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">	227
West Monroe Street, Chicago, IL 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">	227
West Monroe Street, Chicago, IL 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of reporting period: <span style="text-decoration: underline">June 1, 2024 &#8211; <span id="xdx_90C_edei--DocumentPeriodEndDate_c20240601__20241130_ze7CM3ASSub3"><ix:nonNumeric contextRef="From2024-06-01to2024-11-30" format="ixt:datemonthdayyearen" id="Fact000012" name="dei:DocumentPeriodEndDate">November 30, 2024</ix:nonNumeric></span></span></span></p>


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

<p style="margin: 0">&#160;</p>

<p style="margin: 0"><img src="gof-7distillx1x1.jpg" alt=""/></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

<p style="margin: 0">&#160;</p>

<p style="font: 14pt Whitney-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Guggenheim
Funds Semiannual Report</b></span></p>

<p style="font: 9pt WhitneyCondensed-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Guggenheim
Strategic Opportunities Fund</b></span></p>

<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>GuggenheimInvestments.com</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CEF-GOF-SAR-1124</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>


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<p></p>

<p style="font: 20pt ScalaSansOffcPro,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">GUGGENHEIMINVESTMENTS.COM/GOF</span></p>

<p style="font: 14pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">...
YOUR WINDOW TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
shareholder report you are reading right now is just the beginning of the story.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Online at <b>guggenheiminvestments.com/gof</b>,
you will find:</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#149;
Daily, weekly and monthly data on share prices, net asset values, distributions and more</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#149;
Portfolio overviews and performance analyses</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#149;
Announcements, press releases and special notices</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#149;
Fund and adviser contact information</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Guggenheim
Partners Investment Management, LLC and Guggenheim Funds Investment Advisors, LLC are continually updating and expanding shareholder
information services on the Fund&#146;s website in an ongoing effort to provide you with the most current information about how your Fund&#146;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>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>DEAR
    SHAREHOLDER (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">We
thank you for your investment in the Guggenheim Strategic Opportunities Fund (the &#147;Fund&#148;). This report covers the Fund&#146;s
performance for the six-month period ended November 30, 2024 (the &#147;Reporting Period&#148;).</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">To
learn more about the Fund&#146;s performance and investment strategy, we encourage you to read the Economic and Market Overview and the
Management&#146;s Discussion of Fund Performance, which begin on page 5. There you will find information on Guggenheim&#146;s investment
philosophy, views on the economy and market environment, and information about the factors that impacted the Fund&#146;s performance
during the Reporting Period.</span></p>

<p id="xdx_985_ecef--InvestmentObjectivesAndPracticesTextBlock_c20240601__20241130_zfueUOKWcK37" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><ix:nonNumeric contextRef="From2024-06-01to2024-11-30" escape="true" id="Fact000013" name="cef:InvestmentObjectivesAndPracticesTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund&#146;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&#146;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></ix:nonNumeric></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">All
Fund returns cited&#151;whether based on net asset value (&#147;NAV&#148;) or market price&#151;assume the reinvestment of all distributions.
For the Reporting Period, the Fund provided a total return based on market price of 15.86% and a total return based on NAV of 9.48%.
At the end of the Reporting Period, the Fund&#146;s market price of $15.80 per share represented a premium of 32.22% to its NAV of
$11.95 per share.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s shares fluctuates from time to time, and it may be higher or lower than the
Fund&#146;s NAV.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 13.83% based on the Fund&#146;s closing market price of $15.80 per share at the end of the Reporting Period.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund&#146;s distribution rate is not constant and the amount of distributions, when declared by the Fund&#146;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 29, and Note 2(f) on page 105 for more
information on distributions for the period.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">We
encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan
(&#147;DRIP&#148;), which is described on page 136 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.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>3</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>DEAR
    SHAREHOLDER (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Conversely,
when the market price of the Fund&#146;s common shares is at a premium above NAV, the DRIP reinvests participants&#146; 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 for 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s website at guggenheiminvestments.com/gof.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Sincerely,</span></p>

<p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guggenheim Funds Investment Advisors,
LLC</span><span style="font-family: Arial, Helvetica, Sans-Serif"><br/>
<span style="font-size: 9pt"><i>Guggenheim Strategic Opportunities Fund</i></span><br/>
<br/>
<span style="font-size: 9pt">December 31, 2024</span></span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>4 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ECONOMIC
    AND MARKET OVERVIEW</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
U.S. economy has solid momentum heading into 2025, but the policy outlook elevates uncertainty. Recent economic data have been positive:
Household income appears on a firmer footing after upward revisions and real labor income continues to expand, indicating a runway for
consumer spending. Household balance sheets are also benefiting from rising asset prices, creating a positive wealth effect. While disinflationary
progress has stalled in recent months, fundamentals point to a slowdown in inflation, with wage pressures easing and housing inflation
moderating. Relief for rate sensitive segments of the economy looked poised to continue as the U.S. Federal Reserve (the &#147;Fed&#148;)
proceeded toward a more neutral policy setting.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Investors
are now contending with how the evolving policy landscape will alter the pre-election baseline for gradually lower growth, inflation,
and interest rates. For the immediate future, the most important factor from the election outcome is likely to be a boost to both consumer
and business sentiment, aided by expectations for deregulation and further tax cuts. Post-election surveys have already shown notably
increased optimism for the economic outlook, which should help support consumption, investment, and hiring in the coming months.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Looking
beyond the immediate sentiment boost, the outlook becomes more uncertain and depends on the ultimate policy mix of the new administration.
We see a modest boost to growth from potential deregulation and fiscal policy. Delivering on deregulatory promises could boost productivity
growth, though this could take some time to develop. On the other hand, while some of the administration&#146;s proposed policies, such
as tariffs and immigration, could hinder growth if fully implemented, our outlook already anticipates slower immigration moderating growth
in 2025. Additional restrictions, however, could further weigh on economic expansion. Immigration activity at the border is already down
over 70% from its 2023 peak, which may slow both labor supply and consumption in coming quarters.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Altogether,
we see moderate growth in the U.S. economy in 2025 as these policy shifts play out. Economic fundamentals remain solid, with strong household
and corporate balance sheets. The Fed appears likely to ease policy further, but tariffs or tighter immigration could slow the pace of
rate cuts by interrupting the disinflationary trend. We believe this is an ideal environment for active fixed-income management, with
still elevated yields offering return potential, solid corporate sector fundamentals, and opportunities presented by significant dispersion
among credits and sectors that may continue to shift under a new policy environment.</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>5</sup></span></p>



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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) </b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>MANAGEMENT
TEAM</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Guggenheim
Funds Investment Advisors, LLC serves as the investment adviser to Guggenheim Strategic Opportunities Fund (the &#147;Fund&#148;). The
Fund is managed by a team of seasoned professionals at Guggenheim Partners Investment Management, LLC (&#147;GPIM&#148;).</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">This
team includes Anne B. Walsh, CFA, JD, Managing Partner, Chief Investment Officer of GPIM and Portfolio Manager; Steven H. Brown, CFA, Chief
Investment Officer - Fixed Income, Senior Managing Director, and Portfolio Manager; Adam J. Bloch, Managing Director and Portfolio Manager;
and Evan L. Serdensky, Managing Director and Portfolio Manager.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Discuss
the Fund&#146;s return and return of comparative indices</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">All
Fund returns cited&#151;whether based on net asset value (&#147;NAV&#148;) or market price&#151;assume the reinvestment of all distributions.
For the Reporting Period, the Fund provided a total return based on market price of 15.86% and a total return based on NAV of 9.48%.
At the end of the Reporting Period, the Fund&#146;s market price of $15.80 per share represented a premium of 32.22% to its NAV of
$11.95 per share. At the beginning of the Reporting Period, the Fund&#146;s market price of $14.68 per share represented a premium
of 22.85% to its NAV of $11.95 per share.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s shares fluctuates from time to time and may be higher or lower than the Fund&#146;s
NAV.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Please
refer to the graphs and tables included within the Fund Summary beginning on page 27 for additional information about the Fund&#146;s
performance.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
returns for the Reporting Period of indices tracking performance of the asset classes to which the Fund allocates the largest of its
investments were:</span></p>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt">
  <tr>
    <td style="width: 80%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Index*</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Return</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg
    U.S. Aggregate Bond Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.65%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg
    U.S. Corporate Bond Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.32%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg
    U.S. Corporate High Yield Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.92%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit Suisse
    Leveraged Loan Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.09%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ICE Bank of
    America (&#147;BofA&#148;) Asset Backed Security Master BBB-AA Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.34%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NASDAQ - 100
    Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.36%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Russell 2000
    Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.40%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Standard &amp;
    Poor&#146;s 500 (&#147;S&amp;P 500&#148;) Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.07%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
See page 10 for Index definitions</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Discuss
the Fund&#146;s distributions</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 13.83% based on the Fund&#146;s closing market price of $15.80 per share at the end of the Reporting Period.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
distributions paid consisted of (i) investment company taxable income taxed as ordinary income, which includes, among other things, short-term
capital gain and income from certain hedging and interest rate transactions, (ii) long-term capital gain and (iii) return of capital.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">There
is no guarantee of any future distribution or that the current returns and distribution rate will be maintained. The Fund&#146;s distribution
rate is not constant and the amount of distributions, when declared by the Fund&#146;s Board of Trustees, is subject to change.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Please
see the Distributions to Shareholders &amp; Annualized Distribution Rate table on page 29, and Note 2(f) on page 105 for more information
on distributions for the period.</span></p>

<table border="0" cellspacing="0" style="width: 100%; font-size: 8pt">
  <tr>
    <td style="width: 56%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 44%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Payable
    Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 28, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 31, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 30, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 30, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 31, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 29, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$0.1821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>$1.0926</b></span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>What
factors contributed or detracted from the Fund&#146;s Performance during the Reporting Period?</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">During
the Reporting Period, the Fund saw positive performance from income, duration, equities, and credit spread tightening. Earned income
contributed the most to performance as the Fund&#146;s diversified allocation to various credit segments generated strong income. Duration
contributed to performance as the yield curve bull steepened, meaning yields at the short end of the curve fell more than the long end,
with yields on 2-year and 10-year Treasurys finishing 72 basis points and 33 basis points lower, respectively. Additionally, the Fund&#146;s
equity allocation, predominately in the form of a proprietary covered call strategy, contributed to overall performance given the strong
performance of the equity market over the Reporting Period. Credit spreads also contributed to performance, particularly below investment
grade corporate credit, as bank loans and high yield corporates saw spreads tighten.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Discuss
the Fund&#146;s Use of Leverage</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">At
the end of the Reporting Period, the Fund&#146;s leverage was approximately 17% of Managed Assets, compared with approximately 18% at
the beginning of the Reporting Period.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund currently employs financial leverage through reverse repurchase agreements and a credit facility with a major bank.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Given
positive total returns over the Reporting Period, the Fund&#146;s use of leverage benefited performance.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>How
did the Fund use derivatives during the Reporting Period?</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund used a variety of derivatives during the Reporting Period, both to gain market exposure, as well as to hedge certain risks. The
Fund employs a proprietary covered call strategy which involves selling call option derivatives. The Fund also utilized foreign currency
forwards to hedge non-USD exposures. The Fund employed index credit default swaps to hedge broad credit market exposure, which detracted
slightly from performance. The Fund utilized various interest rate derivatives, including swaps, swaptions, caps, and futures, to both
hedge rate risks and to gain market exposure. The Fund also utilized total return swaps to gain long equity exposure. Overall, the use
of derivatives contributed to the Fund&#146;s performance during the Reporting Period.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>How
was the Fund positioned at the end of the Reporting Period?</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">During
the Reporting Period, markets exhibited elevated volatility that we expect could continue as the range of potential paths for the economy
remains wide and policy uncertainty is high post-election. This argues for significant diversification and scrutiny in sector allocations,
particularly at the issuer level. The Fund has prioritized quality (which takes multiple forms, including focusing on industry market
leaders, balance sheet health, and strong credit documents) and industries that may be more resilient across a range of economic and
policy outcomes. Though the tightening of spreads has likely pulled forward some expected future total returns across credit markets,
we still view the go-forward</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">valuation
proposition of credit as attractive due to above-average yields across high-quality segments. Issuers in both the high yield and bank
loan markets remain areas of focus within the Fund as do certain subsectors of structured credit like commercial asset-backed securities
which continue to present opportunities.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>9</sup></span></p>


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  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Index
Definitions</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Indices
are unmanaged and reflect no expenses. It is not possible to invest directly in an index.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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 &#147;MBS&#148; (agency fixed-rate
and hybrid adjustable-rate mortgage, or &#147;ARM&#148;, pass-throughs), asset-backed securities (&#147;ABS&#148;), and commercial mortgage-backed
securities (&#147;CMBS&#148;) (agency and non-agency).</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s, Fitch, and S&amp;P is Ba1/BB +/BB + or below.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">The <b>ICE Bank of America Asset
Backed Security Master BBB-AA Index </b>is a subset of the ICE Bank of America U.S. Fixed Rate Asset Backed Securities Index including
all securities rated AA1 through BBB3, inclusive.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">The <b>Russell 2000 Index </b>measures
the performance of the small-cap segment of the U.S. equity universe.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">The <b>Standard &amp; Poor&#146;s
500 (&#147;S&amp;P 500&#148;) Index </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="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Risks
and Other Considerations</b></span></p>
<div id="xdx_987_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--RiskAbstractMember_z8bIfp7R3tKe"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_RiskAbstractMember" escape="true" id="Fact000014" name="cef:RiskTextBlock">
<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">There
can be no assurance that the Fund will achieve its investment objectives. The net asset value and market price of the Fund&#146;s shares
will fluctuate, sometimes independently, based on market, economic, issuer-specific and other factors affecting the Fund and its investments.
The market price of Fund shares will either be above (premium) or below (discount) their net asset value. Although the net asset value
of Fund shares is often considered in determining whether to purchase or sell Fund shares, whether investors will realize gains or losses
upon the sale of Fund shares will depend upon whether the market price of Fund shares at the time of sale is above or below the investor&#146;s
purchase price, taking into account transaction costs for the shares, and is not directly dependent upon the Fund&#146;s net asset value.
Market price movements of Fund shares are thus material to investors and may result in losses, even when net asset value has increased.
The Fund is designed for long-term investors; investors should not view the Fund as a vehicle for trading purposes.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Risk
is inherent in all investing, including the loss of your entire principal. Therefore, before investing you should consider the risks
carefully. Investors should be aware that the Fund&#146;s investments and a shareholder&#146;s investment in the Fund are subject to
various risk factors, including investment risk, which could result in the loss of the entire principal amount that you invest, reduced
yield and/or income and sudden and substantial losses. Certain of these risk factors are described below. Please see the Fund&#146;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 also may access the Fund&#146;s Prospectus, SAI and most
recent annual report on the EDGAR Database on the Securities and Exchange Commission&#146;s website at www.sec.gov.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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></ix:nonNumeric></div>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Below
Investment Grade Securities Risk.</b></span></p>

<p id="xdx_982_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--BelowInvestmentGradeSecuritiesRiskMember_gBFRTB-BD_zP1gIPGwlED4" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_BelowInvestmentGradeSecuritiesRiskMember" continuedAt="ConU000016-01" escape="true" id="Fact000016" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund may invest in Income Securities rated below-investment grade or, if unrated, determined by GPIM to be of comparable credit quality,
which are commonly referred to as &#147;high-yield&#148; or &#147;junk&#148; bonds. Investment in securities of below-investment grade
quality involves substantial risk of loss, the risk of which is particularly acute under adverse market or economic conditions. Income
Securities of below-investment grade quality are predominantly speculative with respect to the issuer&#146;s continuing capacity to pay
interest and repay principal when due and therefore involve additional and heightened risks compared to investment grade bonds, including
a greater risk of default or decline in market value or income due to adverse economic and issuer-specific developments, such as financial
condition, operating results and outlook and real or perceived adverse economic and competitive industry</span></ix:nonNumeric></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>11</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C00_gBFRTB-BD_zjYv2CCY0JFd"><ix:continuation id="ConU000016-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">conditions.
Accordingly, the performance of the Fund and a shareholder&#146;s investment in the Fund may be adversely affected if an issuer is unable
to pay interest and repay principal, either on time or at all. Issuers of below-investment grade securities are not perceived to be as
strong financially as those with higher credit ratings. Securities of below investment grade quality may experience greater price volatility
than higher-rated securities of similar maturity. Generally, the risks associated with below-investment grade securities are heightened
during times of weakening economic conditions or rising interest rates (particularly for issuers that are highly leveraged).</span></p></ix:continuation></div>

<p id="xdx_98F_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--CorporateBondRiskMember_zO9dmCbnz273" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_CorporateBondRiskMember" escape="true" id="Fact000017" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond
generally is expected to rise and fall inversely with interest rates. The market value of a corporate bond is affected by factors directly
related to the issuer, such as its credit rating, investors&#146; perceptions of the creditworthiness of the issuer, the issuer&#146;s
financial condition and performance, perceptions of the issuer in the marketplace, performance of management of the issuer, the issuer&#146;s
capital structure and use of financial leverage and demand for the issuer&#146;s goods and services, as well as general market and economic
conditions. 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 or at all. Depending on the nature of the seniority provisions, a senior corporate bond may be
junior to other credit securities of the issuer, which increases risks associated with the bond. Corporate bonds of below investment
grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific
and other developments.</span></ix:nonNumeric></p>

<p id="xdx_98E_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--CommonEquitySecuritiesAndCoveredCallOptionStrategyRiskMember_gBFRTB-UDFOOGQKM_zNlNxAqA5tch" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_CommonEquitySecuritiesAndCoveredCallOptionStrategyRiskMember" continuedAt="ConU000019-01" escape="true" id="Fact000019" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Common Equity Securities and Covered
Call Option Strategy Risk. </b>The Fund may invest in common stocks, limited liability company interests, trust certificates and other
equity investments (&#147;Common Equity Securities&#148;). An adverse event, such as an unfavorable earnings report or other corporate
development, may depress the value of a particular common stock held by the Fund. Also, the prices of equity securities are sensitive
to general movements in the stock market, so a drop in the stock market may depress the prices of equity securities to which the Fund
has exposure. Common Equity Securities&#146; prices fluctuate for a number of reasons, including changes in investors&#146; perceptions
of the financial condition of an issuer, the general condition of the relevant stock market, and broader domestic and international political
and economic events. The prices of Common Equity Securities may also decline due to factors which affect a particular industry or industries,
such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common
stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance,
financial leverage, the issuer&#146;s historical and prospective earnings, the value <sup></sup></span></ix:nonNumeric></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup></sup></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>12 </sup>l <b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C09_gBFRTB-UDFOOGQKM_zQCtPP7rnIj7"><ix:continuation id="ConU000019-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">of
its assets and reduced demand for its goods and services. In addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
part of its Common Equity Securities strategy, the Fund employs a strategy of writing (selling) covered call options (&#147;Covered Call
Option Strategy&#148;) and may, from time to time, buy put options or sell covered put options on individual Common Equity Securities
and, to a lesser extent, pursue a strategy that includes the sale (writing) of both covered call options and put options on indices of
securities and sectors of securities.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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) to the buyer of the option the underlying instrument upon the
option buyer&#146;s exercise of the option. 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. A substantial portion of the options written by the Fund may be over-the-counter (&#147;OTC&#148;)
options. OTC options are subject to heightened counterparty, credit, liquidity and valuation risks.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.
A call option is &#147;covered&#148; 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 assets determined to be liquid by GPIM
in such amount are designated or earmarked on the Fund&#146;s books and records). As a seller of covered call options, the Fund faces
the risk that it will forgo the opportunity to profit from increases in the market value of the security covering the call option during
an option&#146;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></ix:continuation></div>

<p id="xdx_981_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__us-gaap--CreditRiskMember_gBFRTB-CHVCZX_z5HsJ6D3483e" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_us-gaap_CreditRiskMember" continuedAt="ConU000021-01" escape="true" id="Fact000021" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk. </b>The Fund could
lose money if the issuer or guarantor of a debt instrument, a counterparty to a derivatives transaction or other transaction (such as
repurchase agreement or a loan of portfolio securities or other instruments) or other obligor to the Fund is unable or unwilling, or
perceived (whether by market participants, rating agencies, pricing services or otherwise) to be unable or unwilling, to pay interest
or repay principal on time or defaults or otherwise fails to meet obligations. This risk is heightened in market environments where interest
rates are changing, notably when rates are rising or when refinancing obligations becomes more challenging. Also, the issuer, guarantor
or counterparty may suffer adverse changes in its financial condition, the value of its assets, prospective earnings, demands for its
goods and services or be adversely affected by economic, political or social conditions that could lower the financial condition or credit
quality (or the market&#146;s perception of the credit quality) of the issuer, instrument, guarantor or counterparty, leading to greater
volatility</span></ix:nonNumeric></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>13</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0A_gBFRTB-CHVCZX_zGWKbtcaa4sj"><ix:continuation id="ConU000021-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, credit quality (and credit risks) are subject to change and a change in the credit quality rating of an instrument or an
issuer can have a rapid, adverse effect on the instrument&#146;s value, price volatility and liquidity and make it more difficult for the
Fund to sell at an advantageous price or time. The risk of the occurrence of these types of events is heightened in market environments
where interest rates are changing, notably when rates are rising. High yield or below investment grade securities are particularly subject
to credit risk.</span></p></ix:continuation></div>

<p id="xdx_981_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--CurrentFixedIncomeAndDebtMarketConditionsMember_z2bEzZAI7Ymf" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_CurrentFixedIncomeAndDebtMarketConditionsMember" escape="true" id="Fact000022" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 inflation rates in recent periods, governmental authorities may implement significant fiscal and monetary policy changes,
including changing interest rates and implementation of quantitative tightening or easing. 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 or are quickly reversed. It is difficult to accurately predict changes in the U.S. Federal Reserve Board&#146;s (&#147;Federal
Reserve&#148;) monetary policies and the effect of any such changes or policies. Certain economic conditions and market environments will
expose fixed-income and debt instruments to heightened volatility and reduced liquidity, which can impact the Fund&#146;s investments
and may negatively impact the Fund&#146;s characteristics, which in turn would impact performance.</span></ix:nonNumeric></p>

<p id="xdx_986_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--DerivativesTransactionsRiskMember_gBFRTB-VKD_zfPHqczwzgK6" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_DerivativesTransactionsRiskMember" continuedAt="ConU000024-01" escape="true" id="Fact000024" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Derivatives Transactions Risk.
</b>The Fund may utilize derivatives, including options, futures contracts, swap agreements, forward foreign currency exchange contracts
and other similar 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&#146;s ability to successfully
use derivatives transactions depends on GPIM&#146;s ability to predict pertinent securities prices, interest rates, currency exchange
rates and other economic and market 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. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract terms or
if the currency value changes unfavorably as compared to the U.S. dollar. 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 <sup></sup></span></ix:nonNumeric></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup></sup></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>14 </sup>l <b><sup>GOF </sup></b>l <sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0A_gBFRTB-VKD_zvLLC7x5czIh"><ix:continuation id="ConU000024-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 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&#146;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></ix:continuation></div>

<p id="xdx_982_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--EquitySecuritiesRiskMember_zsupd760ffg6" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_EquitySecuritiesRiskMember" escape="true" id="Fact000025" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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
investments, may rise or fall rapidly or unpredictably and may reflect real or perceived changes in the issuing company&#146;s financial
condition or performance 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></ix:nonNumeric></p>

<p id="xdx_98A_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__us-gaap--InterestRateRiskMember_z1MwzIVqLvqd" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_us-gaap_InterestRateRiskMember" escape="true" id="Fact000026" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 (or the expectation of such changes) can be sudden, significant and frequent and may adversely affect the Fund&#146;s investments
in these instruments, such as the value or liquidity of, and income generated by, the investments or increase risks associated with such
investments, such as credit or default risks. In addition, changes in interest rates can have unpredictable effects on markets and can
adversely affect the Fund&#146;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. Changes
in interest rates also adversely affect the yield generated by certain fixed-income and other debt and senior equity securities (&#147;Income
Securities&#148;) or result in the issuance of lower yielding Income Securities. The U.S. Federal Reserve Board (&#147;Federal Reserve&#148;)
has changed interest rates recently in response to economic conditions, including inflation rates. The Federal Reserve&#146;s 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, and whether,
the Federal Reserve&#146;s current stance on interest rates will persist and the impact these actions will have on the economy and the
Fund&#146;s investments and the markets where they trade. The Federal Reserve&#146;s monetary policy is subject to change at any time
and potentially frequently based on a variety of market and economic conditions.</span></ix:nonNumeric></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>15</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p id="xdx_980_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--InvestmentInLoansRiskMember_gBFRTB-IWVDSQ_zMnTCqUNVdR7" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_InvestmentInLoansRiskMember" continuedAt="ConU000035-01" escape="true" id="Fact000035" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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&#146;s
investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the
loans or the borrowers and may be more susceptible to liquidity risk than fixed income instruments of similar credit quality and/or maturity.
Risks associated with investments in loans are increased if the loans are secured by a single asset. Loans may decline in value if their
interest rates do not rise as much or as fast as interest rates in general. 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&#146;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 &#147;covenant-lite&#148; loans or obligations, which are loans or other
similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and
other financial protections for lenders and investors. Exposure may also be obtained to covenant-lite obligations through investment
in securitization vehicles and other structured products. Covenant-lite obligations may carry more risk than loans with financial covenants
as they allow borrowers to engage in activities that would otherwise be difficult or impossible under an agreement that is not covenant-lite.
In the event of default, covenant-lite obligations may exhibit diminished recovery values as the lender may not have the opportunity
to negotiate with the borrower prior to default. In addition, the Fund may receive less or less frequent financial reporting from a borrower
under a covenant-lite obligation, which may result in more limited access to financial information, difficulty evaluating the borrower&#146;s
financial performance over time and delays in exercising rights and remedies in the event of a significant financial decline.</span></ix:nonNumeric></p>

<div id="xdx_C0C_gBFRTB-IWVDSQ_zKNIfo67IOT9"><ix:continuation continuedAt="ConU000035-02" id="ConU000035-01"><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Senior Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">The
Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#147;Senior
Loans&#148;). Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured
with specific collateral and typically have a claim on the assets of the borrower, including stock owned by the borrower in its subsidiaries,
that is senior to that held by junior lien creditors, subordinated debt holders and stockholders of the borrower. The Fund&#146;s investments
in Senior Loans are typically below-investment grade and are considered speculative because of the credit risk of the applicable issuer,
including increased credit risk. The risks associated with Senior Loans of below investment grade quality 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.</span></span></p></ix:continuation></div>

<div id="xdx_C0F_gBFRTB-IWVDSQ_zDPyGifnQ4Wa"><ix:continuation continuedAt="ConU000035-03" id="ConU000035-02"><p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">There is less readily-available,
reliable information about most Senior Loans than is the case for many other types of securities. In addition, there is rarely a minimum
rating or other independent evaluation of a borrower or its securities, and GPIM relies primarily on its own evaluation of a borrower&#146;s
credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities
of GPIM with respect to investments in Senior Loans. GPIM&#146;s judgment <sup></sup></span></p></ix:continuation></div>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup></sup></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0E_gBFRTB-IWVDSQ_z72tZc2TaLUa"><ix:continuation continuedAt="ConU000035-04" id="ConU000035-03"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">about
the credit quality of a borrower may be wrong. Loans and other debt instruments are also subject to the risk of price declines due to
increases in prevailing interest rates, although floating-rate debt instruments are less exposed to this risk than fixed-rate debt instruments.
Interest rate changes may also increase prepayments of debt obligations and require the Fund to invest assets at lower yields.</span></p></ix:continuation></div>

<div id="xdx_C02_gBFRTB-IWVDSQ_zrtZFQKOKJu6"><ix:continuation continuedAt="ConU000035-05" id="ConU000035-04"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In
addition, extension risk (the risk that payments on principal will occur at a slower rate or later than expected) is heightened in market
environments where interest rates are higher or rising. During periods of deteriorating economic conditions, such as recessions or periods
of rising unemployment, or changing interest rates (notably increases), delinquencies and losses generally increase, sometimes dramatically,
with respect to obligations under such loans. An economic downturn or individual corporate developments could adversely affect the market
for these instruments and reduce the Fund&#146;s ability to sell these instruments at an advantageous time or price. An economic downturn
would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs.</span></p></ix:continuation></div>

<div id="xdx_C0C_gBFRTB-IWVDSQ_zHX0j60pKsSd"><ix:continuation continuedAt="ConU000035-06" id="ConU000035-05"><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Second Lien Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">The
Fund may invest in &#147;second lien&#148; secured floating rate loans made by public and private corporations and other non-governmental
entities and issuers for a variety of purposes (&#147;Second Lien Loans&#148;). Second Lien Loans are typically second in right of payment
and/or second in right of priority with respect to collateral remedies to one or more Senior Loans of the related borrower. Second Lien
Loans are subject to the same risks associated with investment in Senior Loans and other lower grade Income Securities. However, Second
Lien Loans are second in right of payment and/or second in right of priority with respect to collateral remedies to Senior Loans and
therefore are subject to the additional risk that the cash flow of the borrower and/or the value of any property securing the Loan may
be insufficient to meet scheduled payments or otherwise be available to repay the Loan after giving effect to payments in respect of a Senior
Loan, including payments made with the proceeds of any property securing the Loan and any senior secured obligations of the borrower.
Second Lien Loans are expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less
liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans, which would create
greater credit risk exposure.</span></span></p></ix:continuation></div>

<div id="xdx_C0A_gBFRTB-IWVDSQ_zoZLepAWSosg"><ix:continuation continuedAt="ConU000035-07" id="ConU000035-06"><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Subordinated Secured Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">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></span></p></ix:continuation></div>

<div id="xdx_C0E_gBFRTB-IWVDSQ_zqeDGqG0Ob4d"><ix:continuation continuedAt="ConU000035-08" id="ConU000035-07"><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Unsecured Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">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</span></span></p></ix:continuation></div>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>17</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0B_gBFRTB-IWVDSQ_zs9Or5GabNC8"><ix:continuation id="ConU000035-08"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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>

<p id="xdx_988_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--LeverageRiskMember_zbkGZqocPmEe" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_LeverageRiskMember" escape="true" id="Fact000036" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Leverage Risk. </b>The Fund&#146;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 and may be subject to increased borrowing rates. The effect of leverage in a declining market
is likely to cause a greater decline in the net asset value of the Fund than if the Fund were not leveraged, which may result in a greater
decline in the market price of the Fund shares. There can be no assurance that a leveraging strategy will be implemented or that it will
be successful during any period during which it is employed. 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&#146;s total leverage, and associated borrowing costs, may vary
significantly over time. To the extent the Fund increases its amount of leverage outstanding, it will be more exposed to these risks
and pay greater borrowing costs. 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&#146;s exposure to leverage risk.</span></ix:nonNumeric></p>

<p id="xdx_98B_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--LiquidityRiskMember_zoIJyF3Mbwid" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_LiquidityRiskMember" escape="true" id="Fact000037" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Liquidity Risk. </b>The Fund may
invest without limitation in Income Securities for which there is no readily available trading market or which are unregistered, restricted
or otherwise illiquid, including certain high-yield securities. The Fund invests in privately issued securities of both public and private
companies, which may be illiquid. The Fund may not be able to readily dispose of illiquid securities and obligations at prices that approximate
those at which the Fund could sell such assets and obligations if they were more widely traded and, as a result of such illiquidity,
the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. As
a result, the Fund may be unable to achieve its desired level of exposure to certain issuers, asset classes or sectors. The capacity
of market makers of fixed-income and other debt instruments has not kept pace with the consistent growth in these markets over the past
decades, which has led to reduced levels in the capacity of these market makers to engage in trading and provide liquidity to markets.
In addition, limited liquidity could affect the market price of investments, thereby adversely affecting the Fund&#146;s NAV and ability
to make distributions. Dislocations in certain parts of markets have in the past and may in the future result in reduced liquidity for
certain investments. Liquidity of financial markets may also be affected by government intervention and political, social, public health,
economic or market developments (including rapid interest rate changes). Liquidity risk is heightened in a changing interest rate environment,
particularly for fixed-income and other debt instruments.</span></ix:nonNumeric></p>

<p id="xdx_98E_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--ManagementRiskMember_gBFRTB-WIVSGP_zrQWZ3xgJ7Pb" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_ManagementRiskMember" continuedAt="ConU000039-01" escape="true" id="Fact000039" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk. </b>The Fund
is subject to management risk because it has an actively managed portfolio. GPIM will apply investment techniques and risk analysis in
making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results or expected</span></ix:nonNumeric></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>18 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C03_gBFRTB-WIVSGP_zTjZiOYr98O1"><ix:continuation id="ConU000039-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">returns,
causing the Fund to fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives
and strategies. The Fund&#146;s allocation of its investments across various asset classes and sectors may vary significantly over time
based on GPIM&#146;s analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as
the overall risk profile of the Fund&#146;s portfolio, may vary over time. The ability of the Fund to achieve its investment objective
depends, in part, on GPIM&#146;s investment decisions and the ability of GPIM to allocate effectively the Fund&#146;s assets among multiple
investment strategies, underlying funds and investments and asset classes. There can be no assurance that the actual allocations will
be effective in achieving the Fund&#146;s investment objective or that an investment strategy or underlying fund or investment will achieve
its particular investment objective.</span></p></ix:continuation></div>

<p id="xdx_98B_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--InvestmentAndMarketRiskMember_gBFRTB-NUWP_zF1wZQq25aZ6" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_InvestmentAndMarketRiskMember" continuedAt="ConU000041-01" escape="true" id="Fact000041" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Investment and Market Risk. </b>An
investment in the common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest.
During periods of adverse economic, financial, market, geopolitical, labor and public health conditions, the risks associated with an
investment in Common Shares may be heightened. An investment in the common shares represents an indirect investment in the securities
owned by the Fund. The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and
unpredictable fluctuation, and loss. 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 fluctuations may occur frequently and in large amounts. These movements
may result from factors affecting individual companies or issuers or particular industries, 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, increased instability or general uncertainty, extreme weather, natural/ environmental or man-made 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 escalated conflict in the Middle East and the ongoing Russia-Ukraine
conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar types of events,
each of which may be temporary or last for extended periods. Many economies and markets have experienced high inflation rates in recent
periods. In response to such inflation, governmental and quasi-governmental 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&#146;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. In addition, adverse changes in one sector or industry or with respect to a particular company could negatively impact
companies in other sectors or industries or increase market volatility as a result of the interconnected nature of economies and markets
and thus negatively affect the Fund&#146;s performance. For example, developments in the banking or financial services sectors (or one
or more companies operating in these sectors) could adversely impact a wide range of companies and issuers. These types of adverse developments
could negatively affect the Fund&#146;s performance or operations. It may be difficult for the market to assess the immediate impact of
an event on an issuer or</span></ix:nonNumeric></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0C_gBFRTB-NUWP_zBUeeJGTlAO3"><ix:continuation id="ConU000041-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">security
due to uncertainty that may surround such events; the impact of such an event on a security&#146;s valuation may be delayed.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no
assurance that the Fund&#146;s investments will increase in value along with the broader markets and the Fund&#146;s investments may
underperform general securities markets or other investments. Volatility of financial markets, including potentially extreme volatility
caused by the events described above or other events, can expose the Fund to greater market risk than normal, possibly resulting in greatly
reduced liquidity, increased volatility and valuation risks and longer than usual trade settlement periods. Moreover, changing economic,
political, social, geopolitical, 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 because of the increasingly interconnected
global economies and financial markets.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">At
any point in time, your common shares may be worth less than your original investment, even after including the reinvestment of Fund
dividends and distributions.</span></p></ix:continuation></div>

<p id="xdx_98B_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--PreferredSecuritiesOrPreferredStockRiskMember_zOlIZOrR52fk" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_PreferredSecuritiesOrPreferredStockRiskMember" escape="true" id="Fact000042" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Preferred Securities/Preferred
Stock Risk. </b>The Fund may invest in preferred stock, which represents the senior residual interest in the assets of an issuer after
meeting all claims, with priority to corporate income and liquidation payments over the issuer&#146;s common stock, to the extent proceeds
are available after paying any more senior creditors. As such, preferred stock is inherently riskier than the bonds and other debt instruments
of the issuer, but less risky than its common stock. Certain preferred stocks contain provisions that allow an issuer under certain conditions
to skip (in the case of &#147;non-cumulative&#148; preferred stocks) or defer (in the case of &#147;cumulative&#148; preferred stocks)
dividend payments. Preferred stocks often contain provisions that allow for redemption in the event of certain tax or legal changes or
at the issuer&#146;s call. Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears
beyond a certain time period. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or
otherwise made payable. If the Fund owns preferred stock that is deferring its distributions, the Fund may be required to report income
for U.S. federal income tax purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below
the rate payable on an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial
period of call protection in which the stock is not redeemable. Preferred stocks may be significantly less liquid than many other securities,
such as U.S. government securities, corporate debt and common stock <b></b></span></ix:nonNumeric></p>

<p id="xdx_988_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--PrepaymentAndExtensionRiskMember_gBFRTB-OOES_zQQCpzKloNz6" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_PrepaymentAndExtensionRiskMember" continuedAt="ConU000044-01" escape="true" id="Fact000044" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Prepayment and Extension Risk. </b>Certain debt instruments, including
loans and loan participations (including senior secured floating rate loans, &#147;second lien&#148; secured floating rate loans, and
other types of secured and unsecured loans with fixed and variable interest rates) (collectively, &#147;Loans&#148;) and mortgage- and
other asset-backed securities, are subject to the risk that payments on principal may occur more quickly or earlier than expected (or
an investment is converted or redeemed prior to maturity). These types of instruments are particularly subject to prepayment risk, and
offer less potential for gains, during periods of declining interest rates. For example, an issuer may exercise its right to redeem outstanding
debt securities prior to their maturity (known as a &#147;call&#148;) or otherwise pay principal earlier than expected for a number of
reasons (e.g., declining interest rates, changes in credit</span></ix:nonNumeric></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>20 </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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C03_gBFRTB-OOES_zDnwpfwqq0ek"><ix:continuation id="ConU000044-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">spreads
and improvements in the issuer&#146;s credit quality). If an issuer calls or &#147;prepays&#148; a security in which the Fund has invested,
the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities,
securities with greater credit risks or securities with other, less favorable features or terms than the security in which the Fund initially
invested, thus potentially reducing the Fund&#146;s yield. Income Securities frequently have call features that allow the issuer to repurchase
the security prior to its stated maturity. Loans and mortgage- and other asset-backed securities are particularly subject to prepayment
risk, and offer less potential for gains, during periods of declining interest rates (or narrower spreads) as issuers of higher interest
rate debt instruments pay off debts earlier than expected. In addition, the Fund may lose any premiums paid to acquire the investment.
Other factors, such as excess cash flows, may also contribute to prepayment risk. Thus, changes in interest rates may cause volatility
in the value of and income received from these types of debt instruments. 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&#146;s
yield. In addition, certain debt instruments, including mortgage- and other ABS, are subject to extension risk, the risk that payments
on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen as short or intermediate-term
instruments become longer-term instruments, which would make the investment more sensitive to changes in interest rates.</span></p></ix:continuation></div>

<p id="xdx_986_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--ShortSalesRiskMember_ze2GjUxVdkta" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_ShortSalesRiskMember" escape="true" id="Fact000045" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 borrowed security. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss.
Although the Fund&#146;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.</span></ix:nonNumeric></p>

<p id="xdx_988_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--StructuredFinanceInvestmentsRiskMember_gBFRTB-WMFLM_zGgzILWuzJy2" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_StructuredFinanceInvestmentsRiskMember" continuedAt="ConU000051-01" escape="true" id="Fact000051" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Structured Finance Investments
Risk. </b>The Fund&#146;s structured finance investments may consist of residential mortgage-backed securities (&#147;RMBS&#148;) and
commercial mortgage-backed securities (&#147;CMBS&#148;) issued by governmental entities and private issuers, asset-backed securities
(&#147;ABS&#148;), 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 generally
has 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 and income from 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, such securities may be considered
liquid in some circumstances.</span></ix:nonNumeric></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>21</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0B_gBFRTB-WMFLM_z6N30uAEarJ6"><ix:continuation continuedAt="ConU000051-02" id="ConU000051-01"><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Mortgage-Backed Securities (&#147;MBS&#148;)
Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">MBS represent an interest
in a pool of mortgages. MBS generally are classified as either commercial mortgage-backed securities (&#147;CMBS&#148;) or residential
mortgage-backed securities (&#147;RMBS&#148;), each of which are subject to certain specific risks. 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 and extension risks associated with the underlying assets of certain MBS, which can shorten the weighted average maturity
and lower the return of the MBS, or lengthen the expected maturity, respectively, leading to significant fluctuations in the value of
and income generated by 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. The value of MBS may be substantially dependent on the servicing of the underlying
pool of mortgages. Income from and values of RMBS and CMBS 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 and public health conditions. 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.</span></span></p></ix:continuation></div>

<div id="xdx_C04_gBFRTB-WMFLM_z0qVL9t9AoRc"><ix:continuation continuedAt="ConU000051-03" id="ConU000051-02"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Non-agency
MBS (i.e., MBS issued by commercial banks, savings and loans institutions, mortgage bankers, private mortgage insurance companies and
other non-governmental issuers) are subject to the risk that the value of such securities will decline because, among other things, the
securities are not guaranteed as to principal or interest by the U.S. government or a government sponsored enterprise. Non-agency MBS
typically have less favorable underwriting characteristics (such as credit and default risk and collateral) and a wider range in terms
(such as interest rate, term and borrower characteristics) than agency MBS. When issued in different tranches, individual tranches of
non-agency MBS may subject to increased (and sometimes different) credit, prepayment and liquidity and valuation risks as compared to
other tranches. Non-agency MBS are often subject to greater credit, prepayment and liquidity and valuation risks than agency MBS, and
they are generally subject to greater price fluctuation and likelihood of reduced income than agency MBS, especially during periods of
weakness or perceived weakness in the mortgage and real estate sectors.</span></p></ix:continuation></div>

<div id="xdx_C02_gBFRTB-WMFLM_zCW2oFYXQD1i"><ix:continuation continuedAt="ConU000051-04" id="ConU000051-03"><p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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 and costs
may affect a mortgagor&#146;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 <sup></sup></span></p></ix:continuation></div>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup></sup></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>22 </sup>l <b><sup>GOF </sup></b>l <sup>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C04_gBFRTB-WMFLM_zZ9NqJBChoSa"><ix:continuation continuedAt="ConU000051-05" id="ConU000051-04"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">inflation
may negatively affect the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. During
periods of declining economic conditions, losses on mortgages underlying MBS generally increase.</span></p></ix:continuation></div>

<div id="xdx_C08_gBFRTB-WMFLM_zK2M8Fq3Z9lk"><ix:continuation id="ConU000051-05"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In
addition, MBS, such as CMBS and RMBS, are subject to the risks of asset-backed securities generally and are particularly sensitive to
changes in interest rates and developments in the commercial or residential real estate markets, which may adversely affect the Fund&#146;s
holdings of MBS. For example, rising interest rates generally result in a decline in the value of mortgage-related securities, such as
CMBS and RMBS. MBS are also subject to risks similar to those associated with investing in real estate, such as the possible decline
in the value of (or income generated by) the real estate, variations in rental income, fluctuations in occupancy levels and demand for
properties or real estate-related services, changes in interest rates and changes in the availability or terms of mortgages and other
financing that may render the sale or refinancing of properties difficult or unattractive.</span></p></ix:continuation></div>

<p id="xdx_986_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zVm3oOKKEmv2" style="margin-left: 20pt; text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_CommercialMortgageBackedSecuritiesRiskMember" escape="true" id="Fact000052" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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></ix:nonNumeric></p>

<p id="xdx_98E_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--ResidentialMortgageBackedSecuritiesRiskMember_zG8TVDgtxo87" style="margin-left: 20pt; text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_ResidentialMortgageBackedSecuritiesRiskMember" escape="true" id="Fact000053" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Residential Mortgage-Backed Securities
Risk. </b>Home mortgage loans are typically grouped together into pools by banks and other lending institutions, and interests in these
pools are then sold to investors, allowing the bank or other lending institution to have more money available to loan to home buyers.
RMBS are particularly subject to the credit risk of the borrower. Credit-related risk on RMBS primarily 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. RMBS are also subject to the risks of MBS generally and the
residential real estate markets. 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&#146;s equity in the mortgaged property and the individual financial
circumstances of the borrower. The risk of non-payment is greater for RMBS that are backed by loans that were originated under weak underwriting
standards, including loans made to borrowers with limited means to make repayment. RMBS are also subject to risks associated with the
actions of mortgage lenders in the marketplace, which may reduce the availability of mortgage credit to prospective mortgagors. This
may result in limited financing alternatives for mortgagors seeking to refinance their existing loans, which may in turn result in higher
rates of delinquencies, defaults and losses on mortgages.</span></ix:nonNumeric></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p id="xdx_98B_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zRTKmCRsxmQd" style="text-align: left"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_AssetBackedSecuritiesRiskMember" escape="true" id="Fact000054" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Asset-Backed Securities Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">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 or other periodic 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, which may be insufficient to make interest and principal payments. The recoveries on the underlying collateral
may not, in some cases, be sufficient to support payments on these securities, or may be unavailable in the event of a default and enforcing
rights with respect to these assets or collateral may be difficult and costly, which may result in losses to investors in an ABS. The collateral
underlying ABS may constitute assets related to a wide range of industries such as credit card and automobile receivables or other assets
derived from consumer, commercial or corporate sectors, and these underlying assets may be secured or unsecured. 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></span></ix:nonNumeric></p>

<p id="xdx_985_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--CLOCDOandCBORiskMember_ztAgeGY7IXll" style="text-align: left"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_CLOCDOandCBORiskMember" escape="true" id="Fact000055" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">CLO, CDO and CBO Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">In
addition to the general risks (such as interest rate risk, prepayment risk, extension risk, market risk, credit risk and liquidity and
valuation risk) associated with debt securities discussed herein, collateralized loan obligations (&#147;CLOs&#148;), collateralized
debt obligations (&#147;CDOs&#148;), and collateralized bond obligations (&#147;CBOs&#148;) are subject to additional risks due to their
complex structure and highly leveraged nature, such as higher risk of volatility and magnified financial losses. 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 and income from securities issued by CLOs, CDOs and CBOs also may decrease because of, among other developments,
changes in market value; underlying loan, debt or bond defaults or delinquencies; changes in the market&#146;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 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. The terms of many structured finance investments, including
CLOs, CDOs and CBOs, are tied to the Secured Overnight Financing Rate (&#147;SOFR&#148;) or other reference rates based on SOFR. These
relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments.
These events may adversely affect the Fund and its investments in CLOs, CDOs and CBOs, including their value, volatility and liquidity.</span></span></ix:nonNumeric></p>

<p id="xdx_980_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--ValuationRiskMember_gBFRTB-JLKJATVY_z7wqCeUyFtVj" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_ValuationRiskMember" continuedAt="ConU000057-01" escape="true" id="Fact000057" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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
<sup></sup></span></ix:nonNumeric></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup></sup></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C0E_gBFRTB-JLKJATVY_zCeYu2YdNtS9"><ix:continuation id="ConU000057-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">for
purposes of the Fund&#146;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&#146;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&#146;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&#146;s investments can be difficult to value and thus particularly prone to the foregoing risks.</span></p></ix:continuation></div>

<p id="xdx_985_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--InvestmentFundsRiskMember_gBFRTB-GNQR_zsjMNWtA37R4" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_InvestmentFundsRiskMember" continuedAt="ConU000062-01" escape="true" id="Fact000062" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 in other investment companies, including registered investment companies, private investment funds and/or other pooled investment
vehicles (collectively, &#147;Investment Funds&#148;).</span></ix:nonNumeric></p>

<div id="xdx_C0E_gBFRTB-GNQR_zQaR1LjD9uMl"><ix:continuation continuedAt="ConU000062-02" id="ConU000062-01"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, and in addition to these risks, 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&#146;s investment in another Investment Fund are borne indirectly by Common
Shareholders. Accordingly, investment in such entities involves expenses and fees at both levels. 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&#146; advisers and managers, as well as other expenses borne by such entities. To the extent management
fees of Investment Funds are based on total gross assets, it may create an incentive for such entities&#146; managers to employ Financial
Leverage, thereby adding additional expense and increasing volatility and risk (including the Fund&#146;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 arrangement may create incentives for an adviser or manager to take greater investment risks in the hope of earning
a higher profit participation.</span></p></ix:continuation></div>

<div id="xdx_C01_gBFRTB-GNQR_zEUUbUxAuCs4"><ix:continuation continuedAt="ConU000062-03" id="ConU000062-02"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Investments
in Investment Funds frequently expose the Fund to an additional layer of Financial Leverage and, thus, increase the Fund&#146;s exposure
to leverage risk and costs. From time to time, the Fund may invest a significant portion of its assets in Investment Funds that employ
leverage. The use of leverage by Investment Funds may cause the Investments Funds&#146; 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&#146;s investments in Investment Funds will depend in large part on the investment skills and implementation
abilities of the advisers or managers</span></p></ix:continuation></div>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>25</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>
    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MANAGEMENT&#146;S DISCUSSION
    OF</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    PERFORMANCE (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<div id="xdx_C01_gBFRTB-GNQR_zTJwtSVHM08i"><ix:continuation continuedAt="ConU000062-04" id="ConU000062-03"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 GPIM will seek to evaluate managers of Investment Funds and where possible independently evaluate the underlying assets, a substantial
degree of reliance on such entities&#146; managers is nevertheless present with such investments.</span></p></ix:continuation></div>

<div id="xdx_C0A_gBFRTB-GNQR_zDggu51Yfuo5"><ix:continuation id="ConU000062-04"><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">When
the Fund invests in private investment funds, such investments pose additional risks to the Fund, in addition to those risks described
above with respect to all Investment Funds. Certain private investment funds involve capital call provisions under which an investor
is obligated to make additional investments at specified levels even if it would otherwise choose not to. Investments in private investment
funds may have very limited liquidity. Often there will be no secondary market for such investments and the ability to redeem or otherwise
withdraw from a private investment fund may be prohibited during the term of the private investment fund or, if permitted, may be infrequent.
Certain private investment funds are subject to &#147;lock-up&#148; periods of a year or more. The valuation of investments in private
investment funds are often subject to high conflicts and valuation risks. Investors in private investment funds are also often exposed
to increased leverage risk.</span></p></ix:continuation></div>

<p id="xdx_98A_ecef--RiskTextBlock_c20240601__20241130__cef--RiskAxis__custom--OperationalRiskMember_z7HyVS0udTpc" style="text-align: left; font-size: 9pt"><ix:nonNumeric contextRef="From2024-06-012024-11-30_custom_OperationalRiskMember" escape="true" id="Fact000063" name="cef:RiskTextBlock"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Operational Risk. </b>The Fund
is exposed to, and may be subject to losses from, operational risks arising from a number of factors, including, but not limited to,
human error, processing and communication errors, errors of the Fund&#146;s service providers, counterparties or other third-parties,
failed or inadequate processes and technology, systems failures or external events, including natural disasters. The Fund and its service
providers, including the Investment Manager, seek to reduce these operational risks through controls and procedures. However, these measures
do not address every possible risk and may be inadequate to address significant operational risks.</span></ix:nonNumeric></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s Board of Trustees
as required by law and the Fund&#146;s governing documents.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>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.</b></span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>26 </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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    SUMMARY (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 54%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 46%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Fund
    Statistics</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$15.80</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Asset Value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$11.95</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Premium to NAV</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span id="xdx_90D_ecef--LatestPremiumDiscountToNavPercent_c20240601__20241130_zBJ6wgBBN9c1"><ix:nonFraction name="cef:LatestPremiumDiscountToNavPercent" contextRef="From2024-06-01to2024-11-30" id="Fact000064" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Ratio">32.22</ix:nonFraction>%</span></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Assets ($000)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,865,016</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="3" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>AVERAGE ANNUAL
    TOTAL RETURNS FOR</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>THE
    PERIOD ENDED NOVEMBER 30, 2024</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 29%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Six month</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>One</b></span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Three</b></span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Five</b></span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Ten</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(non-annualized)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Year</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Year</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Year</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Year</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guggenheim Strategic
    Opportunities Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NAV</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.48%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.93%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.39%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.60%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.81%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.86%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38.41%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.23%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.04%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.70%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg U.S. Aggregate</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bond Index</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.65%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.88%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.95%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.52%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s shares, when sold, may be worth
more or less than their original cost.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
referenced index is unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees or
expenses.</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 59%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 41%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Portfolio
    Breakdown</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>%
    of Net Assets</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investments</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset-Backed Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.2%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Collateralized Mortgage Obligations</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Preferred Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.5%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Government Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Closed-End Mutual Funds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.2%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Money Market Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Investments</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate Swaptions Written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.0%)*</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options Written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.2%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    Assets &amp; Liabilities, net</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20.6%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Net
    Assets</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100.0%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
Less than 0.1%.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>27</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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    SUMMARY (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 61%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Ten
    Largest Holdings<sup>1</sup></b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>%
    of Net Assets</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Madison Park Funding LIII Ltd.,
    10.62%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Freddie Mac, 5.50%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obra Longevity, 8.48%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thunderbird A, 5.50%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lightning A, 5.50%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guggenheim Active Allocation
    Fund</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.8%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AP Grange Holdings, 6.50%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hotwire Funding LLC, 8.84%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIFC Funding Ltd., 11.91%</span></td>
    <td style="text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan
    Stanley Finance LLC, 0.50%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top
    Ten Total</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 30.71pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.0%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>1
</sup>&#147;Ten Largest Holdings&#148; excludes any temporary cash or derivative investments.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Portfolio
    Composition by Quality Rating<sup>1</sup></b></span></td></tr>
  <tr>
    <td colspan="3"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 57%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>% of Total</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rating</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investments</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Fixed Income
    Investments</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AAA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.0%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BBB</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.6%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BB</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.7%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">B</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CCC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; text-indent: 15pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.0%*</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">C</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">D</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NR<sup>2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Other
    Investments</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.4%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Investments</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100.0%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">1</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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
&#147;NR&#148; have been rated by Moody&#146;s, Standard &amp; Poor&#146;s (&#147;S&amp;P&#148;), or Fitch, each of which is a Nationally
Recognized Statistical Rating Organization (&#147;NRSRO&#148;). For purposes of this presentation, when ratings are available from more
than one agency, the highest rating is used. Guggenheim Investments has converted Moody&#146;s and Fitch ratings to the equivalent S&amp;P
rating.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">2</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">NR (not rated) securities do not
necessarily indicate low credit quality.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Less than 0.1%.</span></td>
</tr></table>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>28 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    SUMMARY (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Market
Price &amp; NAV History</b></span></p>

<p style="text-align: left"><img src="gof-7distillx29x1.jpg" alt=""/></p>

<p style="text-align: center">&#160;<span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Distributions
to Shareholders &amp; Annualized Distribution Rate</b></span></p>

<p style="text-align: left"><img src="gof-7distillx29x2.jpg" alt=""/><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>All
or a portion of the above distributions may be characterized as a return of capital. For the calendar year ended December 31, 2024, 39%
of the distributions were characterized as ordinary income, 6% of the distributions were characterized as long-term capital gains, and
55% of the distributions were characterized as return of capital. The final determination of the tax character of the distributions paid
by the Fund in 2024 will be reported to shareholders in January 2025.</i></span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>29</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 0.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo, Inc.*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68,570</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,563,396</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cengage Learning
    Holdings II, Inc.*<sup>,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,127</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">209,324</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corpay, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,584</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PayPal Holdings,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,391</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quanta Services,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,982</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Rentals,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,918</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bristol-Myers
    Squibb Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">333</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Incyte Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">253</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,871</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Waters Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,851</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Insulet Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">70</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,675</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intuitive
    Surgical, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,428</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gilead Sciences,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">199</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,424</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Viatris, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,397</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,287</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">McKesson Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,226</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Automatic
    Data Processing, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,109</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corteva, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">289</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,987</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Altria Group,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">311</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,957</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boston Scientific
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">198</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,951</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Labcorp Holdings,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,846</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cintas Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,838</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Molson Coors
    Beverage Co. &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">287</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,811</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kroger Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">291</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,774</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cardinal Health,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">144</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,603</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Moody&#146;s Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,499</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Philip Morris
    International, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">131</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,431</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Henry Schein,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">226</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quest Diagnostics,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">107</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,405</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Verisk Analytics,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,358</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tyson Foods,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">268</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,286</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Payments,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">145</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,249</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">UnitedHealth
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,086</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P Global,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,065</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kenvue, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">704</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,952</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Monster Beverage
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">307</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Stryker Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,862</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cencora, Inc.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,854</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Solventum
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,805</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DaVita, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,783</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Catalent,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">273</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,683</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Procter &amp;
    Gamble Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,671</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kellanova<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">204</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,583</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>30 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>


<!-- Field: Page; Sequence: 31 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 0.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MarketAxess
    Holdings, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 16,556</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Clorox Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,550</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Church &amp;
    Dwight Company, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abbott Laboratories<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,509</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ResMed, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,435</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rollins, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">321</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,156</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lamb Weston
    Holdings, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">209</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,143</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hologic, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">203</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,139</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sysco Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">209</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,116</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zimmer Biomet
    Holdings, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hormel Foods
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">494</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">West Pharmaceutical
    Services, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Agilent Technologies,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,867</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Medtronic
    plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">183</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,837</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bio-Techne
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">210</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,826</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">J M Smucker
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">134</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,784</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revvity, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,679</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kimberly-Clark
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,607</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cooper Companies,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">149</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,565</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AbbVie, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,549</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Johnson &amp;
    Johnson<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,501</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GE HealthCare
    Technologies, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">186</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,479</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vertex Pharmaceuticals,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,448</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">McCormick
    &amp; Company, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">197</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,447</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CVS Health
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">256</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,322</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cigna Group<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,201</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PepsiCo, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,201</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Colgate-Palmolive
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">156</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,074</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zoetis, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,072</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Constellation
    Brands, Inc. &#151; Class A2</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,939</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Campbell&#146;s
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,876</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Becton Dickinson
    &amp; Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,867</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Mills,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,842</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coca-Cola
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">231</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,802</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charles River
    Laboratories International, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,730</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">STERIS plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,677</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kraft Heinz Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">458</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,642</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pfizer, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">558</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avery Dennison
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,622</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Edwards Lifesciences
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">204</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Universal
    Health Services, Inc. &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,555</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>31</sup></span></p>


<!-- Field: Page; Sequence: 32 -->
    <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></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 0.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Archer-Daniels-Midland
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">265</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 14,469</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Danaher Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,381</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Keurig Dr
    Pepper, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">438</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,301</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bunge Global
    S.A.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">159</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,269</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hershey Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,267</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mondelez International,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">219</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,224</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Align Technology,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,199</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Conagra Brands,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">514</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,161</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amgen, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Brown-Forman
    Corp. &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">336</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,139</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equifax, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,124</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Humana, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,930</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dexcom, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">178</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,882</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baxter International,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">409</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,787</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thermo Fisher
    Scientific, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,770</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HCA Healthcare,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,743</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eli Lilly
    &amp; Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,521</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IQVIA Holdings,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,456</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Molina Healthcare,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,405</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Merck &amp;
    Company, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,213</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IDEXX Laboratories,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,074</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Teleflex,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,921</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Centene Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">214</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,840</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Biogen, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,047</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Elevance Health,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,802</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Estee Lauder Companies, Inc.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">156</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,251</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regeneron
    Pharmaceuticals, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,503</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Moderna, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">173</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Save-A-Lot*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,871,199</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">187</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Consumer, Non-cyclical</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,477,647</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Checkers Holdings,
    Inc.*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,343</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">335,685</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Synchrony
    Financial<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,632</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Discover Financial
    Services<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,804</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Raymond James
    Financial, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">134</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,684</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital One
    Financial Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,081</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wells Fargo
    &amp; Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">288</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,937</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">164</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,584</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">M&amp;T Bank
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blackstone,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,829</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman Sachs
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,691</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>32 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 33 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON STOCKS<sup>&#134;
    </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Northern Trust
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">186</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 20,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ameriprise
    Financial, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,663</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huntington
    Bancshares, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,146</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,639</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regions Financial
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,445</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan Chase
    &amp; Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,978</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PNC Financial
    Services Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,969</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Digital Realty
    Trust, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,960</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KeyCorp<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,947</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citizens Financial
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">411</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,786</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Bancorp<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">369</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,664</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of New
    York Mellon Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">240</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,649</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charles Schwab
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">236</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,531</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assurant,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,531</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State Street
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">198</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,505</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American Express
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,499</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CBRE Group,
    Inc. &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,459</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blackrock,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,433</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cincinnati
    Financial Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">121</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,339</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">407</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,337</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">272</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,277</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MetLife, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">216</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,058</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fifth Third
    Bancorp<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">392</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,839</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Truist Financial
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">394</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,786</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nasdaq, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">226</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,756</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aon plc &#151;
    Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,402</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Invesco Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,017</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,398</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Simon Property
    Group, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,360</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Travelers
    Companies, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,357</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Willis Towers
    Watson plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,354</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">W R Berkley
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">281</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,138</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Brown &amp;
    Brown, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">160</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,096</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allstate Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,043</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loews Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">207</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,953</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Berkshire
    Hathaway, Inc. &#151; Class B*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,872</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prudential
    Financial, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">138</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,859</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CME Group,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,850</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">T. Rowe Price
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">144</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,833</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equinix, Inc.
    REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,667</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Visa, Inc.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,644</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hartford Financial
    Services Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mastercard,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,587</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>33</sup></span></p>


<!-- Field: Page; Sequence: 34 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON STOCKS<sup>&#134;
    </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Welltower,
    Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 17,549</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kimco Realty
    Corp. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">686</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,541</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Iron Mountain,
    Inc. REIT</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,437</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Principal
    Financial Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">199</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,331</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aflac, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">152</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,328</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Progressive
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,208</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arthur J Gallagher
    &amp; Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,173</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KKR &amp;
    Company, Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,101</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cboe Global
    Markets, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BXP, Inc.
    REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">206</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,890</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marsh &amp;
    McLennan Companies, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,793</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regency Centers
    Corp. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,705</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American International
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">215</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,529</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Franklin Resources,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">725</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,501</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Camden Property
    Trust REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">131</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,480</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AvalonBay
    Communities, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">70</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,475</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chubb Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,458</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intercontinental
    Exchange, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,418</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Federal Realty
    Investment Trust REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,331</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Everest Group
    Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,277</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CoStar Group,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,268</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mid-America
    Apartment Communities, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,252</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ventas, Inc.
    REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">253</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity Residential
    REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">211</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Essex Property
    Trust, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Healthpeak
    Properties, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">730</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,053</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">UDR, Inc.
    REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,051</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Public Storage
    REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,010</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Host Hotels
    &amp; Resorts, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">869</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,007</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weyerhaeuser
    Co. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">496</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,001</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Extra Space
    Storage, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,899</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VICI Properties,
    Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">485</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Globe Life,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,462</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SBA Communications
    Corp. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,385</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Realty Income
    Corp. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">263</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,225</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Invitation
    Homes, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">437</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,967</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arch Capital
    Group Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,806</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crown Castle,
    Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,769</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prologis,
    Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">126</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,714</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American Tower
    Corp. &#151; Class A REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,421</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alexandria
    Real Estate Equities, Inc. REIT<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">129</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,220</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>34 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 35 -->
    <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></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Erie Indemnity
    Co. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 7,049</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo Luxembourg
    Finance Co I SARL / Endo US, Inc.*<sup>,&#134;&#134;&#134;,2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,345,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">335</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo Luxembourg
    Finance Co I SARL / Endo US, Inc.*<sup>,&#134;&#134;&#134;,2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">190</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avison Young
    (Canada), Inc.*<sup>,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">579</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">174</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pershing Square
    Tontine Holdings, Ltd. &#151; Class A*<sup>,&#134;&#134;&#134;,3</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,042,740</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sparta
    Systems*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,922</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#150;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,983,542</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SHO Holding
    I Corp.*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">768</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">603,009</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exide Technologies*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">342</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">341,710</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Airlines
    Holdings, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">318</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,792</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tesla, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,852</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carnival Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">955</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,286</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royal Caribbean
    Cruises Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,918</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Norwegian
    Cruise Line Holdings Ltd.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">849</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,829</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Live Nation
    Entertainment, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,811</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tapestry,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">364</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,670</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Delta Air
    Lines, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">339</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,635</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cummins, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,627</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ralph Lauren
    Corp. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">88</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,363</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Las Vegas
    Sands Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">368</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,526</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WW Grainger,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,285</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Copart, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">304</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deckers Outdoor
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,204</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fastenal Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">229</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,135</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marriott International,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,080</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Motors
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">341</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,956</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Walmart, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">204</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,870</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hilton Worldwide
    Holdings, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">O&#146;Reilly
    Automotive, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,648</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NVR, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,471</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PACCAR, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">155</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,135</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Home Depot,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,023</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lowe&#146;s
    Companies, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,708</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Costco Wholesale
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,494</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wynn Resorts
    Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">185</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,460</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Darden Restaurants,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,451</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TJX Companies,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">138</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,345</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CarMax, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">206</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,298</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Southwest
    Airlines Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">533</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,248</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>35</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 21.71pt; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Starbucks
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">167</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 17,111</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BorgWarner,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">490</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,817</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lululemon
    Athletica, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,674</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chipotle Mexican
    Grill, Inc. &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">271</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,672</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Domino&#146;s
    Pizza, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,667</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">McDonald&#146;s
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,577</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ross Stores,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,261</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pool Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,215</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yum! Brands,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">116</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,117</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PulteGroup,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">118</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,962</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tractor Supply
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AutoZone,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,848</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Caesars Entertainment,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">409</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,743</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MGM Resorts
    International*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">409</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,681</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hasbro, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">240</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,636</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ford Motor
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,404</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,626</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lennar Corp.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">89</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,521</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ulta Beauty,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,079</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Best Buy Company,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">167</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LKQ Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">370</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,537</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NIKE, Inc.
    &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">183</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,415</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DR Horton,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,346</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Genuine Parts
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,320</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Target Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,760</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dollar Tree,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">179</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,757</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aptiv plc*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">222</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,328</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Walgreens
    Boots Alliance, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,313</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,843</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dollar General
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">151</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ATD
    New Holdings, Inc.*<sup>,&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,593</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,706</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Consumer, Cyclical</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,980,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carrier Global
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,174</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322,942</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BP Holdco
    LLC*<sup>,&#134;&#134;&#134;,4</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">121,041</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">146,718</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schur Flexibles GesmbH*<sup>,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">660</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78,223</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">YAK BLOCKER
    2 LLC*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,136</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,477</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">YAK BLOCKER
    2 LLC*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,551</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,351</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Axon Enterprise,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,819</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GE Vernova,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,391</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Generac Holdings,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,643</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Snap-on, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,072</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>36 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 37 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Howmet Aerospace,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">173</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 20,480</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Garmin Ltd.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,197</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trimble, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">276</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,140</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Emerson Electric
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,890</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Parker-Hannifin
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,681</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pentair plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">180</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,618</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Packaging
    Corporation of America<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,410</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Westinghouse
    Air Brake Technologies Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">96</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,260</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Corporation
    plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,147</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deere &amp;
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,102</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Caterpillar,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,087</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Johnson Controls
    International plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,785</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trane Technologies
    plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,730</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Old Dominion
    Freight Line, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">83</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,687</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Smurfit WestRock
    plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">337</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,542</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Keysight Technologies,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,451</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vulcan Materials
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,440</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Teledyne Technologies,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,440</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hubbell, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,403</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jabil, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,337</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Norfolk Southern
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,206</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ingersoll
    Rand, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">174</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,126</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMETEK, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,077</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Honeywell
    International, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dover Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,913</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FedEx Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IDEX Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,528</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amphenol Corp.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">241</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,509</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Illinois Tool
    Works, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,484</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">L3Harris Technologies,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,484</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Republic Services,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,464</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CH Robinson
    Worldwide, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,421</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rockwell Automation,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Martin Marietta
    Materials, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">J.B. Hunt
    Transport Services, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,398</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Waste Management,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,345</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Otis Worldwide
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,992</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CSX Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">464</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,959</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RTX Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">138</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,812</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Builders FirstSource,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">90</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,782</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Electric
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,759</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>37</sup></span></p>


<!-- Field: Page; Sequence: 38 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nordson Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 16,703</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fortive Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">209</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,580</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3M Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,558</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Masco Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">205</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,515</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allegion plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,478</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TE Connectivity
    plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,321</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Veralto Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,228</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amcor plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,499</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,949</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Union Pacific
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,903</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Parcel
    Service, Inc. &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,879</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expeditors
    International of Washington, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,813</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Northrop Grumman
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,669</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jacobs Solutions, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,535</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Textron, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">180</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lockheed Martin
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,353</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Dynamics
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TransDigm
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,036</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Xylem, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">118</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,956</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ball Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">240</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,919</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Stanley Black
    &amp; Decker, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,581</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mohawk Industries,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,577</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boeing Co.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">93</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,456</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A O Smith
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">193</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,377</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mettler-Toledo
    International, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,763</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huntington
    Ingalls Industries, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vector Phoenix
    Holdings, LP*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">121,040</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,561</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Targus, Inc.*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,049</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">797</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Targus,
    Inc.*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,049</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,884,878</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paycom Software,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,292</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dayforce,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">272</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,757</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fair Isaac
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,375</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fortinet,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,911</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fiserv, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,770</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salesforce,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,129</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zebra Technologies
    Corp. &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,943</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ServiceNow,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,939</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Take-Two Interactive
    Software, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,215</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oracle Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,854</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electronic
    Arts, Inc.<sup>&#186;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,331</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>38 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 39 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON STOCKS<sup>&#134;
    </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EPAM Systems,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 18,294</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broadridge
    Financial Solutions, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,173</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Autodesk,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,098</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PTC, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">90</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,005</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paychex, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,845</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MSCI, Inc.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,679</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hewlett Packard
    Enterprise Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">831</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tyler Technologies,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,617</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NVIDIA Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,558</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leidos Holdings,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,532</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">International
    Business Machines Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,511</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Apple, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,325</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ANSYS, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,204</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cognizant
    Technology Solutions Corp. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">213</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accenture
    plc &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,031</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cadence Design
    Systems, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Synopsys,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fidelity National
    Information Services, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">196</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,719</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gartner, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,574</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Roper Technologies,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,427</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HP, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">462</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,369</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Western Digital
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,350</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jack Henry
    &amp; Associates, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,209</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amentum Holdings,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">665</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,193</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Texas Instruments,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,082</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intuit, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,043</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NetApp, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,943</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seagate Technology
    Holdings plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">154</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,605</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ON Semiconductor
    Corp.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">216</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,362</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Microsoft
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,245</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broadcom,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,236</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Akamai Technologies,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">161</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,137</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intel Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">629</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,127</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Palantir Technologies,
    Inc. &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">225</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,093</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Analog Devices,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,045</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adobe, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,962</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NXP Semiconductor
    N.V.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,680</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crowdstrike
    Holdings, Inc. &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,531</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Micron Technology,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,007</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">QUALCOMM,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,317</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Skyworks Solutions,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">152</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,314</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>39</sup></span></p>


<!-- 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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Advanced Micro
    Devices, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 13,306</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lam Research
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">180</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,298</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Applied Materials,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,278</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KLA Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,941</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Microchip
    Technology, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">189</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,884</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Teradyne,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">116</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,760</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Monolithic
    Power Systems, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,217</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Qorvo, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,874</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dell Technologies,
    Inc. &#151; Class C<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">70</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,931</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Super
    Micro Computer, Inc.*<sup>,1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">260</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,486</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Technology</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,007,341</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Xplore Inc.*<sup>,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,305</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">306,525</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Figs, Inc.
    &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,450</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,236</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vacasa, Inc.
    &#151; Class A*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,841</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,380</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expedia Group,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,970</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Booking Holdings,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,808</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Netflix, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,397</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Warner Bros
    Discovery, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,940</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,331</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">T-Mobile US,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,002</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">F5, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,527</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cisco Systems,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">326</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,302</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gen Digital,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">622</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Walt Disney
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,148</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charter Communications,
    Inc. &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,054</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corning, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">388</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,884</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arista Networks,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Motorola Solutions,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,489</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Palo Alto
    Networks, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,228</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amazon.com,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,671</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FactSet Research
    Systems, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,664</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AT&amp;T,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">761</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Omnicom Group,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,295</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Comcast Corp. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,276</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Meta Platforms,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,230</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GoDaddy, Inc.
    &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,596</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">eBay, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">260</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,455</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Verizon Communications,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">371</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paramount
    Global &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,501</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,286</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Airbnb, Inc.
    &#151; Class A*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,197</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VeriSign,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,097</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>40 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 41 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications
    &#150; 0.1% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interpublic
    Group of Companies, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">514</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 15,837</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uber Technologies,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">217</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,615</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Match Group,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">468</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,322</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Juniper Networks,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">423</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,194</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">News Corp.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">456</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,384</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fox Corp.
    &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">269</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,675</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CDW Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">70</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alphabet,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,785</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alphabet,
    Inc. &#151; Class C<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,331</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fox Corp.
    &#151; Class B<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">158</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,067</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">News
    Corp. &#151; Class B<sup>1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">136</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,364</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Communications</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,003,869</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Utilities
    &#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vistra Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,411</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Entergy Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,302</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NRG Energy,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">199</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,220</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Constellation
    Energy Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Xcel Energy,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">258</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sempra<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">199</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,640</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ameren Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">196</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Public Service
    Enterprise Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">196</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NiSource,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">484</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Atmos Energy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,158</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PG&amp;E Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">833</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPL Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">508</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,744</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CenterPoint
    Energy, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">542</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,680</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evergy, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alliant Energy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">276</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,443</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WEC Energy
    Group, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">172</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,381</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pinnacle West Capital Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">182</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,053</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Edison International<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">193</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dominion Energy, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">283</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,626</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DTE Energy
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">131</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,477</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Southern Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Duke Energy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,387</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CMS Energy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exelon Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">410</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,220</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consolidated
    Edison, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">158</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,893</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American Electric
    Power Company, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">158</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,778</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FirstEnergy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">370</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,744</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eversource
    Energy<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">242</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,607</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>41</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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Utilities
    &#150; 0.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NextEra Energy,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">195</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 15,341</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American Water
    Works Company, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">111</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AES
    Corp.<sup>1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">839</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,941</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Utilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">543,326</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Energy
    &#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Targa Resources
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">111</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,677</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kinder Morgan,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">779</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,023</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baker Hughes
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">492</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,623</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Williams Companies,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">366</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,418</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ONEOK, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">180</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,448</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EOG Resources,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">133</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,724</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equities Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">389</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chevron Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,488</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coterra Energy,
    Inc. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">645</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,234</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hess Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,220</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ConocoPhillips<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">159</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,196</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exxon Mobil
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,868</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Halliburton
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">514</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,376</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schlumberger
    N.V.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">370</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Phillips 66<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">118</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,810</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Diamondback
    Energy, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">89</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,806</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Valero Energy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,577</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marathon Petroleum
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,678</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Occidental
    Petroleum Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">286</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,466</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Texas Pacific
    Land Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,401</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Devon Energy
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">373</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,155</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">APA Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">603</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,658</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Solar, Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,753</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enphase Energy,
    Inc.*<sup>,1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">134</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,561</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Legacy Reserves,
    Inc.*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,359</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Permian
    Production Partners LLC*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,043</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,305</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Energy</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">413,835</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Basic Materials
    &#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">International
    Paper Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">338</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,885</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Steel Dynamics,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">133</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,321</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Air Products
    and Chemicals, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,057</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CF Industries
    Holdings, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">201</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Albemarle
    Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sherwin-Williams
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,486</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DuPont de
    Nemours, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">197</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,467</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>42 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 43 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COMMON
    STOCKS<sup>&#134; </sup>&#150; 0.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Basic Materials
    &#150; 0.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eastman Chemical
    Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">157</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 16,441</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ecolab, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,170</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nucor Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">103</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Linde plc<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,674</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Freeport-McMoRan,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">351</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,514</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FMC Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">259</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,304</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PPG Industries,
    Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,173</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mosaic Co.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">573</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,161</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">International
    Flavors &amp; Fragrances, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">159</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,526</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LyondellBasell
    Industries N.V. &#151; Class A<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,001</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dow, Inc.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">300</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,263</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Newmont Corp.<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">307</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,876</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Celanese
    Corp. &#151; Class A<sup>1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,712</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Basic Materials</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">316,541</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Common
    Stocks</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $15,981,468)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,611,647</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>PREFERRED
    STOCKS</b><sup>&#134; </sup><b>&#150; 5.5%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial &#150; 4.4%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wells Fargo
    &amp; Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">183,750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,737,475</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.90%<sup>1,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,210,609</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.70%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">148,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,994,040</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">961,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,925,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,912,646</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.30%<sup>1,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,010,018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">479,180</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman Sachs
    Group, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,057,330</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup,
    Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,866,511</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.15%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,919,425</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,708,729</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equitable
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.95%<sup>1,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,618,164</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.30%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,596,540</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Markel Group,
    Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,770,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,769,384</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kuvare US
    Holdings, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    02/17/51<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,751,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,768,824</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jackson Financial,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">152,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,175,440</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>43</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>PREFERRED
    STOCKS<sup>&#134; </sup>&#150; 5.5% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial &#150; 4.4% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lincoln National
    Corp.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.25%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 3,937,370</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Public Storage</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">144,400</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,977,528</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,400</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">308,320</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">W R Berkley
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    03/30/61</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">126,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,417,940</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    09/30/60</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,800</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">711,712</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charles Schwab
    Corp.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,762,114</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan Chase
    &amp; Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.55%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,020,180</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.20%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">780,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">512,160</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PartnerRe
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">128,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,136,320</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American Financial
    Group, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    09/15/60</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,979,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MetLife, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.85%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,820,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,787,780</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNO Financial
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13% due
    11/25/60</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,674,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assurant,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25% due
    01/15/61</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,273,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American National
    Group, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.95%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,167,940</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arch Capital
    Group Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.55%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">757,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Selective
    Insurance Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.60%<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">691,560</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corebridge
    Financial, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.38% due
    12/15/64*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,640</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">413,055</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RenaissanceRe
    Holdings Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.20%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">239,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avison Young
    (Canada), Inc.*<sup>,&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">815,493</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">203,873</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Globe Life,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    06/15/61</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">190,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Republic
    Bank<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">158,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Republic
    Bank</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13%*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,800</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82,727,684</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>44 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 45 -->
    <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 -->

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>PREFERRED
    STOCKS</b><sup>&#134; </sup><b>&#150; 5.5% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications &#150; 0.5%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AT&amp;T Mobility
    II LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.80%*<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    10,147,100</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Government
    &#150; 0.4%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CoBank ACB<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.25%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,394,517</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.13%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,270,230</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Farmer Mac</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.75%<sup>1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,821</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,916,258</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Government</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,581,005</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Energy
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Venture Global
    LNG, Inc.<sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.00%<sup>1,6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,800,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,865,347</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exide
    Technologies *<sup>,&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">761</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,036,970</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Preferred
    Stocks</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $122,594,566)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">103,358,106</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>WARRANTS<sup>&#134;
    </sup>&#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ginkgo Bioworks
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expiring
    09/16/26*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,852</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">148</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pershing Square
    SPARC Holdings, Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expiring
    12/31/49*<sup>,&#134;&#134;&#134;,3</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">318,615</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pershing Square
    Tontine Holdings, Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expiring
    07/24/25*<sup>,&#134;&#134;&#134;,3</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115,860</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Warrants</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $62,178)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">191</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>EXCHANGE-TRADED
    FUNDS***</b><sup>,&#134; </sup><b>&#150; 0.3%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPDR S&amp;P
    500 ETF Trust<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,377</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,637,362</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Invesco QQQ
    Trust Series<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,699</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,375,788</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">iShares
    Russell 2000 Index ETF<sup>1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,662</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,369,468</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Exchange-Traded
    Funds</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $3,621,145)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,382,618</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CLOSED-END
    MUTUAL FUNDS***</b><sup>,&#134; </sup><b>&#150; 1.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guggenheim
    Active Allocation Fund<sup>4</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,934,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blackstone
    Strategic Credit Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">186,741</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,336,130</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BlackRock
    Credit Allocation Income Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,289</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,023,493</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eaton Vance
    Limited Duration Income Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,764</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,441,740</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Western
    Asset High Income Opportunity Fund, Inc.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">160,170</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">637,477</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Closed-End
    Mutual Funds</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $19,897,158)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,372,840</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>45</sup></span></p>


<!-- 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 -->

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MONEY MARKET
    FUND***</b><sup>,&#134; </sup><b>&#150; 0.9%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dreyfus
    Treasury Securities Cash Management Fund &#151; Institutional Shares, 4.51%<sup>7</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,166,189</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    17,166,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Money
    Market Fund</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $17,166,189)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,166,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS</b><sup>&#134;&#134; </sup><b>&#150; 41.9%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 12.5%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Finance LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.50% due
    10/23/29<sup>&#9674;,&#134;&#134;&#134;,8</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,864,800</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dyal Capital
    Partners III</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.40% due
    06/15/40<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,179,517</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Encore Capital
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% due
    05/15/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,457,399</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.25% due
    04/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,471,313</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jane Street
    Group / JSG Finance, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.13% due
    04/30/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,411,234</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    11/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,331,291</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Wholesale Mortgage LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50%
    due 11/15/25<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,060,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,050,738</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    04/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,925,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,862,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.75% due
    06/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,389,931</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wilton RE Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00%<sup>5,6,9</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,140,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,166,723</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jefferies Finance
    LLC / JFIN Company-Issuer Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00%
    due 08/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,010,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hunt Companies, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25%
    due 04/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,325,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,936,602</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accident Fund Insurance Company
    of America</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50%
    due 08/01/32<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,934,359</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MidCap Funding XLVI Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.14%
    (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/15/27<sup>&#9674;,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,440,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,440,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Iron Mountain,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.63% due
    07/15/32<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,351,565</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Jones Deslauriers Insurance
    Management, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.50%
    due 12/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,951,373</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% due
    03/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,175,767</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corebridge
    Financial, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.88% due
    12/15/52<sup>5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,840,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,977,730</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maple Grove
    Funding Trust I</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.16% due
    08/15/51<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,621,911</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>46 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 47 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE BONDS<sup>&#134;&#134;
    </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 12.5% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OneMain Finance
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    09/15/30<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,976,262</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.13% due
    03/15/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,123,757</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.88% due
    03/15/30<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">792,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    09/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">746,292</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.63% due
    01/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">459,062</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.00% due
    01/15/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kennedy-Wilson,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    03/01/31<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,371,375</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    02/01/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,315,259</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    03/01/29<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">393,160</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alliant Holdings
    Intermediate LLC / Alliant Holdings Company-Issuer</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38% due
    10/01/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,571,392</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    10/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">690,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    01/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">431,580</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.75% due
    04/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">353,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cushman &amp;
    Wakefield US Borrower LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.75% due
    05/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,852,362</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liberty Mutual
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.30%
    due 02/01/61<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,728,308</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sherwood Financing
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00% due
    11/15/26<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,536,965</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.65% (3
    Month EURIBOR + 4.63%, Rate Floor: 4.63%) due 11/15/27<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">314,613</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.63% due
    12/15/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,796,470</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AmFam Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.83% due
    03/11/51<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,482,452</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LPL Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 03/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,172,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,964,048</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    05/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">476,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">446,789</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National Life
    Insurance Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.50%
    due 09/15/39<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,368,673</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Atlantic
    Finance Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.70% due
    10/15/51<sup>1,5,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,788,828</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.13% due
    06/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529,302</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rocket Mortgage
    LLC / Rocket Mortgage Company-Issuer, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 10/15/33<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,031,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,505,676</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    03/01/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">825,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">738,357</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RXR Realty
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.75%
    due 07/17/25<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,182,895</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PHM Group
    Holding Oy</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    06/18/26<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,090,261</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GLP Capital
    Limited Partnership / GLP Financing II, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.25% due
    01/15/32<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,838,323</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.30% due
    01/15/29<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,049,109</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hampton Roads
    PPV LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.62% due
    06/15/53<sup>&#134;&#134;&#134;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,495,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,738,882</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>47</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 12.5% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PennyMac Financial
    Services, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.13% due
    11/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,718,553</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.88% due
    12/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">898,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">UBS AG/Stamford
    CT</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.95% due
    01/09/25<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,609,777</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NatWest Group
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.47% due
    11/10/26<sup>1,5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,578,296</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Focus Financial Partners LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.75%
    due 09/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,431,792</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Host Hotels
    &amp; Resorts, LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50% due
    09/15/30<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,610,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,296,878</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ares Finance
    Company IV LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.65% due
    02/01/52<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,014,754</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Americo Life, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.45%
    due 04/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,511,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,999,594</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Toronto-Dominion Bank</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.13%
    due 10/31/82<sup>5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,994,409</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BBC Military
    Housing-Navy Northeast LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.30% due
    10/15/49<sup>2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,532,391</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HUB International
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.63% due
    12/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,434,601</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of Nova
    Scotia</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.63% due
    10/27/82<sup>1,5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,292,005</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kane Bidco Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00%
    due 02/15/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,164,292</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nationstar Mortgage Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00%
    due 02/01/26<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,180,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,162,294</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lincoln National Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38%
    due 06/15/50<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,560,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,080,082</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Farmers Insurance
    Exchange</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    10/15/64<sup>1,5,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,920,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,015,098</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VFH Parent
    LLC / Valor Company-Issuer, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50% due
    06/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,856,408</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First American
    Financial Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    05/15/30<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,740,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,639,019</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coller Capital
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 09/25/36<sup>&#134;&#134;&#134;,16</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,427,937</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,427,937</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allianz SE</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50%<sup>5,6,9</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,344,209</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OneAmerica
    Financial Partners, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25%
    due 10/15/50<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,730,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,327,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weyerhaeuser Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.88%
    due 12/15/33<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,225,943</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>48 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 49 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 12.5% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ryan Specialty
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    02/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,044,143</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USI, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50% due
    01/15/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">970,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">987,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">QBE Insurance
    Group Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.88%<sup>1,5,6,9</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">949,832</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pershing Square
    Holdings Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.25% due
    10/01/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">918,905</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reinsurance
    Group of America, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.15% due
    06/15/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">915,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PartnerRe
    Finance B LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    10/01/50<sup>5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">881,489</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ardonagh Finco
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.75% due
    02/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">867,821</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Galaxy Bidco
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.06% (3
    Month EURIBOR + 5.00%, Rate Floor: 5.00%) due 07/31/26<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">791,090</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prudential
    Financial, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13% due
    03/01/52<sup>5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">674,055</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fort Moore
    Family Communities LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.09% due
    01/15/51<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">680,358</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">611,160</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pacific Beacon
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.63% due
    07/15/51<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">654,588</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">597,051</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Macquarie
    Bank Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.62% due
    06/03/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">640,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">589,997</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assurant,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    03/27/48<sup>5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">411,179</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fort Gordon
    Housing LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.32% due
    05/15/51<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">190,408</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Atlas Mara
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    12/31/21<sup>&#134;&#134;&#134;,10</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">180,783</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#150;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">232,662,110</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 5.6%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Medline Borrower,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25% due
    10/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,076,760</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    04/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,875,053</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BCP V Modular
    Services Finance II plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.13% due
    10/30/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 4,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,177,491</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    10/30/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,596,841</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cheplapharm
    Arzneimittel GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    01/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,945,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,676,034</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bausch Health Companies, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88%
    due 06/01/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,025,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,641,228</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>49</sup></span></p>


<!-- Field: Page; Sequence: 50 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 5.6% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Williams Scotsman,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    08/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,675,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 3,536,656</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.13% due
    06/15/25<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,683,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,678,793</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">US Foods,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    06/01/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,381,487</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    02/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,170,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CPI CG, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.00% due
    07/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,549,340</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Altria Group,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.70% due
    02/04/51<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,358,110</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reynolds American,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.70% due
    08/15/35<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,264,832</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JBS USA Holding
    Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    02/02/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,758,146</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Post Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    09/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,925,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,574,268</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Upbound Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.38%
    due 02/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,554,118</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sotheby&#146;s</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38%
    due 10/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,399,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,361,075</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AZ Battery Property LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.73%
    due 02/20/46<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,025,058</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DaVita, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    06/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,779,694</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75% due
    02/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,061,345</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acadia Healthcare
    Company, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    04/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,256,623</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    07/01/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">533,835</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Neogen Food
    Safety Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.63% due
    07/20/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,639,147</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avantor Funding,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    07/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,642,447</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    11/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">925,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">858,959</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sotheby&#146;s/Bidfair
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.88% due
    06/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,468,366</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Castor S.p.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.73%
    (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,355,252</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Verisure Holding
    AB</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    05/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,139,766</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Option Care
    Health, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    10/31/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,275,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,113,245</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ADT Security Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13%
    due 08/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">983,725</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88% due
    07/15/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">930,759</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>50 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 51 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 5.6% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nobel Bidco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.13% due
    06/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,755,344</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">APi Group
    DE, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    10/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,225,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,173,755</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    07/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">371,702</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royalty Pharma
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.55% due
    09/02/50</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,479,475</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HealthEquity,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    10/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,468,589</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sammontana Italia S.p.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.97%
    (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 10/15/31<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,278,582</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Grifols S.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    10/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,231,669</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TreeHouse Foods, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 09/01/28<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,040,504</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Perrigo Finance
    Unlimited Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.38% due
    09/30/32</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">976,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Central Garden
    &amp; Pet Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    10/15/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576,442</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    04/30/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">362,338</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carriage Services,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    05/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">925,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">854,617</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMN Healthcare,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    10/01/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">693,686</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Valvoline, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.63%
    due 06/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">760,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">660,975</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Catalent Pharma
    Solutions, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50% due
    04/01/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">615,419</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prestige Brands, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75%
    due 04/01/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">269,040</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Darling Ingredients,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00% due
    06/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">249,129</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WW International,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    04/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,456</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nidda Healthcare Holding</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50%
    due 08/21/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 115,604</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Albertsons Companies Incorporated
    / Safeway Inc / New Albertsons</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Limited
    Partnership / Albertsons LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.88%
    due 02/15/28<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99,424</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Consumer, Non-cyclical</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104,521,226</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 5.4%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Delta Air
    Lines, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    05/01/25<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,535,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,602,674</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>51</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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE BONDS<sup>&#134;&#134;
    </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 5.4% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Suburban Propane
    Partners Limited Partnership/Suburban Energy Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.88% due
    03/01/27<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,210,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 3,191,245</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    06/01/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,637,810</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Penn Entertainment,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    07/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,925,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,484,350</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Evergreen
    Acqco 1 Limited Partnership / TVI, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.75%
    due 04/26/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,066,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,280,656</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crocs, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25%
    due 03/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,188,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,960,291</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    08/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,228,754</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wabash National
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    10/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,042,241</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Delta Air
    Lines, Inc. / SkyMiles IP Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75%
    due 10/20/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,923,374</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wolverine
    World Wide, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 08/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,917,545</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allwyn Entertainment
    Financing UK plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.88% due
    04/30/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,874,373</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fertitta Entertainment
    LLC / Fertitta Entertainment Finance Company, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    01/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,852,116</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Station Casinos
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63%
    due 12/01/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,795,475</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Live Nation
    Entertainment, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50%
    due 05/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,399,397</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Air Canada</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63%
    due 08/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAD 2,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,049,742</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    08/15/26<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">825,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">804,863</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Air Canada
    Class A Pass Through Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25%
    due 04/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,820,518</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,819,638</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Clarios Global
    Limited Partnership / Clarios US Finance Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% due
    05/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,663,759</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PetSmart,
    Inc. / PetSmart Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75%
    due 02/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,939</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scotts Miracle-Gro
    Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 04/01/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,919,523</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38%
    due 02/01/32</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">626,620</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Walgreens
    Boots Alliance, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.10%
    due 04/15/50<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,477,095</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Airlines,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    04/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,575,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,474,741</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JB Poindexter
    &amp; Company, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.75%
    due 12/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,270,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,409,335</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ontario Gaming
    GTA Limited Partnership/OTG Company-Issuer, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00%
    due 08/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,217,220</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>52 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 53 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE BONDS<sup>&#134;&#134;
    </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 5.4% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yum! Brands,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    01/31/32<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,987,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,868,705</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ritchie Bros
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.75% due
    03/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,850,884</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Superior Plus
    Limited Partnership / Superior General Partner, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    03/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,842,527</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hanesbrands,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.00% due
    02/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,612,323</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88% due
    05/15/26<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">225,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221,921</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HP Communities
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.82% due
    09/15/53<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">907,609</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">902,412</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.16% due
    09/15/53<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">811,374</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wyndham Hotels
    &amp; Resorts, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    08/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,557,117</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ONE Hotels
    GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.75%
    due 04/02/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,474,019</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1011778 BC
    ULC / New Red Finance, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    01/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">808,930</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    10/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">658,404</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boyne USA,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    05/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,195,339</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hilton Domestic
    Operating Company, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.63% due
    02/15/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,190,301</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deuce FinCo
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    06/15/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,115,666</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tempur Sealy
    International, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    10/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">620,344</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    04/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">464,898</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allison Transmission,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75% due
    01/30/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">988,730</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ferrellgas
    Limited Partnership / Ferrellgas Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.38%
    due 04/01/26<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">975,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">966,114</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scientific
    Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.63% due
    03/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">826,767</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AccorInvest
    Group S.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.38% due
    10/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">661,713</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Six Flags
    Theme Parks, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    07/01/25<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">531,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">530,781</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Velocity Vehicle
    Group LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00% due
    06/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">370,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">386,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Airlines
    Class AA Pass Through Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.45% due
    12/01/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">390,593</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">375,124</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Superior Plus,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    05/18/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAD 350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235,086</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>53</sup></span></p>


<!-- 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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 5.4% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aramark Services,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    02/01/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 107,698</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exide Technologies</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    10/31/24<sup>&#134;&#134;&#134;,10</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,353,687</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Consumer, Cyclical</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101,527,236</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 5.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AP Grange
    Holdings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50% due
    03/20/45<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,194,639</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,362,558</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    03/20/45<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,260,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New Enterprise
    Stone &amp; Lime Company, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.75% due
    07/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,717,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,891,782</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25% due
    07/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,025,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,960,761</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Standard Industries,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    07/15/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,558,063</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.38% due
    01/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">966,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IP Lending
    X Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.75% due
    07/02/29<sup>&#134;&#134;&#134;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,765,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,765,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Homestead
    Spe Issuer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.21% due
    04/01/55</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,500,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Great Lakes
    Dredge &amp; Dock Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25% due
    06/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,172,177</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Builders FirstSource, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.38%
    due 06/15/32<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,555,532</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    02/01/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,675,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,525,814</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Calderys Financing
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.25% due
    06/01/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,737,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,014,663</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enviri Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.75% due
    07/31/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,624,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,482,175</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Waste Pro USA, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50%
    due 02/15/26<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,370,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,364,809</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mauser Packaging
    Solutions Holding Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.88% due
    04/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,875,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,919,431</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.25% due
    04/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,023,597</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Clearwater
    Paper Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    08/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,547,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,389,119</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Artera Services LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50%
    due 02/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,384,782</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GrafTech Global Enterprises,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.88%
    due 12/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,373,183</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GrafTech Finance,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    12/15/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,860,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,134,431</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SCIL IV LLC / SCIL USA Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.50%
    due 07/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,044,115</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>54 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 55 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 5.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Howmet Aerospace,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.00% due
    01/15/29<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,175,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,096,891</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.95% due
    02/01/37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">875,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">928,015</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AmeriTex HoldCo
    Intermediate LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.25% due
    10/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,022,512</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ardagh Metal
    Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    09/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,997,912</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Summit Materials LLC / Summit
    Materials Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25%
    due 01/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,775,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,789,046</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Brundage-Bone Concrete Pumping
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00%
    due 02/01/26<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,621,047</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deuce FinCo
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    06/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,487,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.23% (3
    Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 06/15/27<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TK Elevator
    US Newco, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.25% due
    07/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,526,558</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cellnex Finance
    Company S.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    07/07/41<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,399,436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Worldpay US,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% due
    01/15/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,023,534</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amsted Industries,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    05/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">896,502</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ball Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.13% due
    09/15/31<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">875,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">765,338</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GATX Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    06/30/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">560,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">535,556</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TopBuild Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    02/15/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">359,571</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arcosa, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    04/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">331,738</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EnerSys</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    12/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">325,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">310,310</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hillenbrand,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75% due
    03/01/31<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">222,013</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MIWD Holdco
    II LLC / MIWD Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    02/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119,983</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enpro, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.75% due
    10/15/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">114,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vertical Midco
    GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38%
    due 07/15/27</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR
    100,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105,057</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,408,316</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>55</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE BONDS<sup>&#134;&#134;
    </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications
    &#150; 4.7%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">McGraw-Hill
    Education, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00% due
    08/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 6,360,203</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.75% due
    08/01/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,525,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,452,445</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Altice France
    S.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50%
    due 10/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,175,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,286,106</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13% due
    07/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,025,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,305,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.13% due
    02/01/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,092,484</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cogent Communications
    Group LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    06/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,611,328</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VZ Secured
    Financing B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00%
    due 01/15/32<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,121,437</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">British Telecommunications
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88%
    due 11/23/81<sup>1,5,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,143,615</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    11/23/81<sup>1,5,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">920,438</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Outfront Media
    Capital LLC / Outfront Media Capital Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    01/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,399,111</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paramount
    Global</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.95%
    due 05/19/50<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,390,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,121,626</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sunrise FinCo
    I B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88% due
    07/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,177,036</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMC Networks,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25%
    due 02/15/29<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,622,817</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.25% due
    01/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,169,132</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CSC Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.25% due
    05/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,721,222</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    12/01/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,913,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,068,711</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corning, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38%
    due 11/15/57<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,371,075</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vodafone Group
    plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13% due
    06/04/81<sup>1,5</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,194,701</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LCPR Senior
    Secured Financing DAC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.75%
    due 10/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,974,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,796,429</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13% due
    07/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">980,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">804,425</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level 3 Financing,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88%
    due 10/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,196,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    04/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">475,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.00% due
    11/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">347,164</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">394,474</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sirius XM
    Radio, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88% due
    09/01/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,991,021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ciena Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 01/31/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,979,939</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CCO Holdings
    LLC / CCO Holdings Capital Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50%
    due 06/01/33<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,225,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,062,507</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    01/15/34<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">625,345</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    05/01/32</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">325,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">287,152</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>56 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 57 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications
    &#150; 4.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rogers Communications,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.55% due
    03/15/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,865,219</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vmed O2 UK
    Financing I plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    01/31/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,225,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,061,948</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75% due
    07/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">572,628</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charter Communications
    Operating LLC / Charter Communications Operating Capital</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.90% due
    06/01/52</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,360,788</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Virgin Media
    Secured Finance plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    08/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,059,777</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zayo Group
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    03/01/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">990,104</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Match Group Holdings II LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.63%
    due 10/01/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">875,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">759,056</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ziggo B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88% due
    01/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">669,636</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ziggo Bond
    Company B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13%
    due 02/28/30<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">451,820</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Communications</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,542,785</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Energy
    &#150; 3.7%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Partners
    Limited Partnership / GLP Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00% due
    08/01/27<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,836,898</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.88% due
    01/15/29<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,980,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,988,945</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ITT Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50% due
    08/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,539,415</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Venture Global LNG, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.88%
    due 02/01/32<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,672,144</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Occidental Petroleum Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.20%
    due 03/15/40</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,149,902</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00%
    due 11/15/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,070,608</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.30%
    due 08/15/39</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,751,851</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63%
    due 06/15/45</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">591,575</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BP Capital Markets plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88%<sup>5,9</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,534,185</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NuStar Logistics,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.38% due
    10/01/30<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,792,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.63% due
    04/28/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200,394</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00% due
    06/01/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,721</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CVR Energy,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% due
    01/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,439,708</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.75% due
    02/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,987,062</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy Transfer,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38% due
    02/01/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,001,833</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TransMontaigne Partners Limited
    Partnership / TLP Finance Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.13%
    due 02/15/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,025,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,995,070</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>57</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Energy
    &#150; 3.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Parkland Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    05/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,514,454</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    10/01/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,215,207</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Buckeye Partners, LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.85%
    due 11/15/43<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,311,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EnLink Midstream
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50% due
    09/01/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,763,645</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hess Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.60%
    due 02/15/41<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,582,273</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00% due
    01/15/40<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,064,975</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expand Energy
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.38% due
    02/01/29<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,393,409</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Venture Global
    Calcasieu Pass LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    08/15/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">775,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">705,561</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Viper Energy,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38% due
    11/01/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">312,562</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.38% due
    11/01/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">198,362</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FLNG Liquefaction
    2 LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13% due
    03/31/38<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220,358</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">198,494</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Basic Energy
    Services, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    10/15/23<sup>10</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,030,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,300</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Energy</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,948,688</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Basic Materials
    &#150; 2.3%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carpenter
    Technology Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.38% due
    07/15/28<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,225,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,242,221</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.63% due
    03/15/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,590,850</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SCIL IV LLC
    / SCIL USA Holdings LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.38% due
    11/01/26<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,075,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,016,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kaiser Aluminum Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50%
    due 06/01/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,860,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,388,843</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63% due
    03/01/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">958,443</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alcoa Nederland
    Holding B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    12/15/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,620,466</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.13% due
    05/15/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,475,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,492,426</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SK Invictus
    Intermediate II SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    10/30/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,963,738</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">International
    Flavors &amp; Fragrances, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.23% due
    10/01/25<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,060,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,967,139</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WR Grace Holdings LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88%
    due 06/15/27<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,325,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,284,917</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38% due
    03/01/31<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">517,832</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Compass Minerals
    International, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.75% due
    12/01/27<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,567,341</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Basic Materials
    &#150; 2.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Illuminate
    Buyer LLC / Illuminate Holdings IV, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.00% due
    07/01/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,625,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,648,829</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arsenal AIC
    Parent LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00% due
    10/01/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,630,842</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Minerals Technologies,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    07/01/28<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,311,188</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HB Fuller
    Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25% due
    10/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,089,515</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mirabela Nickel
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    06/24/19<sup>&#134;&#134;&#134;,2,10</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,667,995</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,340</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Basic Materials</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43,303,982</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 2.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AthenaHealth
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50% due
    02/15/30<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,561,909</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cloud Software
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50% due
    03/31/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,630,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,530,666</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TeamSystem S.p.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.68%
    due 07/31/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,655,035</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50%
    due 02/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,760,606</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capstone Borrower, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00%
    due 06/15/30<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,956,541</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broadcom, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.19%
    due 11/15/36<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,617,074</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Central Parent Incorporated
    / CDK Global, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.25%
    due 06/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,417,473</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Playtika Holding Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.25%
    due 03/15/29<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,025,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,859,211</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Twilio, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.88%
    due 03/15/31<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,811,594</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dun &amp;
    Bradstreet Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    12/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,746,368</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gartner, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50% due
    07/01/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,659,564</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oracle Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.95%
    due 03/25/51<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,638,663</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dye &amp;
    Durham Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.63% due
    04/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,265,228</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amentum Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.25% due
    08/01/32<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">719,080</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Central Parent
    LLC / CDK Global II LLC / CDK Financing Company, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00% due
    06/15/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">359,207</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Booz Allen
    Hamilton, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    07/01/29<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">325,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">309,126</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>59</sup></span></p>


<!-- Field: Page; Sequence: 60 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CORPORATE
    BONDS<sup>&#134;&#134; </sup>&#150; 41.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 2.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NCR Voyix
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.13%
    due 04/15/29<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">263,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    252,580</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Technology</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,119,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Utilities
    &#150; 0.5%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Terraform
    Global Operating, LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.13% due
    03/01/26<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,255,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,253,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alexander Funding Trust II</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.47%
    due 07/31/28<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,077,735</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Clearway Energy Operating LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75%
    due 02/15/31<sup>1,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,663,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,473,028</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75%
    due 01/15/32<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">525,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">456,004</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Utilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,260,725</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Corporate
    Bonds</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $821,848,642)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">781,294,993</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674; </sup>&#150; 39.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 8.7%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pacific Bells
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.37% (3
    Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 11/10/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,828,832</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,840,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FR Refuel
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.44% (1
    Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 11/08/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,763,667</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,627,803</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MB2 Dental
    Solutions LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.07% (1
    Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,029,268</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,016,139</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.02% (3
    Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">822,828</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">808,238</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.08% (1
    Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71,134</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alexander
    Mann</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.93% (1
    Month SOFR + 6.00%, Rate Floor: 6.00%) due 06/29/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,318,280</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,138,788</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Truck Hero,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.19% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,489,664</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,440,278</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Casper Bidco
    SAS (B&amp;B Hotels)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.17% (6
    Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 03/21/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,397,974</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shaw Development
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.43% (6
    Month Term SOFR + 6.00%, Rate Floor: 6.00%) due 10/30/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,445,745</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,372,893</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">QSRP Finco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.96% (3
    Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 06/19/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,328,957</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BIFM CA Buyer,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.82% (1
    Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 05/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,090,342</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,121,020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ImageFIRST
    Holdings LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.85% (3
    Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 04/27/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,111,395</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,101,116</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Albion Financing
    3 SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50% (3
    Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 08/02/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,929,100</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>60 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 61 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 8.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crash Champions
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.27% (3
    Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 02/23/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,070,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 3,919,410</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Normec 1 B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.98% (1
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/16/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,675,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,902,552</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zephyr Bidco
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.20% (1
    Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 07/20/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,820,774</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CCRR Parent,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.03% (3
    Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,009,783</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,700,283</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Secretariat
    Advisors LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.44% (1
    Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 12/29/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,695,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,681,642</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Brands
    Group LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.85% (3
    Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/30/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,748,069</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,616,334</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thevelia US
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.10% (3
    Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 06/18/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,230,385</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.85% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/18/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,014,195</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,018,425</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alterra Mountain
    Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.63% (3
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 05/31/30<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,643,375</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,658,244</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.32% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/17/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576,872</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">580,117</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Facilities
    Group</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.56% ((3
    Month Term SOFR + 5.75%) and (6 Month Term SOFR + 5.75%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    6.75%) due 11/30/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,268,002</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,215,405</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Apro LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.37% (1
    Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,173,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NFM &amp;
    J LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.44% (3
    Month Term SOFR + 5.75%, Rate Floor: 6.75%) due 11/30/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,214,979</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,163,235</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Da Vinci Purchaser
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.50%) due 01/08/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,120,389</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,132,746</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Entain Holdings
    (Gibraltar) Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.92% (6
    Month EURIBOR + 3.25%, Rate Floor: 3.25%) due 06/30/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,916,964</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Breitling
    Financing SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.57% (6
    Month EURIBOR + 3.90%, Rate Floor: 3.90%) due 10/25/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,916,657</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seren BidCo
    AB</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.97% (3
    Month SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,786,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,802,549</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">One Hotels
    GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.78% (3
    Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 04/02/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,759,093</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PetSmart LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.42% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 02/11/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,757,375</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,753,928</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mavis Tire
    Express Services TopCo Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 05/04/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,678,577</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,698,667</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arcis Golf
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.44% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 11/24/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,663,994</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,683,974</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accuride Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.06% (1
    Month Term SOFR + 6.87%, Rate Floor: 7.87%) due 05/18/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,510,496</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,634,017</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>61</sup></span></p>


<!-- 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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom"><td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 8.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Caesars Entertainment,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.82% (1
    Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,990,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,997,463</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.82% (1
    Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">519,750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">522,188</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paint Intermediate
    III LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.52% (3
    Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 09/11/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,515,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Drive Bidco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.13% (6
    Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 07/23/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,318,787</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding Socotec
    SAS</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 06/02/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,304,784</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shilton BidCo
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.14% (3
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 01/13/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,117,096</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eagle Bidco
    Ltd. (Busy Bees)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 03/22/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,989,160</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TransNetwork
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.30% (3
    Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/30/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,909,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scientific
    Games Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.59% (3
    Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 04/04/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,843,125</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,848,654</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CNT Holdings
    I Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.09% (3
    Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 11/08/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,785,632</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,797,792</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SHO Holding
    I Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.29% (1
    Month Term SOFR + 6.50%, Rate Floor: 7.50%) due 06/30/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,144,564</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,135,938</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.79% (1
    Month Term SOFR + 2.00%, Rate Floor: 6.79%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 5.00%) due 06/30/29<sup>&#134;&#134;&#134;,11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">408,242</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">359,253</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.58% (3
    Month Term SOFR + 5.26%, Rate Floor: 6.26%) due 04/27/24<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">484,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">295,240</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accuride Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.85% (1
    Month Term SOFR + 10.00%, Rate Floor: 12.00%) due 01/23/25<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,863,698</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,774,950</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sweetwater
    Sound</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.94% (1
    Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,733,769</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,751,107</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ScribeAmerica
    Intermediate Holdco LLC (Healthchannels)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.67% (6
    Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/03/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,416,441</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,681,843</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ontario Gaming
    GTA, LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.89% (3
    Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/01/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,488,750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,492,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oil Changer
    Holding Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 02/08/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,472,045</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,449,965</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding SOCOTEC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.09% (3
    Month SOFR + 4.00%, Rate Floor: 4.75%) due 06/30/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,309,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,312,224</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Packers Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.92% (1
    Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 03/09/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,680,657</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,204,955</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fertitta Entertainment
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 01/29/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,170,735</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,172,567</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AAL Delaware
    Holdco, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/30/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,070,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,078,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Parts Holding
    Europe</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.70% (3
    Month EURIBOR + 3.50%, Rate Floor: 7.00%) due 02/03/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,060,598</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>62 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 63 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Cyclical &#150; 8.7% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dealer Tire LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07%
    (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/02/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,004,580</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bulldog Purchaser, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.85%
    (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 06/30/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">917,700</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">922,289</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PT Intermediate Holdings III
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.80%
    (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/09/30<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">913,701</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">909,132</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.35% (3
    Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 04/09/30<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,791</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,752</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Congruex Group
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.49% (3
    Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 05/03/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,173,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">903,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Elvis UK HoldCo
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.64% (3
    Month EURIBOR + 3.43%, Rate Floor: 3.43%) due 10/19/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">847,616</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Checkers Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.70% (6
    Month Term SOFR + 3.00%, Rate Floor: 8.70%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 6.00%) due 06/16/28<sup>&#134;&#134;&#134;,11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">686,003</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">686,003</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.70%
    (6 Month Term SOFR + 3.00%, Rate Floor: 8.70%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 4.00%) due 06/16/27<sup>&#134;&#134;&#134;,11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,950</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,950</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Clarios Global,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.00%
    ((1 Month EURIBOR + 3.00%) and (3 Month EURIBOR + 3.00%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    3.00%) due 07/16/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">633,030</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Secretariat
    Advisors LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.44%
    (1 Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 12/29/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">589,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">587,289</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alterra Mountain
    Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.57% (1
    Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/31/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EG Finco Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.33%
    (6 Month Term SOFR + 5.61%, Rate Floor: 5.61%) due 02/07/28</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168,017</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168,353</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Consumer, Cyclical</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163,280,768</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer, Non-cyclical &#150;
    7.9%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Southern Veterinary Partners
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.00%
    (6 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/05/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,572,105</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,622,611</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HAH Group Holding Co. LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.57%
    (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,629,678</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,547,964</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LaserAway Intermediate Holdings
    II LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.66%
    (3 Month Term SOFR + 5.75%, Rate Floor: 6.50%) due 10/14/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,499,490</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,162,013</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quirch Foods Holdings LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.89%
    (3 Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 10/27/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,777,677</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,407,006</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Women&#146;s Care Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.19%
    (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,603,188</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,262,001</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nidda Healthcare Holding GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.01%
    (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/21/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 5,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,779,050</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PlayCore</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.09%
    (3 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 02/20/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,875,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,924,255</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Florida Food Products LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.69%
    (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/18/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,558,237</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,752,292</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>63</sup></span></p>


<!-- Field: Page; Sequence: 64 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 7.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Domidep</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.75% (1
    Month EURIBOR + 4.75%, Rate Floor: 4.75%) due 10/30/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 4,656,310</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gibson Brands,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.58% (6
    Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,789,563</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,651,863</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rainbow Finco
    SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.45% (3
    Month GBP SONIA + 4.50%, Rate Floor: 4.50%) due 02/26/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,807,833</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.82% (6
    Month SOFR + 4.50%, Rate Floor: 5.25%) due 02/26/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">679,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bowtie Germany
    Bidco GMBH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.35% (3
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 08/01/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,427,885</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National Mentor
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.43% ((1
    Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    4.50%) due 03/02/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,246,806</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,197,246</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.45% (3
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/02/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">148,249</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VC GB Holdings
    I Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.37% (3
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/21/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,228,261</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,226,485</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hanger, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,163,878</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,202,935</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Curriculum
    Associates LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.46% (1
    Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 01/27/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,186,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blue Ribbon
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.85% (3
    Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,798,297</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,064,606</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Celeste Bidco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.60% (3
    Month EURIBOR + 4.50%, Rate Floor: 4.50%) due 07/22/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,981,720</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Midwest Veterinary
    Partners LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.39% (3
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 04/27/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,890,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,886,788</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Osmosis Holdings
    Australia II Pty Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.16% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,740,625</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,768,493</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Heritage Grocers
    Group LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.45% (3
    Month Term SOFR + 6.75%, Rate Floor: 7.50%) due 08/01/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,791,960</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,696,478</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AI Monet (Luxembourg)
    Parentco SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.25% (3
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/06/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,434,066</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cambrex Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.17% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 12/04/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,384,637</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,383,419</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balrog Acquisition,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.28% (3
    Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,011,875</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,011,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Weber-Stephen
    Products LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.94% (1
    Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 10/30/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,990,679</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,834,924</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lyons Magnus</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.34% (3
    Month Term SOFR + 6.75%, Rate Floor: 6.75%) due 05/10/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,532,796</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,454,710</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Chefs&#146;
    Warehouse, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/23/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,383,333</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,383,333</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Outcomes Group
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82% (3
    Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 05/06/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,144,625</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,161,600</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Artemis Acquisitions
    UK Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.97% (3
    Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 07/04/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,127,367</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>64 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 65 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer,
    Non-cyclical &#150; 7.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Confluent Health LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.69%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/30/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,146,586</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,087,555</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IVI America LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.10%
    (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 04/09/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,044,875</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,059,782</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Stars UK Bidco Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.12%
    (2 Month EURIBOR + 3.45%, Rate Floor: 3.45%) due 08/09/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,015,638</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aenova Holding Gmbh</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.14%
    (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 08/22/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,725,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,832,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Artisan Newco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.10%
    (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 02/12/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,799,658</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Summit Behavioral Healthcare
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.76%
    (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 11/24/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,794,924</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,616,921</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eyecare Partners LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.33%
    (3 Month Term SOFR + 1.00%, Rate Floor: 5.72%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 3.61%) due 11/30/28<sup>11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,482,776</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,107,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.37% (3
    Month Term SOFR + 5.75%, Rate Floor: 5.75%) due 08/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350,691</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">352,227</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Midwest Physician
    Administrative Services</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.87% (3
    Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,270,870</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,191,047</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financiere
    N</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.60% (3
    Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 01/22/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,060,598</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Resonetics
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.37% (3
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/18/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,008,610</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financiere
    Mendel</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.77% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 11/08/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">920,375</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">925,363</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balrog Acquisition,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.78% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 09/05/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">706,045</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">709,222</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Snacking Investments
    US LLC (Arnott&#146;s)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.57% (1
    Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 12/18/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">455,207</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">456,801</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Moran Foods
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.95% (3
    Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 06/30/26<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,831,844</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">444,561</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Confluent
    Medical Technologies, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.85% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 02/16/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">401,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TGP Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.92% (1
    Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/29/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">376,573</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">355,123</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Triton Water
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.12% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 03/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221,003</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">222,508</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Surgery Center
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.34%
    (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 12/19/30</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124,375</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,252</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Consumer, Non-cyclical</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">146,604,710</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial &#150; 7.3%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capstone Acquisition Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.17%
    (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,359,612</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,313,745</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>65</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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 7.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arcline FM
    Holdings, LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.31% ((3
    Month Term SOFR + 4.50%) and (6 Month Term SOFR + 4.50%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    5.25%) due 06/23/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,099,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 7,131,197</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Webhosting
    Solutions B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 10/31/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 5,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,239,169</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Merlin Buyer,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.60% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,875,625</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.35% (3
    Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/14/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,088,945</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,080,778</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charter Next
    Generation Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.65% (1
    Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 12/01/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,644,679</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,685,344</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Integrated
    Power Services Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.19% (1
    Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 11/22/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,635,130</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,621,951</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Engineering
    Research And Consulting LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.51% (3
    Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,588,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fugue Finance
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.25% (3
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/26/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,194,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,209,861</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.16% (3
    Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 01/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,125,254</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FCG Acquisitions,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.44% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 03/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,297,789</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,325,983</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Michael Baker
    International LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.32% (1
    Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 12/01/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,309,884</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,320,658</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NA Rail Hold
    Co. LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.87% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.25%) due 10/19/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,195,497</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,237,452</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boluda Towage
    S.L.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.41% (3
    Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 01/31/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,950,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,192,826</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foundation
    Building Materials Holding Company LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.59% ((1
    Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    4.00%) due 01/29/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,129,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,069,665</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inspired Finco
    Holdings Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.98% (1
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/28/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,707,031</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.98% (1
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,324,097</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pelican Products,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.12% (3
    Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,463,380</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,987,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">STS Operating,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.67% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,980,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,986,647</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">American Bath
    Group LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.42% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 11/23/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,015,736</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,938,915</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dispatch Terra
    Acquisition LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.00% (3
    Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,099,689</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,905,815</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CPM Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.17% (1
    Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 09/28/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,833,062</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,724,778</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DG Investment
    Intermediate Holdings 2, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.44% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 03/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,424,702</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,455,730</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ASP Dream
    Acquisiton Co. LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.92% (1
    Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,231,393</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,251,589</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>66 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 67 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 7.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PointClickCare
    Technologies, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/11/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 3,018,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aegion Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.32% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 05/17/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,991,534</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,008,974</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Anchor Packaging
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.32% (1
    Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/18/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,571,426</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,585,209</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Service Logic
    Acquisition, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.09% ((1
    Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    4.25%) due 10/29/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,485,288</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,507,034</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Savage Enterprises
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.57% (1
    Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 09/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,399,787</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,406,530</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bleriot US
    Bidco LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.85% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/31/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,315,531</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,327,479</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mauser Packaging
    Solutions Holding Co.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.59% (3
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/15/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,280,559</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,293,581</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Atlantic Aviation</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 09/22/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,161,665</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,173,079</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cognita Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.82% (1
    Month SOFR + 4.00%, Rate Floor: 4.50%) due 09/30/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,022,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DXP Enterprises,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.32% (3
    Month Term SOFR + 4.21%, Rate Floor: 5.21%) due 10/11/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,984,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,007,659</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">White Cap
    Supply Holdings LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82% (1
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,968,241</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,978,240</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Artera Services
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.10% (3
    Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/15/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,741,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,715,863</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LBM Acquisition
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.47% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,640,888</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,617,587</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OptiGroup</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.33% (1
    Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 03/16/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,535,638</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ProAmpac PG
    Borrower LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.60% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 09/15/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,317,131</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,320,016</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">API Holdings
    III Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.60% (3
    Month Term SOFR + 1.00%, Rate Floor: 5.60%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 6.00%) due 05/07/27<sup>11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,657,656</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,254,298</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ILPEA Parent,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.58% (1
    Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 06/22/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,240,211</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,238,661</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Spring Education
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.60% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/04/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,191,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,196,955</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Solis IV B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.01% (3
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/26/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,060,408</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Valcour Packaging
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.50% (1
    Month Term SOFR + 1.50%, Rate Floor: 1.50%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 2.25%) due 10/04/28<sup>11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">436,227</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">382,135</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.88% (1
    Month Term SOFR + 5.25%, Rate Floor: 5.25%) due 10/04/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">360,023</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">363,263</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>67</sup></span></p>


<!-- 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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674; </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 7.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TK Elevator
    Midco GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.98%
    (1 Month EURIBOR + 3.00%, Rate Floor: 3.00%) due 01/29/27<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 516,693</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 525,795</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Berlin Packaging LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.41%
    ((1 Month Term SOFR + 3.75%) and (3 Month Term SOFR + 3.75%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    3.75%) due 06/07/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">468,825</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">471,141</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sundyne (Star US Bidco)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.32%
    (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 03/17/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">466,869</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">470,370</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Osmose Utility Services, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.94%
    (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">293,939</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">294,798</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Park River
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.10%
    (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">233,929</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">231,084</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">API Holdings III Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.60%
    (3 Month Term SOFR + 1.00%, Rate Floor: 5.60%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 6.00%) due 03/25/27<sup>&#134;&#134;&#134;,11</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124,835</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122,276</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Industrial</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135,429,204</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 6.8%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Visma AS</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38%
    (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 12/05/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 7,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,107,038</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avalara, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.85%
    (3 Month Term SOFR + 6.25%, Rate Floor: 7.00%) due 10/19/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,935,237</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Datix Bidco
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.20% (1
    Month GBP SONIA + 5.50%, Rate Floor: 5.50%) due 04/25/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 3,920,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,950,734</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.93% (6
    Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 04/30/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,110,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,101,758</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.12% (1
    Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 10/25/30<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.12% (1
    Month Term SOFR + 5.50%, Rate Floor: 6.00%) due 10/25/30<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 52,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,888</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Polaris Newco
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.27% ((3
    Month Term SOFR + 3.50%) and (Commercial Prime Lending</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate + 2.50%),
    Rate Floor: 3.50%) due 06/04/26<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,939,200</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,714,772</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Finastra</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.18%
    (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,875,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,840,500</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boxer Parent
    Co., Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.34% (3
    Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/30/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,497,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,526,104</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Concorde Lux</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.09% (6
    Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/01/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,252,725</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,478,977</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Precise Midco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.97% (3
    Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 11/15/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,117,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,363,227</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Team.Blue
    Finco SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.05% (3
    Month EURIBOR + 3.70%, Rate Floor: 3.70%) due 09/30/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,338,469</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Modena Buyer
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.10% (3
    Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,249,950</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blackhawk
    Network Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.57% (1
    Month Term SOFR + 5.00%, Rate Floor: 6.00%) due 03/12/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,179,525</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,216,430</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DS Admiral
    Bidco LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.82% (1
    Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,202,000</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>68 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 69 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 6.8% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leia Finco
    US LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.89% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/02/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 4,200,210</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wrench Group
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.87% (3
    Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 10/30/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,124,652</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,095,450</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bock Capital
    Bidco B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.85% (3
    Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 06/29/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,997,147</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Apttus Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.09% (3
    Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 05/08/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,897,938</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,925,964</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pushpay USA,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.10% (3
    Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 08/15/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,759,375</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sitecore Holding
    III A/S</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.39% (3
    Month Term SOFR + 7.00%, Rate Floor: 11.64%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 0.75%) due 03/12/29<sup>&#134;&#134;&#134;,11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,109,667</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,092,752</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.76% (3
    Month EURIBOR + 7.00%, Rate Floor: 10.01%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 0.75%) due 03/12/29<sup>&#134;&#134;&#134;,11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,549,744</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,624,386</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Xerox Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.59% ((1
    Month Term SOFR + 4.00%) and (3 Month Term SOFR + 4.00%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    4.50%) due 11/17/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,416,875</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,411,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Central Parent
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.85% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 07/06/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,206,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,208,110</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TSG Solutions
    Holding</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.81% (3
    Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/30/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,964,142</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Project Ruby
    Ultimate Parent Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.05% (3
    Month Term SOFR + 3.36%, Rate Floor: 4.11%) due 03/10/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,219,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,229,798</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.30% (3
    Month Term SOFR + 3.61%, Rate Floor: 3.61%) due 03/10/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">447,750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">448,592</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.72% (1
    Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/10/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,531</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">isolved, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.84% (3
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/15/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,687,265</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,706,613</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Planview Parent,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.35% (3
    Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 12/17/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,643,375</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,653,288</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indicor LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.85% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 11/22/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,561,195</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,572,413</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Epicor Software</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 05/30/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,409,111</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,426,360</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aston FinCo
    SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.94% (1
    Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 10/09/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,619,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,552,796</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.47% (1
    Month GBP SONIA + 4.75%, Rate Floor: 4.75%) due 10/09/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 387,055</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">453,111</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alteryx, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.07% (1
    Month Term SOFR + 6.50%, Rate Floor: 7.25%) due 03/19/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,844,444</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,844,444</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Azalea TopCo</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.09% (1
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 04/30/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,755,880</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Atlas CC Acquisition
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.03% (3
    Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 05/25/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,470,057</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,590,543</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dye &amp;
    Durham Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.95% (3
    Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,435,714</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,439,907</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>69</sup></span></p>


<!-- 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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technology
    &#150; 6.8% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Azurite Intermediate
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.07%
    (1 Month Term SOFR + 6.50%, Rate Floor: 7.25%) due 03/19/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,268,056</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,268,056</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Conair Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.44% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,411,446</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,262,242</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CoreLogic,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.19% (1
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 06/02/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,245,236</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,237,254</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VS Buyer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.86% (1
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/12/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,122,188</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,131,305</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Upland Software,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.42% (1
    Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 08/06/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,077,538</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Redhalo Midco
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.58% (3
    Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 03/24/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,060,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Waystar Technologies,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.32% (1
    Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/22/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,052,140</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,057,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BEP Intermediate
    Holdco LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.84% (1
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/25/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">897,750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">904,483</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Polaris Newco
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.85% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">632,429</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">634,693</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SUSE</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.83% (1
    Month SOFR + 4.00%, Rate Floor: 4.50%) due 11/09/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">497,503</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500,304</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Finastra USA,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.18%
    (3 Month Term SOFR + 7.25%, Rate Floor: 8.25%) due 09/13/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117,913</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,296</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Technology</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127,470,047</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial &#150; 5.3%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eisner Advisory Group</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.57%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,386,731</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,437,722</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Higginbotham Insurance Agency,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.08%
    (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,041,267</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,980,436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.32% (1
    Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 11/24/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">173,886</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">172,571</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HighTower
    Holding LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.07% (3
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/21/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,956,751</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,026,373</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Claudius Finance
    Parent SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.59% (3
    Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/10/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 4,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,916,943</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nexus Buyer
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.57% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/31/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,722,721</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,730,277</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Orion Advisor
    Solutions, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.34% (3
    Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 09/24/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,637,398</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asurion LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.92% (1
    Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,897,045</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,910,958</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.82% (1
    Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">698,978</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cobham Ultra
    SeniorCo SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.24% (6
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,662,183</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,590,572</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kestra Advisor
    Services Holdings A, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.51% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/22/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,538,625</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,574,934</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>70 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 71 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 5.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AqGen Island
    Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.19%
    (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 08/02/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,167,031</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 4,193,075</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Howden Group Holdings Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00%
    (1 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 02/15/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 3,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,972,290</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Duff &amp; Phelps</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.35%
    (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 04/09/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,989,417</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,928,998</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.35%
    (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 04/09/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,727,448</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,777,698</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tegra118 Wealth
    Solutions, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.52%
    (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,720,855</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,559,928</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Claros Mortgage Trust, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.17%
    (1 Month Term SOFR + 4.50%, Rate Floor: 5.00%) due 08/09/26<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,421,611</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,318,962</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aretec Group,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.57% (1
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,168,040</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,186,256</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Franchise
    Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.39% (3
    Month Term SOFR + 4.75%, Rate Floor: 5.50%) due 03/10/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,138,370</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,302,713</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.74% (1
    Month Term SOFR + 9.00%, Rate Floor: 10.00%) due 04/30/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">661,541</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">654,925</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cross Financial
    Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82% (1
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/24/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,821,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assetmark
    Financial Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.60% (3
    Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 09/05/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,620,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,634,751</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cervantes
    Bidco S.L.U.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 06/13/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,552,840</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Apex Group
    Treasury LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.08% (6
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 07/27/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,308,464</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,329,633</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Navacord,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82% (3
    Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/15/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,840,750</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,846,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OEG Borrower
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.36% (3
    Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/30/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,754,375</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ardonagh Midco
    3 plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.90% (6
    Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 02/16/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,616,867</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,595,218</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ardonagh Midco
    3 plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.52% ((3
    Month Term SOFR + 3.75%) and (6 Month Term SOFR + 3.75%),</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rate Floor:
    3.75%) due 02/15/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,550,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,563,562</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Saphilux SARL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.01% (6
    Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 07/18/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,339,250</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,344,272</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sandy Bidco
    B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.82% (6
    Month EURIBOR + 3.60%, Rate Floor: 3.60%) due 08/17/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,155,767</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Blue
    Acquisition B.V.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.51% (6
    Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 12/05/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,057,661</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avison Young
    (Canada), Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.21%
    (3 Month Term SOFR + 8.00%, Rate Floor: 10.00%) due 03/12/29</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,104,676</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">818,731</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99,045,942</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>71</sup></span></p>


<!-- 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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674;
    </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications
    &#150; 1.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FirstDigital Communications
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.94%
    (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/17/26<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,920,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 7,741,201</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Syndigo LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.28% (3
    Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 12/15/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,439,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,439,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Speedster
    Bidco GMBH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 10/17/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,482,071</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 10/17/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,405,838</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Simon &amp;
    Schuster</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.60% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/30/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,487,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,502,002</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cengage Learning,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.92% (3
    Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 03/24/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,691,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,697,691</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Xplore, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.20% (1
    Month Term SOFR + 1.50%, Rate Floor: 1.50%) due 10/24/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,087,432</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">872,664</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.70% (1
    Month Term SOFR + 2.50%, Rate Floor: 7.20%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 3.50%) due 10/23/29<sup>11</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">302,811</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">298,269</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">McGraw Hill
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.60% (3
    Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 08/06/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">668,367</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">676,361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Titan AcquisitionCo
    New Zealand Ltd. (Trade Me)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.87%
    (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 10/18/28</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">438,750</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">439,299</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Communications</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,554,396</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Basic Materials &#150; 1.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Illuminate Buyer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.19%
    (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/31/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,283,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,303,497</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pregis TopCo Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.57%
    (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 07/31/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,125,391</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,144,924</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TPC Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 11/22/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,015,688</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vector WP Holdco, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.69%
    (1 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 10/12/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,029,338</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,999,044</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Eden S.A.S.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.35%
    (3 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 06/22/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 2,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,223,550</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Discovery Purchaser Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.95%
    (3 Month Term SOFR + 4.38%, Rate Floor: 4.88%) due 10/04/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,685,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,693,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NIC Acquisition Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.62%
    (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,043,229</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">933,252</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Arsenal AIC Parent LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.82%
    (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/18/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">891,028</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">898,602</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pregis TopCo LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.69%
    (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 07/31/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">649,900</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">652,337</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schur Flexibles GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.66%
    (6 Month EURIBOR + 5.50%, Rate Floor: 5.50%) due 09/28/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 312,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">193,992</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vantage Specialty Chemicals,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.35%
    (1 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 10/26/26</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123,741</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123,895</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Basic Materials</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,181,970</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>72 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 73 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR
    FLOATING RATE INTERESTS<sup>&#134;&#134;,&#9674; </sup>&#150; 39.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Energy
    &#150; 0.7%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BANGL LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.09% (3
    Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 02/01/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,524,075</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 7,599,315</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Par Petroleum
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.33% (3
    Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,841,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,811,882</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Venture Global
    Calcasieu Pass LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.55% (1
    Month Term SOFR + 2.88%, Rate Floor: 3.88%) due 08/19/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">761,233</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">759,330</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AL GCX Holdings
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.38% (1
    Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 05/17/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">666,566</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">669,273</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Permian Production
    Partners LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.69% (1
    Month Term SOFR + 6.00%, Rate Floor: 10.69%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(in-kind
    rate was 2.00%) due 11/24/25<sup>11</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">223,565</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221,329</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Energy</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,061,129</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Utilities
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Franklin Energy
    (KAMC Holdings, Inc.)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.78%
    (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/14/26</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,567,500</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,538,439</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Senior
    Floating Rate Interests</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $741,145,895)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">727,166,605</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSET-BACKED
    SECURITIES<sup>&#134;&#134; </sup>&#150; 20.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Collateralized Loan Obligations
    &#150; 8.9%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Palmer Square
    Loan Funding Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-1A D,
    9.65% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/30<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,772,957</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-3A D,
    9.88% (3 Month Term SOFR + 5.26%, Rate Floor: 5.26%) due 07/20/29<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,018,312</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-3A CR,
    7.66% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/31<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,515,871</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-2A D,
    9.78% (3 Month Term SOFR + 5.26%, Rate Floor: 5.26%) due 05/20/29<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,005,078</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Madison Park
    Funding LIII Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-53A
    E, 10.62% (3 Month Term SOFR + 6.00%, Rate Floor: 6.00%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 04/21/35<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,646,442</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIFC Funding
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-4RA
    DR, 11.91% (3 Month Term SOFR + 7.26%, Rate Floor: 7.00%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 01/17/35<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,952,313</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-3A E,
    11.89% (3 Month Term SOFR + 7.27%, Rate Floor: 7.27%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 04/21/35<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,020,519</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boyce Park
    CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-1A E, 10.87% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%)
due 04/21/35<sup>&#9674;,6 </sup></span></td>
    <td style="text-align: right; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,065,058</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fortress Credit
    Opportunities IX CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-9A DR,
    8.87% (3 Month Term SOFR + 4.21%, Rate Floor: 3.95%) due 10/15/33<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,058,761</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fontainbleau
    Vegas</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.27% (1
    Month Term SOFR + 5.65%, Rate Floor: 5.65%) due 01/31/26<sup>&#9674;,&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,500,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XLIV LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-5A C,
    8.86% (3 Month Term SOFR + 4.20%, Rate Floor: 4.20%) due 01/15/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,038,174</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XLII LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-3A C,
    8.80% (3 Month Term SOFR + 4.15%, Rate Floor: 4.15%) due 09/13/35<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,842,547</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>73</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSET-BACKED
    SECURITIES<sup>&#134;&#134; </sup>&#150; 20.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Collateralized Loan Obligations
    &#150; 8.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carlyle Global
    Market Strategies</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-1A E,
    12.01% (3 Month Term SOFR + 7.35%, Rate Floor: 7.35%) due 04/15/35<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 5,503,187</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XLV LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-1A D,
    9.66% (3 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 04/15/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,146,728</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FS Rialto
    Issuer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-FL9
    C, 7.50% (1 Month Term SOFR + 2.64%, Rate Floor: 2.65%) due 10/19/39<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,100,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,085,012</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ares Direct
    Lending CLO 2 LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-2A D,
    8.50% (3 Month Term SOFR + 3.90%, Rate Floor: 3.90%) due 10/20/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,902,342</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Owl Rock CLO
    I LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-1A C,
    8.77% (3 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 02/20/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,684,670</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Neuberger
    Berman Loan Advisers CLO 57 Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-57A
    SUB, (WAC) due 10/24/38<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,230,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,606,061</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Neuberger
    Berman Loan Advisers CLO 47 Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-47A E, 10.90% (3 Month Term SOFR + 6.25%, Rate Floor: 6.25%)
due 04/14/35<sup>&#9674;,6 </sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,262,438</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GoldenTree
    Loan Management US CLO 1 Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-9A DR,
    7.97% (3 Month Term SOFR + 3.35%, Rate Floor: 3.35%) due 04/20/37<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,491,449</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ACRES Commercial
    Realty Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-FL2
    C, 7.38% (1 Month Term SOFR + 2.76%, Rate Floor: 2.76%) due 01/15/37<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,710,903</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-FL2
    D, 7.83% (1 Month Term SOFR + 3.21%, Rate Floor: 3.21%) due 01/15/37<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,667,868</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XLVI, LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-2A D,
    9.61% (3 Month Term SOFR + 4.95%, Rate Floor: 4.95%) due 07/15/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,304,698</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KREF Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-FL2 AS, 6.03%
    (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>&#9674;,6 </sup>2,850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,799,854</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Voya CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-1A SUB,
    due 04/20/35<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,990</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2013-1A INC,
    due 10/15/30<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,710</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Owl Rock CLO
    XVI LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-16A
    C, 7.92% (3 Month Term SOFR + 3.30%, Rate Floor: 3.30%) due 04/20/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,711,194</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Golub Capital
    Partners CLO 46M Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-46A CR, 7.67% (3 Month Term SOFR + 3.05%, Rate Floor: 3.05%)
due 04/20/37<sup>&#9674;,6 </sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,650,787</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XL LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-1A D,
    11.06% (3 Month Term SOFR + 6.40%, Rate Floor: 6.40%) due 03/22/35<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,538,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LCCM Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-FL2
    C, 6.87% (1 Month Term SOFR + 2.26%, Rate Floor: 2.26%) due 12/13/38<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,511,919</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XLVII LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-3A D,
    9.01% (3 Month Term SOFR + 4.35%, Rate Floor: 4.35%) due 07/15/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,475,976</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hamlin Park
    CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-1A SUB,
    (WAC) due 10/20/37<sup>&#9674;,&#134;&#134;&#134;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,427,765</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Golub Capital
    Partners CLO 49M Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-49A
    D, 8.73% (3 Month Term SOFR + 4.11%, Rate Floor: 4.11%) due 08/26/33<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,262,713</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carlyle US
    CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-4A DR, 11.26% (3 Month Term SOFR + 6.60%, Rate Floor: 6.60%)
due 04/15/35<sup>&#9674;,6 </sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,985,983</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Madison Park
    Funding LVIII Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-58A
    D, 8.28% (3 Month Term SOFR + 3.65%, Rate Floor: 3.65%) due 04/25/37<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,724,334</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>74 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 75 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSET-BACKED
    SECURITIES<sup>&#134;&#134; </sup>&#150; 20.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Collateralized Loan Obligations
    &#150; 8.9% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FS Rialto</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-FL2
    C, 6.78% (1 Month Term SOFR + 2.16%, Rate Floor: 2.16%) due 05/16/38<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,366,746</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerberus Loan
    Funding XXXIII, LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-3A D,
    8.91% (3 Month Term SOFR + 4.26%, Rate Floor: 4.00%) due 07/23/33<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,210,396</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OCP CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-38A
    SUB, due 01/21/38<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">863,635</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dryden 50
    Senior Loan Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2017-50A
    SUB, due 07/15/30<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,555,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">862,479</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carlyle Global
    Market Strategies CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2012-3A SUB,
    due 01/14/32<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">486,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Great Lakes
    CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2014-1A SUB,
    due 10/15/29<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,153,846</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">424,017</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A10 Permanent
    Asset Financing LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2017-II C1,
    6.24% (WAC) due 06/15/51<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">197,355</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dryden Senior
    Loan Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-37X,
    due 01/15/31<sup>12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,998,799</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,643</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dryden 41
    Senior Loan Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-41A
    SUB, due 04/15/31<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,396</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dryden 37
    Senior Loan Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-37A
    SUB, due 01/15/31<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,584</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Marathon CLO
    V Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2013-5A SUB,
    due 11/21/27<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,566,667</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,166</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KVK CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2013-1A SUB,
    due 01/14/28<sup>1,6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,300,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,289</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Treman Park
    CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-1A COM,
    due 10/20/28<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">814,751</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,159</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Babson CLO
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2014-IA SUB,
    due 07/20/25<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">300</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Venture XIII
    CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2013-13A
    SUB, due 09/10/29<sup>6,12</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">West CLO Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2013-1A
    SUB, due 11/07/25<sup>6,12</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,350,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Collateralized Loan Obligations</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">166,149,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Transport-Aircraft
    &#150; 3.3%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GAIA Aviation
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.97%
    due 12/15/44<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,057,842</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,537,696</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 5.19%
    due 12/15/44<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,050,214</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,846,128</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sprite Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-1, 3.75%
    due 11/15/46<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,557,846</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,110,339</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>75</sup></span></p>


<!-- Field: Page; Sequence: 76 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSET-BACKED
    SECURITIES<sup>&#134;&#134; </sup>&#150; 20.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Transport-Aircraft &#150;
    3.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AASET Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-2A,
    2.80% due 01/15/47<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,347,176</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 3,059,436</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-2, 4.46%
    due 10/16/39<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,524,131</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,115,119</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    3.35% due 01/16/40<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,683,433</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,616,112</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    4.34% due 01/16/40<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">714,269</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">607,032</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.84%
    due 05/15/39<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122,397</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">118,722</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Project Silver</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.97%
    due 07/15/44<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,440,966</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,890,558</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KDAC Aviation
    Finance Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2017-1A,
    4.21% due 12/15/42<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,605,926</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,431,021</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Labrador Aviation
    Finance Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2016-1A,
    4.30% due 01/15/42<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,709,999</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,580,109</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MACH 1 Cayman
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.47%
    due 10/15/39<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,133,344</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,979,810</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Start Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2018-1, 4.09%
    due 05/15/43<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,503,364</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,450,861</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2018-1, 5.32%
    due 05/15/43<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,029,145</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">967,498</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JOL Air Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.97%
    due 04/15/44<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,456,683</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,403,864</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Start II Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 4.09%
    due 03/15/44<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,779,929</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,746,662</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Castlelake
    Aircraft Securitization Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1A,
    3.97% due 04/15/39<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,166,937</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,073,620</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2018-1, 4.13%
    due 06/15/43<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">712,961</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">671,977</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sapphire Aviation
    Finance I Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2018-1A,
    4.25% due 03/15/40<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,742,564</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,703,460</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WAVE LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.60%
    due 09/15/44<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,672,018</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,542,487</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sapphire Aviation
    Finance II Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    4.34% due 03/15/40<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,474,579</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,180,563</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Castlelake
    Aircraft Structured Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-1A,
    6.66% due 01/15/46<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,175,932</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,131,053</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Falcon Aerospace
    Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.60%
    due 09/15/39<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">614,068</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">580,268</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2017-1, 6.30%
    due 02/15/42<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246,463</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">236,606</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MAPS Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1A,
    4.46% due 03/15/44<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">371,364</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">350,943</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Castlelake
    Aircraft Securitization Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2014-1,
    due 12/31/30<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,054,105</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Transport-Aircraft</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60,932,076</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial
    &#150; 2.8%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thunderbird
    A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    03/01/37<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,335,922</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,945,725</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>76 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 77 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSET-BACKED
    SECURITIES<sup>&#134;&#134; </sup>&#150; 20.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Financial &#150; 2.8% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lightning
    A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    03/01/37<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,280,497</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 16,894,502</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ceamer Finance
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.92% due
    11/15/37<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,324,897</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,333,583</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.69% due
    03/24/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,534,252</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,399,288</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LVNV Funding
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.84% due
    06/12/29<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,904,754</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">KKR Core Holding
    Company LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    08/12/31<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,547,694</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,325,916</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thunderbird
    B</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50% due
    03/01/37<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,335,235</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,208,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lightning
    B</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50% due
    03/01/37<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,328,176</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,201,377</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nassau LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1, 3.98%
    due 08/15/34<sup>2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">846,170</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778,671</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bib Merchant
    Voucher Receivables Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.18%
    due 04/07/28<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">629,069</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">611,715</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Financial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,603,583</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Infrastructure
    &#150; 2.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hotwire Funding
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-1A,
    8.84% due 05/20/53<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,307,204</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-1, 4.46%
    due 11/20/51<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,008,305</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-1A,
    9.19% due 06/20/54<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,084,370</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VB-S1 Issuer
    LLC &#150; VBTEL</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-1A,
    5.27% due 02/15/52<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,652,820</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-1A,
    8.87% due 05/15/54<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,863,771</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Switch ABS
    Issuer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-2A,
    5.44% due 06/25/54<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,450,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,432,311</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vault DI Issuer
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-1A,
    2.80% due 07/15/46<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,850,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,739,331</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aligned Data
    Centers Issuer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-1A,
    2.48% due 08/15/46<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,415,674</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Blue Stream
    Issuer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-1A,
    6.90% due 05/20/53<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,015,923</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Infrastructure</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,519,709</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Insurance
    &#150; 1.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obra Longevity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.48% due
    06/30/39<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,190,683</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CHEST</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.13% due
    03/15/43<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,425,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,461,439</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CBC Insurance
    Revenue Securitization LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2016-1,
    5.25% due 07/15/46<sup>2</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">274,644</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">244,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Insurance</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,896,756</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>77</sup></span></p>


<!-- Field: Page; Sequence: 78 -->
    <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 -->

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSET-BACKED
    SECURITIES<sup>&#134;&#134; </sup>&#150; 20.2% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Net Lease &#150; 0.7%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CARS-DB4,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    4.95% due 02/15/50<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,110,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 6,237,738</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SVC ABS LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-1A,
    5.55% due 02/20/53<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,683,813</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,575,441</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CARS-DB7,
    LP</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-1A,
    6.50% due 09/15/53<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,301,146</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,350,047</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Net Lease</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,163,226</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Whole Business
    &#150; 0.6%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Applebee&#146;s
    Funding LLC / IHOP Funding LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1A,
    4.72% due 06/05/49<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,217,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,057,867</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SERVPRO Master
    Issuer LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1A,
    3.88% due 10/25/49<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,947,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,890,401</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sonic Capital
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    3.85% due 01/20/50<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,196,875</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,155,058</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    4.34% due 01/20/50<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">766,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">720,931</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wingstop Funding
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-1A,
    2.84% due 12/05/50<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98,500</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">91,878</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Whole Business</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,916,135</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Single
    Family Residence &#150; 0.6%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FirstKey Homes
    Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-SFR3,
    4.50% due 07/17/38<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,140,990</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-SFR2,
    4.00% due 10/19/37<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,050,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,984,451</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-SFR2,
    4.50% due 10/19/37<sup>6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,945,648</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-SFR2,
    3.37% due 10/19/37<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,900,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,850,819</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Single Family Residence</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,921,908</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Collateralized
    Debt Obligations &#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Anchorage
    Credit Funding 4 Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-4A
    CR, 3.52% due 04/27/39<sup>6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">913,265</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Asset-Backed
    Securities</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $377,542,373)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">376,016,178</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COLLATERALIZED
    MORTGAGE OBLIGATIONS<sup>&#134;&#134; </sup>&#150; 7.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Government
    Agency &#150; 3.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Freddie Mac</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50% due
    11/01/54<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,511,195</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,493,839</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    09/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,370,187</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,289,085</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    05/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,921,007</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,628,254</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    06/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,323,994</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,080,813</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    08/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,589,143</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,509,906</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>78 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 79 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COLLATERALIZED
    MORTGAGE OBLIGATIONS<sup>&#134;&#134; </sup>&#150; 7.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Government
    Agency &#150; 3.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fannie Mae</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    06/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,264,464</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 5,911,712</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% due
    07/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,002,554</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,691,534</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    08/01/53<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,527,865</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,436,644</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    09/01/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,029,550</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,998,899</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% due
    06/01/53<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,900,940</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,868,527</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00%
    due 05/01/52<sup>1</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,587,536</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,492,067</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Government Agency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,401,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Residential
    Mortgage-Backed Securities &#150; 2.3%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mill City
    Securities Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-RS1,
    4.00% due 11/01/69<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,276,250</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Pressure
    Recovery Turbines</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.51% due
    11/01/69</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,256,267</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,287,548</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LSTAR Securities
    Investment Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-1, 7.96%
    (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,448,649</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,440,418</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Carrington
    Mortgage Loan Trust Series</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2006-NC5,
    4.85% (1 Month Term SOFR + 0.26%, Rate Cap/Floor: 14.50%/0.15%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 01/25/37<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,569,699</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,156,802</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CFMT LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-HB9,
    3.25% (WAC) due 09/25/37<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,052,539</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OBX Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-NQM6,
    6.92% (WAC) due 02/25/64<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,778,917</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-NQM8,
    6.10% due 09/25/62<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">967,811</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">965,886</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WaMu Asset-Backed
    Certificates WaMu Series</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2007-HE4,
    4.87% (1 Month Term SOFR + 0.28%, Rate Floor: 0.28%) due 07/25/47<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,469,441</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,070,593</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2007-HE4,
    4.95% (1 Month Term SOFR + 0.36%, Rate Floor: 0.36%) due 07/25/47<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">865,365</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">499,172</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2007-HE2,
    4.89% (1 Month Term SOFR + 0.30%, Rate Floor: 0.30%) due 04/25/37<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,308,245</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">487,550</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PRPM LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-4, 6.41%
    due 08/25/29<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,914,903</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,916,868</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New Residential
    Mortgage Loan Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-NQM5,
    6.50% due 11/25/52<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,862,898</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,865,504</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GCAT Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-NQM5,
    5.71% due 08/25/67<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,858,826</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,848,007</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lehman XS
    Trust Series</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2006-18N,
    5.06% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 12/25/36<sup>&#9674;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,694,618</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,616,400</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BRAVO Residential
    Funding Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-NQM3,
    5.50% (WAC) due 07/25/62<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,406,541</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,397,563</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Saluda Grade
    Alternative Mortgage Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-FIG4,
    7.12% (WAC) due 11/25/53<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,124,567</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,154,473</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PRKCM Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-AFC2,
    6.14% (WAC) due 08/25/57<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,073,129</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,069,750</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup
    Mortgage Loan Trust, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022-A, 6.17%
    due 09/25/62<sup>6,13</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">941,522</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">941,763</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>79</sup></span></p>


<!-- 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>
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<p></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>COLLATERALIZED
    MORTGAGE OBLIGATIONS<sup>&#134;&#134; </sup>&#150; 7.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Residential
    Mortgage-Backed Securities &#150; 2.3% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JP Morgan
    Mortgage Acquisition Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2006-WMC4,
    4.96% (1 Month Term SOFR + 0.24%, Rate Floor: 0.13%) due 12/25/36<sup>&#9674;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,333,820</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    826,814</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Residential Mortgage-Backed Securities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,652,817</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Commercial
    Mortgage-Backed Securities &#150; 1.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BX Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-VLT4,
    7.05% (1 Month Term SOFR + 2.44%, Rate Floor: 2.44%) due 07/15/29<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,200,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,208,125</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2023-DELC,
    7.95% (1 Month Term SOFR + 3.34%, Rate Floor: 3.34%) due 05/15/38<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,750,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,774,062</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BX Commercial
    Mortgage Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-VOLT,
    6.72% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,743,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,733,643</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024-AIRC,
    7.20% (1 Month Term SOFR + 2.59%, Rate Floor: 2.59%) due 08/15/39<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,600,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,608,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BXHPP Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2021-FILM,
    5.82% (1 Month Term SOFR + 1.21%, Rate Floor: 1.10%) due 08/15/36<sup>&#9674;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,350,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,994,018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GS Mortgage
    Securities Corporation Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2020-DUNE,
    7.38% (1 Month Term SOFR + 2.76%, Rate Floor: 2.65%) due 12/15/36<sup>&#9674;,6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,906,804</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Commercial Mortgage-Backed Securities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,224,652</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Military
    Housing &#150; 0.6%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Freddie Mac
    Military Housing Bonds Resecuritization Trust Certificates</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-R1,
    5.95% (WAC) due 11/25/52<sup>&#9674;,2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,296,705</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,995,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-R1,
    0.70% (WAC) due 11/25/55<sup>&#9674;,6,14</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,138,942</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,207,843</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-R1,
    0.70% (WAC) due 11/25/52<sup>&#9674;,6,14</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,904,653</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,491,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Freddie Mac
    Military Housing Bonds Resecuritization Trust Certificates</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-R1,
    0.70% (WAC) due 10/25/52<sup>&#9674;,&#134;&#134;&#134;,6,14</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,873,860</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,239,675</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capmark Military Housing Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2007-AETC,
    5.75% due 02/10/52<sup>&#134;&#134;&#134;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,492,026</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,296,249</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2007-AET2,
    6.06% due 10/10/52<sup>&#134;&#134;&#134;,6</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">449,318</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">430,823</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GMAC Commercial
    Mortgage Asset Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2006-LEAV,
    5.46% due 03/10/51<sup>&#134;&#134;&#134;,6</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">957,609</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">814,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Military Housing</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,476,354</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Collateralized
    Mortgage Obligations</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $133,771,273)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130,755,103</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>U.S. GOVERNMENT
    SECURITIES<sup>&#134;&#134; </sup>&#150; 3.8%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury
    Bills</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.31% due
    01/09/25<sup>15</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,800,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,701,383</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.38% due
    12/19/24<sup>1,15</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,957,018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.51%
    due 12/10/24<sup>1,15</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,986,928</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury
    Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 08/15/51<sup>1,16,17</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,650,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,104,047</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 05/15/44<sup>1,16,17</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,030,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,103,218</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 17.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 11/15/44<sup>16,17</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,030,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,047,933</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    02/15/46<sup>16,17</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,060,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,947,049</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total U.S.
    Government Securities</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $75,162,332)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,847,576</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>80 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 81 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom"><td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount~</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>CONVERTIBLE
    BONDS<sup>&#134;&#134; </sup>&#150; 0.2%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Consumer, Non-cyclical &#150;
    0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Block, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    05/01/26<sup>16</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,840,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    2,631,260</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Communications
    &#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable One,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due
    03/15/26<sup>16</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,250,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,150,020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Convertible
    Bonds</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $3,815,919)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,781,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FOREIGN
    GOVERNMENT DEBT<sup>&#134;&#134; </sup>&#150; 0.1%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Panama Government
    International Bond</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.50%
    due 01/19/63</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,150,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,678,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Foreign
    Government Debt</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $4,124,736)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,678,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>MUNICIPAL
    BONDS</b><sup>&#134;&#134; </sup><b>&#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Oklahoma
    &#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oklahoma Development
    Finance Authority Revenue Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.45%
    due 08/15/28</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">387,121</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Municipal
    Bonds</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $400,000)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">387,121</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SENIOR
    FIXED RATE INTERESTS</b><sup>&#134;&#134; </sup><b>&#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Industrial
    &#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schur Flexibles
    GmbH</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.17% due
    09/30/26<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 286,666</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">269,582</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.66%
    due 09/30/26<sup>&#134;&#134;&#134;</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR
    115,898</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108,992</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Industrial</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">378,574</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Senior
    Fixed Rate Interests</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $416,861)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">378,574</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Contracts</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>LISTED
    OPTIONS PURCHASED<sup>&#134; </sup>&#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put Options
    on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity
    Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPDR S&amp;P
    Regional Banking ETF Expiring December 2024 with strike price of $42.00</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Notional
    Value $18,469,971)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,727</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPDR S&amp;P
    Regional Banking ETF Expiring January 2025 with strike price of $43.00</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Notional
    Value $15,300,207)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,259</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,295</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Listed
    Options Purchased</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $1,527,699)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,111</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>81</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Contracts/</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Notional
    Value</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTC OPTIONS
    PURCHASED</b><sup>&#134;&#134; </sup><b>&#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put Options on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Foreign Exchange Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America,
    N.A. Foreign Exchange EUR/USD Expiring November 2025</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">with strike
    price of EUR 1.01 (Notional Value $21,629,540)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 19,423,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 215,492</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America,
    N.A. Foreign Exchange EUR/USD Expiring November 2025</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">with strike
    price of EUR 1.01 (Notional Value $21,629,540)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 19,423,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">215,492</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America,
    N.A. Foreign Exchange EUR/USD Expiring November 2025</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">with strike
    price of EUR 1.01 (Notional Value $15,140,566)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 13,596,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">152,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America,
    N.A. Foreign Exchange EUR/USD Expiring November 2025</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">with strike
    price of EUR 1.01 (Notional Value $7,610,373)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 6,834,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,543</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America,
    N.A. Foreign Exchange EUR/USD Expiring November 2025</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">with strike
    price of EUR 1.01 (Notional Value $6,488,973)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 5,827,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,264</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BNP Paribas
    Foreign Exchange EUR/USD Expiring November 2025 with strike price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of
    EUR 1.01 (Notional Value $1,252,805)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR
    1,125,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,601</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Foreign Exchange Options</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">737,672</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity
    Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman Sachs
    International Gaotu Techedu Inc Expiring January 2025 with strike</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">price of
    $110.00 (Notional Value $27,912,597)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">203,252</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,829</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman Sachs
    International SPDR S&amp;P Regional Banking ETF Expiring December 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">with
    strike price of $42.00 (Notional Value $6,122,792)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">904</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,232</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Equity Options</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,061</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total OTC
    Options Purchased</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $2,101,836)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">801,733</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTC INTEREST
    RATE SWAPTIONS PURCHASED</b><sup>&#134;&#134;,18 </sup><b>&#150; 0.0%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call Swaptions on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest Rate Swaptions</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 2025
    with exercise rate of 3.60% (Notional Value $44,995,170)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 35,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270,672</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October
    2025 with exercise rate of 3.23% (Notional Value $48,935,425)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP
    38,500,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">181,063</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Interest Rate Call Swaptions</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">451,735</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>82 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 83 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 69%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 0%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Contracts/</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Notional
    Value</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTC INTEREST
    RATE SWAPTIONS PURCHASED<sup>&#134;&#134;,18 </sup>&#150; 0.0% (continued)</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put Swaptions
    on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest
    Rate Swaptions</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 2025
    with exercise rate of 4.48% (Notional Value $48,935,425)</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 38,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 154,552</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October
    2025 with exercise rate of 4.85% (Notional Value $44,995,170)</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP
    35,400,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Interest Rate Put Swaptions</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">240,111</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total OTC
    Interest Rate Swaptions Purchased</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $788,605)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">691,846</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Investments
    &#150; 120.8%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost
    $2,341,968,875)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,253,723,982</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>LISTED
    OPTIONS WRITTEN</b><sup>&#134; </sup><b>&#150; (0.2)%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call Options on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SPDR S&amp;P
    500 ETF Trust Expiring December 2024 with strike price of $588.00</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Notional
    Value $1,265,355)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(37,265)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NASDAQ-100
    Index Expiring December 2024 with strike price of $20,725.00</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Notional
    Value $2,093,037)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,695)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $6,000.00 (Notional Value $3,016,190)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,775)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Russell
    2000 Index Expiring December 2024 with strike price of $2,430.00 (Notional Value $2,678,199)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(66,660)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $6,010.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(152,500)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $6,000.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(177,000)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,960.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(191,375)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,980.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(194,500)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,965.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(217,375)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,960.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(222,000)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,910.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(322,250)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,895.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(356,250)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,885.00 (Notional Value $15,080,950)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(386,375)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $5,865.00 (Notional Value $15,080,950)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(428,625)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Equity Options</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,843,645)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put Options
    on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity
    Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Expiring December 2024 with strike price of $6,040.00 (Notional Value $15,080,950)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(131,159)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total Listed
    Options Written</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Premiums
    received $1,769,980)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,974,804)</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>83</sup></span></p>


<!-- Field: Page; Sequence: 84 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>


<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Contracts/</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Notional
    Value</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTC INTEREST
    RATE SWAPTIONS WRITTEN</b><sup>&#134;&#134;,18 </sup><b>&#150; (0.0)%</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call Swaptions on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest Rate Swaptions</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 2025
    with exercise rate of 2.73% (Notional Value $48,935,425)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 38,500,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ (92,198)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October
    2025 with exercise rate of 3.10% (Notional Value $44,995,170)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP
    35,400,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(140,099)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Interest Rate Swaptions</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(232,297)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put Swaptions
    on:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest
    Rate Swaptions</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 2025
    with exercise rate of 4.60% (Notional Value $44,995,170)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP 35,400,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(121,545)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley
    Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October
    2025 with exercise rate of 4.23% (Notional Value $48,935,425)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP
    38,500,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(218,678)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Interest Rate Swaptions</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(340,223)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total OTC
    Interest Rate Swaptions Written</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 18pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Premiums
    received $692,375)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(572,520)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Other
    Assets &amp; Liabilities, net &#150; (20.6)%</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(385,160,276)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Net Assets &#150; 100.0%</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    1,865,016,382</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>FUTURES
CONTRACTS</b></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value and</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Number of</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Expiration</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Notional</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Description</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Contracts</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Appreciation**</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">S&amp;P
    500 Index Mini Futures Contracts</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">760</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dec
    2024</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$229,966,500</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$13,602,034</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>CENTRALLY
CLEARED CREDIT DEFAULT SWAP AGREEMENTS PROTECTION PURCHASED</b><sup>&#134;&#134;</sup></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Protection</b></span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Upfront</b></span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Premium</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Payment</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Maturity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Notional</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Premiums</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Exchange</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Index</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Frequency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Value</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>(Received)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Depreciation**</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BofA Securities,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICE</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ITRAXX.EUR.42.V1</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/20/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR 16,150,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(358,391)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(348,551)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(9,840)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BofA Securities,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICE</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CDX.NA.IG.43.V1</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/20/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,164,012</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,076,724)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(978,539)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(98,185)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inc.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,435,115)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,327,090)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(108,025)</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>84 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 85 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>CENTRALLY
CLEARED INTEREST RATE SWAP AGREEMENTS<sup>&#134;&#134;</sup></b></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Floating</b></span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Floating</b></span></td>
    <td style="text-align: left; width: 6%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Upfront</b></span></td>
    <td style="text-align: right; width: 12%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Fixed</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Payment</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Maturity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Notional</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Premiums </b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Exchange</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Index</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Frequency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Value</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Paid </b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Depreciation**</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BofA Securities,</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CME</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.78%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annually</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/18/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$143,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(4,086,028)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$497 </span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(4,086,525)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inc.</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Secured</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Overnight</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financing</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rate</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>TOTAL
RETURN SWAP AGREEMENTS</b></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 6%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Value and</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Financing</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Payment</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Maturity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Notional</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.03pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Index</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Frequency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 8.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Units</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Appreciation</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="3" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>OTC Equity Index
    Swap Agreements</b><sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of America, N.A.</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPDR S&amp;P</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.22% (Federal Funds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/02/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66,900</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$40,310,595</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6,812,507</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">500 ETF Trust</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rate + 0.64%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of America, N.A.</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPDR S&amp;P</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.34% (Federal Funds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">09/02/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,100</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,944,405</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,421,596</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">500
    ETF Trust</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rate
    +0.76%)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9,234,103</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="3" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>OTC Interest
    Rate Swap Agreements</b><sup>&#134;&#134;</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Goldman Sachs</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Goldman Sachs</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.58% (Federal Funds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">04/11/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$15,848,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,191,270</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">International</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Swaption
    Forward</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rate + 1.00%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Volatility
    Index</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>


<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>FORWARD
FOREIGN CURRENCY EXCHANGE CONTRACTS<sup>&#134;&#134;</sup></b></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 32%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Unrealized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Contract</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Settlement</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Appreciation</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Currency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Quantity</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>(Depreciation)</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JPMorgan Chase Bank, N.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,175,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">147,264,686 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 112,147</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of America, N.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,250,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,323,914 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">296</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morgan Stanley Capital Services
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Buy</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,449 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Barclays Bank plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">334,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">352,148 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/27/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,184)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of America, N.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">545,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">574,971 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/27/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,206)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of America, N.A.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,042,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,096,909 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,818)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Barclays Bank plc</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,080,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,167,330 USD</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(31,896)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBP</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sell</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,595,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,900,895
    USD</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/24</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,893)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    37,432</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>85</sup></span></p>


<!-- Field: Page; Sequence: 86 -->
    <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></p><table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>


<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left">&#160;</p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>OTC
INTEREST RATE SWAPTIONS PURCHASED</b></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Floating</b></span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Floating</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swap</b></span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Counterparty/</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Payment</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Fixed</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Expiration</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Exercise</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Notional</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaption</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Description</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Index</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Frequency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.60%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/31/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.60%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$44,995,170</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$270,672</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate
    Swap</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.23%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/28/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.23%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,935,425</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">181,063</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    Rate Swap</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$451,735</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receive</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.48%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/28/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.48%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,935,425</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">154,552</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate
    Swap</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receive</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.85%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/31/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.85%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,995,170</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    Rate Swap</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$240,111</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>OTC
INTEREST RATE SWAPTIONS WRITTEN&#160;</b></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 20%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Floating</b></span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Floating</b></span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swap</b></span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Counterparty/</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Payment</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Fixed</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Expiration</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Exercise</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Notional</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaption</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Description</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Index</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Frequency</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Amount</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receive</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.73%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/28/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.73%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$48,935,425</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(92,198)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate
    Swap</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receive</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.10%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/31/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.10%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,995,170</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(140,099)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    Rate Swap</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(232,297)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.60%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/31/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.60%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,995,170</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(121,545)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate
    Swap</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pay</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12 Month</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annual</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.23%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/28/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.23%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,935,425</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(218,678)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital
    Services LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GBP SONIA</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-Year/2-Year</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    Rate Swap</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(340,223)</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>~</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>The face amount is denominated
in U.S. dollars unless otherwise indicated.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>*</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Non-income producing security.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>**</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Includes cumulative appreciation
(depreciation). Variation margin is reported within the Statement of Assets and Liabilities.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>***</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>A copy of each underlying unaffiliated fund&#146;s financial statements is available at the SEC&#146;s website at www. sec.gov.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>&#134;</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Value determined based on Level 1 inputs, unless otherwise noted &#151; See Note 6.</i></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"></p></td>
</tr></table>
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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>&#134;&#134;</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Value determined based on Level 2 inputs, unless otherwise noted &#151; See Note 6.</i></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"></p></td>
</tr></table><table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>&#134;&#134;&#134;</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Value determined based on Level 3 inputs &#151; See Note 6.</i></span></p></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>&#9674;</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Variable rate security. Rate indicated
is the rate effective at November 30, 2024. 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: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>1</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>All or a portion of these securities
have been physically segregated in connection with borrowings, options, reverse repurchase agreements and unfunded loan commitments.
As of November 30, 2024, the total value of segregated securities was $575,924,381.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>2</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 $6,565,229 (cost $9,427,718), or 0.4%
of total net assets &#151; See Note 12.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>3</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Special Purpose Acquisition Company
(SPAC).</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>4</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Affiliated issuer.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>5</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><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>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>6</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 $928,966,288 (cost $967,537,050), or 49.8% of total net assets.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>7</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Rate indicated is the 7-day yield
as of November 30, 2024.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>8</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Variable rate security. Rate indicated
is the rate effective at November 30, 2024. 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>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>9</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Perpetual maturity.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>10</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Security is in default of interest
and/or principal obligations.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>11</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Payment-in-kind security.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>12</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><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: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>13</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><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,
2024. See table below for additional step information for each security.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>14</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Security is an interest-only strip.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>15</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Rate indicated is the effective
yield at the time of purchase.</i></span></td>
</tr></table>

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<td style="width: 35pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>16</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Zero coupon rate security.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>17</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Security is a principal-only strip.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>18</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Swaptions - See additional disclosure
in the swaptions table above for more information on swaptions.</i></span></td>
</tr></table>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>87</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>BofA
&#151; Bank of America</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>CAD &#151; Canadian Dollar</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>CDX.NA.IG.43.V1
&#151; Credit Default Swap North American Investment Grade Series 43 Index Version 1</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>CME &#151; Chicago Mercantile Exchange</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>EUR &#151;
Euro</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>EURIBOR &#151; European Interbank Offered Rate</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>GBP &#151; British Pound</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>ICE &#151; Intercontinental Exchange</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>ITRAXX.EUR.42.V1 &#151;
iTraxx Europe Series 42 Index Version 1</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>plc &#151; Public Limited Company</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>PPV &#151; Public-Private Venture</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>REIT &#151; Real Estate Investment
Trust</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>SARL &#151; Soci&#233;t&#233; &#224; Responsabilit&#233; Limit&#233;e</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>SOFR &#151; Secured Overnight Financing Rate</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-bottom: 0pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>SONIA
&#151; Sterling Overnight Index Average</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>WAC &#151; Weighted Average Coupon</i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i></i></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">See
Sector Classification in Other Information section.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Country
    Diversification</b></span></td></tr>
  <tr>
    <td colspan="3"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 33%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>% of Long-Term</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Country</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investments</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United States</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81.7%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cayman Islands</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Kingdom</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Netherlands</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.3%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Luxembourg</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.1%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.5%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    Long-Term Investments</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100.0%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>88 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 89 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table summarizes the inputs used to value the Fund&#146;s investments at November 30, 2024 (See Note 6 in the Notes to Financial
Statements):</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 48%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Level 2</b></span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Level 3</b></span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Significant</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Significant</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investments in</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Level 1</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Observable</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unobservable</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Securities
    (Assets)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Quoted
    Prices</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Inputs</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Inputs</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 10,461,825</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 602,952</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,546,870</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 12,611,647</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Preferred Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,463,639</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,710,363</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,184,104</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">103,358,106</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Warrants</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">148</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">191</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exchange-Traded Funds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,382,618</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,382,618</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Closed-End Mutual Funds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,372,840</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,372,840</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Money Market Fund</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,166,189</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,166,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">724,035,003</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,259,990</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">781,294,993</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">579,835,179</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147,331,426</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">727,166,605</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset-Backed Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">296,611,247</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79,404,931</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">376,016,178</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Collateralized Mortgage Obligations</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,973,780</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,781,323</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130,755,103</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Government
    Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,847,576</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,847,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Convertible Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,781,280</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,781,280</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign Government Debt</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,678,271</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,678,271</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">387,121</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">387,121</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Fixed Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">378,574</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">378,574</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options Purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,111</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">801,733</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">834,844</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate Swaptions Purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">691,846</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">691,846</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity Futures Contracts**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,602,034</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,602,034</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity Index Swap Agreements**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,234,103</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,234,103</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate
    Swap Agreements**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,191,270</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,191,270</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forward
    Foreign Currency Exchange Contracts**</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,443</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,443</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Assets</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    107,482,404</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,868,494,167</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$301,887,261</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,277,863,832</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Level 2</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Level 3</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Significant</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Significant</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investments in</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Level 1</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Observable</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unobservable</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Securities
    (Liabilities)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Quoted
    Prices</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Inputs</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Inputs</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options Written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,974,804</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ &#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ &#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,974,804</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate Swaptions Written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">572,520</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">572,520</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit Default Swap Agreements**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108,025</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest Rate Swap Agreements**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,086,525</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,086,525</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forward Foreign Currency Exchange
    Contracts**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,011</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,011</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unfunded
    Loan Commitments (Note 11)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">422,762</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">422,762</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Liabilities</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    2,974,804</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    4,842,081</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    422,762</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    8,239,647</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="5" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">** This derivative is reported as unrealized appreciation/depreciation at period end.</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Please
refer to the detailed Schedule of Investments for a breakdown of investment type by industry category.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 $391,004,341 are categorized as Level 2 within the disclosure hierarchy &#151;
See Note 7.</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>89</sup></span></p>


<!-- Field: Page; Sequence: 90 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Ending Balance
    at</b></span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Valuation</b></span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unobservable</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Input</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Weighted</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Category</b></span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>November
    30, 2024</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Technique</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Inputs</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Range</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average*</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Assets:</b></span></td>
    <td style="text-align: right; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 29%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset-Backed Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 53,053,612</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield Analysis</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.6%-13.0%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.10%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset-Backed Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,923,554</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Option adjusted
    spread off</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broker Quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">prior month end broker quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset-Backed Securities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,427,765</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Collateralized Mortgage</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,541,648</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Option adjusted
    spread off</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broker Quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obligations</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">prior month
    end broker quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Collateralized Mortgage</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,239,675</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vendor Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obligations</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,203,542</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enterprise
    Value</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Valuation
    Multiple</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1%-8.5%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.10%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">341,710</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model Price</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchase
    Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,618</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model Price</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquidation
    Value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,069,800</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broker Quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,126,352</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Option adjusted
    spread off</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broker Quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">prior month end broker quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,622,558</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield Analysis</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.8%-9.4%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.10%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,441,277</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model Price</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchase
    Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Preferred Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,147,100</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield Analysis</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.3%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Preferred Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,036,970</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model Price</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchase
    Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Preferred Stocks</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vendor Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Fixed Rate
    Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">378,574</span></td>
    <td style="text-align: right; text-indent: 0.04pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third
    Party Pricing</span></td>
    <td style="text-align: right; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broker
    Quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating
    Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,663,304</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model Price</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchase
    Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating
    Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,102,672</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Broker Quote</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating
    Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,896,164</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield Analysis</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yield</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.1%-15.2%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.7%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating
    Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,449,775</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vendor Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating
    Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,774,950</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Third Party
    Pricing</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade Price</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Senior Floating
    Rate Interests</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">444,561</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model Price</span></td>
    <td style="text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquidation
    Value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Warrants</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model
    Price</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquidation
    Value</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Assets</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$301,887,261</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Liabilities:</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unfunded
    Loan Commitments</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    422,762</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Model
    Price</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchase
    Price</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="4" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* Inputs are weighted
    by the fair value of the instruments.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Significant
changes in a quote, yield, liquidation value or valuation multiple would generally result in significant changes in the fair value of
the security.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Transfers
between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment&#146;s valuation changes.
For the period ended November 30, 2024, the Fund had securities with a total value of $22,410,173 transfer into Level 3 from Level
2 due to a lack of observable inputs and had securities with a total value of $18,644,911 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: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: left; font-size: 9pt"></p>



<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>90 </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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 75%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Summary
of Fair Value Level 3 Activity</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, 2024:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 12%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 8%">&#160;</td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Liabilities</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Senior</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Senior</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Unfunded</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Collateralized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Floating</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Fixed</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Loan</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Asset-Backed</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Mortgage</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Corporate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Common</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Preferred</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Commit-</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Securities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Obligations</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Bonds</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interests</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Warrants</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Stocks</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Stocks</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interests</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets</b></span></td>
    <td/>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>ments</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Beginning</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Balance</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$45,517,169</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,716,438
    $39,085,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$118,735,150</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$44</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,211,166</span></td>
    <td colspan="3" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,908,493
    $334,549 $217,508,009</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(300,392)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases/</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Receipts)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,862,831</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,136,237</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,558,466</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,650,035</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,748</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,277,317</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(594,090)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Sales, maturities</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">and paydowns)/</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fundings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(916,558)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,131)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(95,000)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20,467,446)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(247,460)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,741,595)</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">340,762</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization of</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 7.47pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">premiums/</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">discounts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,435</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">575</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,135</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">371,792</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">396,957</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43,320</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corporate actions</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,377,833)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">618,716</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,759,117)</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total realized gains</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(losses)
    included</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">in earnings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,259)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(66,230)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">127,528</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,039</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,410</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total change in</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">unrealized</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">appreciation</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(depreciation)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">included
    in</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">earnings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">933,054</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(56,796)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">720,948</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,289,747)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(163,080)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">275,754</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,743)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">394,389</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,228</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transfers into</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Level 3</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,410,173</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,410,173</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transfers out</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">of
    Level 3</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,300)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,634,468)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(143)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,644,911)</span></td>
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 1.47pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ending
    Balance</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$79,404,931</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,781,323
    $57,259,990</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$147,331,426</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$43</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,546,870</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11,184,104</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$378,574
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    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$301,887,261</span></td>
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(422,762)</span></td></tr>

<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net change in</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">unrealized</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">appreciation</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(depreciation)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">for investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">in Level
    3</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">securities
    still</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">held at</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">November
    30,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    933,054</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    (56,796) $</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">715,798</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    (726,250)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    (1) $</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(96,847)
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    286,351</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    (25,743) $</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,029,566</span></td>
    <td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    62,322</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>91</sup></span></p>


<!-- Field: Page; Sequence: 92 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SCHEDULE
    OF INVESTMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Step
Coupon Bonds</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 are scheduled to decrease.</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Coupon Rate at
    Next</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Next Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Future</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Future</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 45%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Name</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Reset
    Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Reset
    Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Reset
    Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Reset
    Date</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Mortgage Loan Trust,
    Inc. 2022-A, 6.17%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 09/25/62</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.17%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">09/25/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.17%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">09/25/26</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GAIA Aviation Ltd. 2019-1, 3.97%
    due 12/15/44</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.00%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/15/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GAIA Aviation Ltd. 2019-1, 5.19%
    due 12/15/44</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.00%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/15/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GCAT Trust 2022-NQM5, 5.71%
    due 08/25/67</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.71%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/01/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mill City Securities Ltd. 2024-RS1,
    4.00% due 11/01/69</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.00%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/01/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New Residential Mortgage Loan
    Trust 2022-NQM5,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 8.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.50% due
    11/25/52</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">09/01/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OBX Trust 2022-NQM8, 6.10% due
    09/25/62</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.10%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/01/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PRPM LLC 2024-4, 6.41% due 08/25/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.41%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">08/25/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.41%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">08/25/28</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Affiliated Transactions</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Transactions
during the period ended November 30, 2024, in which the company is an affiliated issuer, were as follows:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 24%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Change in</b></span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unrealized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Realized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Appreciation</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Shares</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investment</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Security
    Name</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>05/31/24</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Additions</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Reductions</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Gain (Loss)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"> <span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(Depreciation)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>11/30/24</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>11/30/24</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Income</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Common Stocks</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BP Holdco
    LLC *</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$146,719</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(1)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$146,718</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">121,041</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ &#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Closed-End
    Mutual Funds</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 5.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guggenheim
    Active</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 17pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allocation
    Fund</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,269,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">665,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,934,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">950,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">676,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$14,415,719</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$664,999</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$15,080,718</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$676,875</span></td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* Non-income producing
    security.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>92 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 93 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 82%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>STATEMENT
    OF ASSETS AND LIABILITIES (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 82%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ASSETS:</b></span></td>
    <td style="text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in unaffiliated issuers,
    at value (cost $2,328,550,189)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,238,643,264</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in affiliated issuers,
    at value (cost $13,418,686)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,080,718</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency, at value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">517,831</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,705,666</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Segregated cash due from broker</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,647,513</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized appreciation on forward
    foreign currency exchange contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">112,443</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized appreciation on OTC
    swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,425,373</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unamortized upfront premiums
    paid on interest rate swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">497</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prepaid expenses</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">125,209</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivables:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,201,215</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    sold</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,377,717</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fund shares
    sold</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,232,374</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation
    margin on futures contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">513,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax
    reclaims</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,388</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    assets</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,325,840,408</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>LIABILITIES:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reverse repurchase agreements
    (Note 7)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">391,004,341</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings (Note 8)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,700,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unfunded loan commitments, at
    value (Note 11) (commitment fees received $612,329)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">422,762</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options written, at value (premiums
    received $2,462,355)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,547,324</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unamortized upfront premiums
    received on credit default swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,327,090</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized depreciation on forward
    foreign currency exchange contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,011</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest due on borrowings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108,112</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Segregated cash due to broker</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,339,189</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable for:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,918,326</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment
    advisory fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,837,636</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Swap settlement</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,756,591</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation
    margin on interest rate swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,131,192</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Offering
    costs</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">944,959</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Professional
    fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246,067</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Protection
    fees on credit default swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124,457</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustees&#146;
    fees and expenses*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,575</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation
    margin on credit default swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,384</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">269,010</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total
    liabilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">460,824,026</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NET
    ASSETS</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    1,865,016,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NET ASSETS CONSIST OF:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common stock, $0.01 par
    value per share; unlimited number of shares</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">authorized,
    <span id="xdx_900_ecef--OutstandingSecurityAuthorizedShares_c20240601__20241130_z9CF9gjBXyf1"><ix:nonFraction name="cef:OutstandingSecurityAuthorizedShares" contextRef="From2024-06-01to2024-11-30" id="Fact000065" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">156,058,734</ix:nonFraction></span> shares issued and outstanding</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 1,560,587</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additional paid-in capital</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,071,209,080</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    distributable earnings (loss)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(207,753,285)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NET
    ASSETS</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    1,865,016,382</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares
    outstanding ($0.01 par value with unlimited amount authorized)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">156,058,734</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    asset value</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    11.95</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
Relates to Trustees not deemed &#147;interested persons&#148; within the meaning of Section 2(a)(19) of the 1940 Act.</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

<p style="text-align: right; font-size: 9pt"></p>

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

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>93</sup></span></p>


<!-- Field: Page; Sequence: 94 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 82%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>STATEMENT
    OF OPERATIONS (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the Six Months Ended November
    30, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 82%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>INVESTMENT INCOME:</b></span></td>
    <td style="text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest from securities of
    unaffiliated issuers (net of foreign withholdings tax $16,582)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 82,966,534</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends from securities of
    unaffiliated issuers</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,067,518</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends
    from securities of affiliated issuers</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">676,875</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    investment income</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,710,927</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>EXPENSES:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment advisory fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,832,566</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest expense</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,726,202</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Professional fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">386,748</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administration fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">178,909</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fund accounting fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127,576</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustees&#146; fees and expenses*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122,912</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Printing fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119,003</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Registration and filing fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82,214</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Custodian fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68,794</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Insurance</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43,685</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfer agent fees</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,163</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Miscellaneous</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,183</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    expenses</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,708,955</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expenses
    waived by advisor</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(92,867)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    expenses</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,616,088</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    investment income</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63,094,839</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NET REALIZED AND UNREALIZED
    GAIN (LOSS):</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain (loss) on:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in unaffiliated issuers</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,196,457)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,702,590)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Futures
    contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,217,793</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options
    purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">600,936</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options
    written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,077,169)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forward
    foreign currency exchange contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,832,274</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency transactions</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(257,843)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    realized gain</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,583,056)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation
    (depreciation) on:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in unaffiliated issuers</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,048,688</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in affiliated issuers</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">664,999</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,482,403</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Futures
    contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,927,778</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options
    purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,422,789)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options
    written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,614,156)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forward
    foreign currency exchange contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">570,059</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency translations</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">274,577</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    change in unrealized appreciation (depreciation)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,931,559</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    realized and unrealized gain</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,348,503</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Net
    increase in net assets resulting from operations</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    120,443,342</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
Relates to Trustees not deemed &#147;interested persons&#148; within the meaning of Section 2(a)(19) of the 1940 Act.</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>94 </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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 61%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>STATEMENTS
    OF CHANGES IN NET ASSETS</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 61%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Six Months Ended</span></td>
    <td style="text-align: right; width: 18%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 30, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year Ended</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Unaudited)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May
    31, 2024</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>INCREASE (DECREASE) IN NET
    ASSETS FROM OPERATIONS:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 63,094,839</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 106,958,039</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,583,056)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,806,381</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation
    (depreciation)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">on
    investments</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,931,559</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,417,986</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    increase in net assets resulting from operations</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,443,342</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">188,182,406</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>DISTRIBUTIONS:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributions to shareholders</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(162,739,489)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(124,527,642)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Return
    of capital</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;*</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(159,703,627)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    distributions</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(162,739,489)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(284,231,269)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>SHAREHOLDER TRANSACTIONS:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from shares issued
    through at-the-market offering</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,304,661</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">292,166,076</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reinvestments of distributions</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,701,958</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,501,486</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common
    shares offering cost charged to paid-in-capital</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(313,110)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(693,499)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    increase in net assets resulting from shareholder transactions</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">203,693,509</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">325,974,063</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase in net assets</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">161,397,362</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">229,925,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NET ASSETS:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beginning
    of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,703,619,020</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,473,693,820</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">End
    of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    1,865,016,382</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    1,703,619,020</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
A portion of the distributions to shareholders may be deemed a return of capital at fiscal year-end.</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>95</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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt; width: 83%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>STATEMENT
    OF CASH FLOWS (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the Six Months Ended November
    30, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt; width: 83%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash Flows
    from Operating Activities:</b></span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    increase in net assets resulting from operations</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    120,443,342</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Adjustments
    to Reconcile Net Increase in Net Assets Resulting from Operations to</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Net Cash
    Used in Operating and Investing Activities:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized (appreciation) depreciation on investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35,713,687)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized (appreciation) depreciation on swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,436,136)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized (appreciation) depreciation on options purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,422,789</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized (appreciation) depreciation on options written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,614,156</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized (appreciation) depreciation on forward foreign</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">currency exchange contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(570,059)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    loss on investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,196,457</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    gain on options purchased</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(600,936)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    loss on options written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,077,169</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchase
    of long-term investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(351,904,328)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds
    from sale of long-term investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">196,301,041</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net proceeds
    from sale of short-term investments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,182,724</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net accretion
    of bond discount and amortization of bond premium</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,527,900)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate
    actions and other payments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,417,878</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Premiums
    received on options written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,683,753</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost of closing
    options written</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32,663,989)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commitment
    fees received and repayments of unfunded commitments</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">229,285</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in due from adviser</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,509</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in unamortized upfront premiums paid on credit default swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">592</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in unamortized upfront premiums paid on interest rate swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(497)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in interest receivable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(908,463)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in dividends receivable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117,079</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in investments sold receivable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,470,928)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in variation margin on credit default swap agreements receivable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,619</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in variation margin on futures contracts receivable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">797,890</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in prepaid expenses</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(54,553)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in tax reclaims receivable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,118</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in investments purchased payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,230,434</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in interest due on borrowings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(180,108)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in professional fees payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,427</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in unamortized upfront premiums received on credit default swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">949,317</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in segregated cash due to broker</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,960,030)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in investment advisory fees payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,025</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in variation margin on credit default swap agreements payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,384</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease
    in variation margin on interest rate swap agreements payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,980,864)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in protection fees on credit default swap agreements payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">88,922</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in trustees&#146; fees and expenses payable*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,575</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in swap settlement payable</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,547,843</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 12pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase
    in other liabilities</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">114,573</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 23.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Cash Used in Operating and Investing Activities</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    (93,385,577)</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>96 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 97 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt; width: 73%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>STATEMENT
    OF CASH FLOWS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 27%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the Six Months Ended November
    30, 2024</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 74%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash Flows From Financing
    Activities:</b></span></td>
    <td style="text-align: right; width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributions
    to common shareholders</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ (143,037,531)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds
    from the issuance of common shares</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,865,229</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds
    from borrowings</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,400,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds
    from reverse repurchase agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,049,798,052</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments
    made on reverse repurchase agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,017,949,573)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Offering
    costs in connection with the issuance of common shares</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(152,608)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    Cash Provided by Financing Activities</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74,923,569</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    decrease in cash</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,462,008)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash
    at Beginning of Period (including foreign currency)**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,333,018</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash
    at End of Period (including foreign currency)***</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    21,871,010</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Supplemental Disclosure of
    Cash Flow Information:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash
    paid during the period for interest</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    7,434,816</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Supplemental Disclosure of
    Non Operating Financing Activity:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 11.99pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Dividend
    reinvestment</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    19,701,958</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
Relates to Trustees not deemed &#147;interested persons&#148; within the meaning of Section 2(a)(19) of the 1940 Act.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">**
Includes $34,792,184 of segregated cash from broker for swap agreements and $458,539 of foreign currency.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">***
Includes $14,647,513 of segregated cash from broker for swap agreements and $517,831 of foreign currency.</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>See
notes to financial statements.</i></span></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>97</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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 55%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FINANCIAL
    HIGHLIGHTS</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 45%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
information in this table for the fiscal years ended 2024, 2023, 2022, 2021 and 2020 is derived from the Fund&#146;s financial statements
and has been audited by Ernst &amp; Young LLP, independent registered public accounting firm for the Fund.</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Six Months Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">November 30, 2024</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Unaudited)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2024</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2023</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2022</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Per Share
    Data:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    asset value, beginning of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    11.95</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    12.34</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    14.33</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    17.05</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    15.29</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    17.91</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income from
    investment operations:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment
    income<sup>(a)</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.42</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.82</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.75</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.80</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.95</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.89</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    gain (loss) on investments (realized and unrealized)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.67</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.98</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.55)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.33)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.00</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.32)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total
    from investment operations</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.09</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.80</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.20</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.53)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.95</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.43)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Less distributions from:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment income</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.09)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.81)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.76)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.04)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.97)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.86)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Capital gains</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.15)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.18)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.19)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Return
    of capital</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.23)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.25)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.96)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.22)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.33)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total
    distributions to shareholders</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.09)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    asset value, end of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    11.95</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    11.95</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    12.34</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    14.33</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    17.05</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    15.29</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market
    value, end of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    15.80</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    14.68</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    15.69</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    17.92</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    20.90</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    16.20</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Total Return<sup>(b)</sup></b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net asset
    value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.48%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">15.72%</span></td>
    <td style="text-align: right; text-indent: 21.63pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.09%<sup>(f)</sup></span></td>
    <td style="text-align: right; text-indent: 19.14pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(3.99%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">27.20%</span></td>
    <td style="text-align: right; text-indent: 19.14pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.79%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">15.86%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.77%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.80%</span></td>
    <td style="text-align: right; text-indent: 19.14pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(3.48%)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">45.59%</span></td>
    <td style="text-align: right; text-indent: 19.14pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7.96%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Ratios/Supplemental
    Data:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    assets, end of period (in thousands)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    1,865,016</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    1,703,619</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    1,473,694</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    1,492,615</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    878,041</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    648,892</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ratio to
    average net assets of:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment
    income, including interest expense</span></td>
    <td style="text-align: right; text-indent: 42.23pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.08%<sup>(h)</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.79%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.81%</span></td>
    <td style="text-align: right; text-indent: 21.63pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.72%</span></td>
    <td style="text-align: right; text-indent: 21.63pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.29%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total
    expenses, including interest expense <sup>(c) (d)</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 42.23pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.55%<sup>(h)</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.90%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.88%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 21.63pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.83%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.83%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 21.63pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.21%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Portfolio
    turnover rate</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">47%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">64%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Senior
    Indebtedness</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total borrowings
    outstanding (in thousands)<sup>(g)</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 394,704</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 361,456</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 343,500</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 128,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 38,501</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19,300</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Asset coverage
    per $1,000 of indebtedness<sup>(e)</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 5,725</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 5,713</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 5,290</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 12,661</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 23,806</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 34,621</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><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">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>98 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 99 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FINANCIAL
    HIGHLIGHTS continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td>
    <td style="text-align: right; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Per Share
    Data:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    asset value, beginning of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    19.12</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    19.78</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    17.50</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    19.61</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    20.56</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income from
    investment operations:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment
    income<sup>(a)</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.97</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.23</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.61</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.40</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.28</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    gain (loss) on investments (realized and unrealized)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.01</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.30</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.86</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.33)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.05)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total
    from investment operations</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.98</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.53</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.47</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.07</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.23</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Less distributions from:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment income</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.12)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.01)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.18)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.82)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.42)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Capital gains</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.16)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.18)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.01)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.36)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.76)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Return
    of capital</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.91)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total
    distributions to shareholders</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.18)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.18)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    asset value, end of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">17.91</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">19.12</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">19.78</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">17.50</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">19.61</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market
    value, end of period</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    19.96</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    21.29</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    20.94</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    17.61</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    21.21</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Total Return<sup>(b)</sup></b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net asset
    value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.43%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.02%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26.76%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.80%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.39%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market value</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.94%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13.31%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">33.33%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-6.07%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.08%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Ratios/Supplemental
    Data:</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net
    assets, end of period (in thousands)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    641,825</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    530,250</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    410,465</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    310,246</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
    342,988</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ratio to
    average net assets of:</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment
    income, including interest expense</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.26%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.27%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.55%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.79%</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.44%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total
    expenses, including interest expense<sup>(c) (d)</sup></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.17%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.52%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.35%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.38%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.16%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Portfolio
    turnover rate</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">38%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">48%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">116%</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">86%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><b>Senior
    Indebtedness</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total borrowings
    outstanding (in thousands)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 16,705</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 9,355</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 45,489</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Asset coverage
    per $1,000 of indebtedness<sup>(e)</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 25,571</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 34,164</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 8,540</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>99</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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

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  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FINANCIAL
    HIGHLIGHTS continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(a)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Based on average shares outstanding.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(b)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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
(&#147;NAV&#148;) 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&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(c)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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, for the period ended November 30, 2024 and
years ended May 31, the expense ratios would increase by:</span></td>
</tr></table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

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    <td style="text-align: center; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>November 30,</b></span></td>
    <td style="text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 6%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2024</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(Unaudited)<sup>(h)</sup></b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2024</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2023</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2022</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2021</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2020</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2019</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2018</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2017</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2016</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2015</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.09%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.08%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.00%*</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.00%*</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.00%*</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(d)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Excluding interest expense, the operating
expense ratios for the period ended November 30, 2024 and the years ended May 31, would be:</span></td>
</tr></table>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>November 30,</b></span></td>
    <td style="text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center; width: 6%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2024</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(Unaudited)<sup>(h)</sup></b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2024</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2023</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2022</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2021</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2020</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2019</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2018</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2017</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2016</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2015</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.33%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.39%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.44%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.51%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.55%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.17%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.15%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.33%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.62%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.74%</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.72%</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(e)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Calculated by subtracting the Fund&#146;s
total liabilities (not including the borrowings) from the Fund&#146;s total assets and dividing by the borrowings. Effective August 19,
2022, the Fund&#146;s obligations under reverse repurchase agreement transactions are treated as senior securities representing indebtedness
for purposes of the 1940 Act. Accordingly, for the period ended November 30, 2024 and the years ended May 31, 2024 and May 31, 2023,
Asset Coverage is calculated by subtracting the Fund&#146;s total liabilities (not including the borrowings or reverse repurchase agreements)
from the Fund&#146;s total assets and dividing by the sum of the borrowings and reverse repurchase agreements.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(f)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">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 year
ended May 31, 2023.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(g)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Effective August 19, 2022, the Fund&#146;s
obligations under reverse repurchase agreement transactions are treated as senior securities representing indebtedness for purposes of
the 1940 Act.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">(h)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Annualized.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Less than 0.01%.</span></td>
</tr></table>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>100 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 1 &#150; <b>Organization</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Guggenheim
Strategic Opportunities Fund (the &#147;Fund&#148;) 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 &#147;1940 Act&#148;).</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund&#146;s investment objective is to maximize total return through a combination of current income and capital appreciation. There
can be no assurance that the Fund will achieve its investment objective. The Fund&#146;s investment objective is considered fundamental
and may not be changed without shareholder approval.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 2 &#150; <b>Significant Accounting
Policies</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (&#147;FASB&#148;) Accounting Standards Codification Topic 946 Financial Services &#150; Investment Companies.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following significant accounting policies are in conformity with U.S. generally accepted accounting principles (&#147;U.S. GAAP&#148;)
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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(a)
Valuation of Investments</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Board of Trustees of the Fund (the &#147;Board&#148;) adopted policies and procedures for the valuation of the Fund&#146;s investments
(the &#147;Fund Valuation Procedures&#148;).</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Pursuant
to Rule 2a-5 under the 1940 Act, the Board designated Guggenheim Funds Investment Advisors, LLC (&#147;GFIA&#148; or the &#147;Adviser&#148;)
as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and other assets.
As the Fund&#146;s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the &#147;Valuation Designee
Procedures&#148; and together with the Fund Valuation Procedures, the &#147;Valuation Procedures&#148;) reasonably designed to prevent
violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes
the assistance of a valuation committee, consisting of representatives from Guggenheim&#146;s investment management, fund administration,
legal and compliance departments (the &#147;Valuation Committee&#148;), in determining the fair value of the Fund&#146;s securities and/or
other assets. The Valuation Procedures may be amended and potentially adversely affected as the Fund seeks to comply with regulations
that apply to the valuation practices of registered investment companies.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Valuations
of the Fund&#146;s securities and other assets are supplied primarily by independent third-party 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. The Adviser, consistent with the monitoring
and review responsibilities set forth in the Valuation Procedures, regularly reviews</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>101</sup></span></p>


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  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
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<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">the
appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing service.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">If
the independent third-party 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Equity
securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (&#147;NASDAQ&#148;) will 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Open-end
investment companies are valued at their net asset value (&#147;NAV&#148;) 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Generally,
trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange
(&#147;NYSE&#148;). 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
the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts (&#147;ADRs&#148;)
trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign
securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by an
independent third-party pricing service in valuing foreign securities.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 third-party 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
third-party pricing service.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">U.S.
Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid
price at the close of business on the valuation date.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">CLOs,
CDOs, MBS, ABS, and other structured finance securities are generally valued using an independent third-party pricing service.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>102 </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="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Repurchase
agreements are valued at amortized cost, provided such amounts approximate market value.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Exchange-traded
options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (&#147;OTC&#148;)
options and options on swaps (&#147;swaptions&#148;) are valued using a price provided by a pricing service.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Futures
contracts are valued on the basis of the last sale price as of 4:00 p.m. 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 of the underlying securities would provide a more accurate valuation of the futures contract.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Interest
rate swap agreements entered into by the Fund are valued on the basis of the last sale price on the primary exchange on which the swap
is traded. Other swap agreements entered into by the Fund are generally valued using an evaluated price provided by an independent third-party
pricing service.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Forward
foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s (or asset&#146;s or liability&#146;s) &#147;fair value&#148;. Each such
determination is based on a consideration of all factors deemed relevant by the Adviser, which are likely to vary from one pricing context
to another. Examples of such factors may include, but are not limited to: market prices; sale prices; broker quotes; and models which
derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as
anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures
contracts and other derivative instruments, such factors may include obtaining information as to how (a) these contracts and other derivative
instruments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other
derivative instruments trade in the cash market.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(b)
Investment Transactions and Investment Income</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 (&#147;REITs&#148;) is recorded based on the</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>103</sup></span></p>


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  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 Fund&#146;s Statement
of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Fund&#146;s Statement of Operations
at the end of the commitment period.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(c)
Senior Floating Rate Interests and Loan Investments</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, (ii) the prime rate offered by one or more major United States banks, or (iii) the bank&#146;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&#146;s Schedule of Investments.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund invests in loans and other similar debt obligations (&#147;obligations&#148;). A portion of the Fund&#146;s investments in these
obligations is sometimes referred to as &#147;covenant lite&#148; loans or obligations (&#147;covenant lite obligations&#148;), which
are obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial
protections for lenders and investors. The Fund may also obtain exposure to covenant lite obligations through investment in securitization
vehicles and other structured products. Many new, restructured 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&#146;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</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
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<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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) such obligations, including that obligations may not be considered &#147;securities&#148; 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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(d)
Currency Translations</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are
converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income,
and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the
relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the
Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation, or other political,
social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(e)
Forward Foreign Currency Exchange Contracts</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
change in value of a forward foreign currency exchange contract is recorded as unrealized appreciation or depreciation until the contract
is closed. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time
the contract was opened and the value at the time it was closed.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(f)
Distributions to Shareholders</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund intends to declare and pay monthly distributions to common shareholders. The Fund expects that distributions will generally consist
of (i) investment company taxable income taxed as ordinary income, which includes, among other things, short-term capital gain and income
from certain hedging and interest rate transactions, (ii) long-term capital gain and (iii) return of capital. Any net realized long-term
capital gains are distributed annually to common shareholders. To the extent distributions exceed the amount of the Fund&#146;s earnings
and profit available for distribution, the excess will be deemed a return of capital. A return of capital is generally not taxable and
would</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">reduce
the shareholder&#146;s tax basis in its shares, which would reduce the loss (or increase the gain) on a subsequent taxable disposition
by such shareholder of the shares, until such shareholder&#146;s basis reaches zero at which point subsequent return of capital distributions
would constitute taxable capital gain to such shareholder. Shareholders receiving a return of capital may be under the impression that
they are receiving net investment income or profit when they are not.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(g)
Restricted Cash</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">A
portion of cash on hand relates to collateral received by the Fund for reverse repurchase agreements, forward foreign currency exchange
contracts and options. This amount is presented on the Fund&#146;s Statement of Assets and Liabilities as Segregated cash due to broker.
At November 30, 2024, there was $3,339,189 of segregated cash due to broker. A portion of the Fund&#146;s cash has been pledged as
collateral for swap agreements, futures contracts and options. This amount is presented on the Fund&#146;s Statement of Assets and Liabilities
as Segregated cash due from broker. At November 30, 2024, there was $14,647,513 of segregated cash due from broker.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(h)
U.S. Government and Agency Obligations</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Certain
U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Fund&#146;s 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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(i)
Swap Agreements</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 asset or obligation 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>106 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(j)
Options</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">When
the Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund may purchase and write swaptions primarily to preserve a return or spread on a particular investment or portion of the Fund&#146;s
holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at
a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest
rate swap agreement at any time before the expiration of the options. The swaptions are forward premium swaptions which have extended
settlement dates.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(k)
Futures Contracts</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(l)
Indemnifications</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Under
the Fund&#146;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&#146;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="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>107</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>(m)
Special Purpose Acquisition Companies</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund may acquire an interest in a special purpose acquisition company (&#147;SPAC&#148;) in an initial public offering or a secondary
market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic
price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history,
and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings
of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be
illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose
of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other
similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover
expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common
stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during
the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential
business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other
than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity&#146;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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 3 &#150; <b>Derivatives</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees,
elements of market risk and risks in excess of amounts recognized on the Fund&#146;s 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 for investment purposes (including to maintain cash reserves while
maintaining exposure to certain other assets), for risk management (hedging) purposes, for diversification purposes, to change the duration
of the Fund, for leverage purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative
instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>108 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s financial position and
results of operations.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund utilized derivatives for the following purposes:</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Duration: </b>the use of an instrument
to manage the interest rate risk of a portfolio.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Income: </b>the use of any instrument
that distributes cash flows typically based upon some rate of interest.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Index Exposure: </b>the use of
an instrument to obtain exposure to a listed or other type of index. <b></b></span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Speculation: </b>the use of an instrument to express macro-economic
and other investment views.</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Options
Purchased and Written</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of call/put options purchased on a monthly basis:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 45%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Duration, Hedge, Speculation</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$102,834,410</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$140,563,351</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s inability to perform.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>109</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of call/put options written on a monthly basis:&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 43%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 32%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Call</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Put</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Duration, Hedge, Income</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$254,684,122</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$23,904,687</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Futures
Contracts</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">A
futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price
for delivery at a future date. There are significant risks associated with the Fund&#146;s use of futures contracts, including (i) there
may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts;
(ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an
exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty
credit risk to the Fund because futures are exchange-traded and the exchange&#146;s clearinghouse, as counterparty to all exchange-traded
futures, guarantees against default. Cash deposits are shown as segregated cash due to or from broker on the Fund&#146;s Statement of
Assets and Liabilities; securities held as collateral are noted on the Fund&#146;s Schedule of Investments.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of futures on a monthly basis:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 44%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 31%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Long</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Short</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Index exposure, Speculation</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$214,243,997</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#150;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Swap
Agreements</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">A
swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by
reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, the Fund bears
the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement
counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are
executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk
with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded
futures contracts. If the Fund utilizes 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>110 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of total return swaps on a monthly basis:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Long</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Short</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hedge, Income</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$66,252,085</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#150;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of interest rate swaps on a monthly basis:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 36%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Pay</b></span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Receive</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Floating
    Rate</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Floating
    Rate</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Duration, Hedge</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$143,900,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#150;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 &#147;seller&#148; or &#147;buyer&#148;
of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default
swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default
swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on
an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller
will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced
obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities
equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the
referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay
to the buyer if a credit event occurs. The seller of protection 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 if the Fund is selling the credit protection. If</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>111</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">the
Fund utilizes 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, 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 in the case of a credit default swap in which the Fund is
selling credit protection, the default of a third-party issuer.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of credit default swaps on a monthly basis:&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Notional Amount</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Protection</b></span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Protection</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Sold</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Purchased</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hedge</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#150;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$46,259,341</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Forward
Foreign Currency Exchange Contracts</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 seek to hedge or manage exposure to foreign currency risks with portfolio investments or to
seek to gain exposure to foreign currencies.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore,
the Fund may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as
compared to the U.S. dollar.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following table represents the Fund&#146;s use and volume of forward foreign currency exchange contracts on a monthly basis:&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Average Value</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 35%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Use</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Purchased</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Sold</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hedge</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,457,454</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$170,190,327</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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="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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Derivative
Investment Holdings Categorized by Risk Exposure</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following is a summary of the location of derivative investments on the Fund&#146;s Statement of Assets and Liabilities as of November
30, 2024:</span></p>

<table border="0" cellspacing="0" style="width: 100%; font-size: 8pt">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Derivative
    Investment Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 37%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Asset
    Derivatives</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 24%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Liability
    Derivatives</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity/Foreign exchange/</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment in unaffiliated</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options written, at value</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    rate option contracts</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">issuers,
    at value</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency forward contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized appreciation on</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized depreciation</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">forward foreign currency</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">on forward foreign</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">exchange contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">currency exchange</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">contracts</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit/Equity/Interest rate</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unamortized upfront</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unamortized upfront</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">premiums paid on interest</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">premiums received on credit</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">default swap agreements</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Unrealized appreciation on</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation margin on credit</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OTC swap agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">default swap agreements</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation margin on interest</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">rate
    swap agreements</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity futures contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation margin on</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#150;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">futures
    contracts</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following tables set forth the fair value of the Fund&#146;s derivative investments categorized by primary risk exposure at November
30, 2024:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td colspan="9" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Asset
    Derivative Investments Value</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Options</b></span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Forward</b></span></td>
    <td style="text-align: right; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaps</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Purchased</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Foreign</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Futures</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaps</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaps</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Foreign</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Purchased</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Purchased</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Currency</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value at</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Credit</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Exchange</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest Rate</b></span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Exchange November
    30,</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk*</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2024</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$13,602,034</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$9,234,103</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,191,270</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$737,672</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$97,172</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$691,846</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$112,443</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$25,666,540</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="9" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Liability
    Derivative Investments Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Forward</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaps</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Written</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Options</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Foreign</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Futures</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaps</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Swaps</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Foreign</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Written</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Written</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Currency</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value at</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Rate</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Credit</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Exchange</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Equity</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest Rate</b></span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Exchange November
    30,</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk*</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>2024</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$4,086,525</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$108,025</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,974,804</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$572,520</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$75,011</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$7,816,885</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the
Fund&#146;s Schedule of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Fund&#146;s
Statement of Assets and Liabilities.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>113</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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following is a summary of the location of derivative investments on the Fund&#146;s Statement of Operations for the period ended November
30, 2024:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 54%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 46%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Derivative
    Investment Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Location
    of Gain (Loss) on Derivatives</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit/Equity/Interest rate
    swap agreements</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    gain (loss) on swap agreements</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(depreciation)
    on swap agreements</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity/Foreign exchange/Interest
    rate option contracts</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    gain (loss) on options purchased</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(depreciation)
    on options purchased</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    gain (loss) on options written</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(depreciation)
    on options written</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commodity/Equity futures contracts</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    gain (loss) on futures contracts</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(depreciation)
    on futures contracts</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency forward contracts</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized
    gain (loss) on forward foreign</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">currency
    exchange contracts</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change
    in unrealized appreciation</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(depreciation)
    on forward foreign currency</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">exchange
    contracts</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following is a summary of the Fund&#146;s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments
recognized on the Fund&#146;s Statement of Operations categorized by primary risk exposure for the period ended November 30, 2024:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td colspan="12" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Realized
    Gain(Loss) on Derivative Investments Recognized on the Statement of Operations</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options </b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Forward</b></span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Swaps</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options </b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Purchased</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Foreign</b></span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Futures</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Swaps</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interest</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Futures </b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Swaps</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Written</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Purchased</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Written</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Purchased</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Foreign </b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Currency</b></span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Commodity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Credit</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interest</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interest</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Exchange</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Exchange</b></span></td>
    <td style="text-align: center"><span style="font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6,806,823</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,091,085)
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(2,309,135)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,410,970
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(302,370)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(8,168,539)
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(15,994)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(908,630)
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$616,930</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,832,274
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$871,244</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td colspan="12" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Change
    in Unrealized Appreciation(Depreciation) on Derivative Investments Recognized on the Statement of Operations</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Forward</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Swaps</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Options</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Purchased</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Foreign</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Futures</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Swaps</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interest</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Futures</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Swaps</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Written</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Purchased</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Written</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Purchased</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Foreign</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Currency</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Rate</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Commodity </b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Credit</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Equity</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interest</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Interest</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Exchange</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Exchange</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Risk</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14,741,853</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7,451,136</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,131,470</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$185,925</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(100,203)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,734,011)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(1,817,217)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$119,855</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$568,391</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(173,963)
    </span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$570,059</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23,943,295</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as
investment grade or better. The Fund monitors the counterparty credit risk associated with each such financial institution.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-CondBold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Foreign
Investments</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">There
are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. The Fund&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, geopolitical, 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 greater risks and 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&#146;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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 4 &#150; <b>Offsetting</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>115</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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 (&#147;ISDA Master Agreement&#148;) or similar agreement
with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 Fund&#146;s Statement of Assets and Liabilities as
segregated cash due to or due from 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">For
financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements
in the Fund&#146;s Statement of Assets and Liabilities.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>116 </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>
    <!-- Field: /Page -->


<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting
arrangements and reverse repurchase agreements:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 2%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 26%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Net Amount</b></span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Gross Amounts Not Offset</b></span> </td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Gross Amounts</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>of Assets</b></span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>in the Statement of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Gross</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Offset in the</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Presented on the</b></span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets
    and Liabilities</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Amounts of</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Statement of</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Statement of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Cash</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Recognized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets and</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets and</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Financial</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Collateral</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Instrument</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets<sup>1</sup></b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Instruments</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Received</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Net
    Amount</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Swap equity</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">agreements</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 9,234,103</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ &#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 9,234,103</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ (6,740,023)</span></td>
    <td style="text-align: right; text-indent: 1.41pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 2,494,080</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Options purchased</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">contracts</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,493,579</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,493,579</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(580,262)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(119,312)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">794,005</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest rate</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">swap</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">agreements</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,191,270</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,191,270</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,191,270</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forward foreign</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">currency</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">exchange</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">contracts</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">112,443</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">112,443</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33,189)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(79,254)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><p style="margin-top: 0; margin-bottom: 0"></p>
                                  <p style="margin-top: 0; margin-bottom: 0">&#160;<span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Net Amount</b></span></p></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Gross Amounts Not Offset</b></span> </td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Gross Amounts</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>of Liabilities</b></span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>in the Statement of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Gross</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Offset in the</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Presented on the</b></span></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets and Liabilities</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Amounts of</b></span></td>
    <td style="text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Statement of</b></span></td>
    <td style="text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Statement of</b></span></td>
    <td style="text-align: left; width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right; text-indent: 6.45pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Cash</b></span></td>
    <td style="text-align: left; width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Recognized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets and</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Assets and</b></span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Financial</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Collateral</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Instrument</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Liabilities<sup>1</sup></b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Liabilities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Instruments</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 2.19pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Pledged</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b>Net
    Amount</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forward foreign</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">currency</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">exchange</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 75,011</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ &#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 75,011</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ (40,931)</span></td>
    <td style="text-align: right; text-indent: 0.31pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 34,080</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Options written</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">contracts</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">572,520</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">572,520</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(572,520)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reverse</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">repurchase</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">agreements</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">391,004,341</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">391,004,341</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(391,004,341)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#151;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="font-size: 8pt; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><sup>1
</sup>Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.</span></p>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<p style="text-align: right; font-size: 9pt"></p>

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

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>117</sup></span></p>


<!-- 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>
    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 and reverse repurchase agreements as of November 30, 2024.</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Asset
    Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash
    Pledged</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cash
    Received</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BofA
    Securities, Inc.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Credit
    default swap agreements</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    1,430,731</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    &#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BofA
    Securities, Inc.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Futures
    contracts</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,233,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BofA
    Securities, Inc.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    rate swap agreements</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,693,782</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian Imperial</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank
    of Commerce</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reverse
    repurchase agreements</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,774,700</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman
    Sachs International</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">290,000</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman
    Sachs International</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reverse
    repurchase agreements</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,214,489</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan
    Chase Bank, N.A.</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Forward
    foreign currency exchange contracts</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">230,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan Stanley Capital</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Services
    LLC</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Options</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">120,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    14,647,513</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    3,339,189</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 5 &#150; <b>Fees and Other Transactions
with Affiliates</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Pursuant
to an Investment Advisory Agreement between the Fund and the Adviser, the Adviser furnishes office facilities and equipment, and provides
administrative services on behalf of the Fund, and oversees the activities of Guggenheim Partners Investment Management, LLC (&#147;GPIM&#148;
or the &#147;Sub-Adviser&#148;). 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, at an annual rate equal to 1.00% of the Fund&#146;s average daily Managed Assets (as defined in this
report).</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 objective 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, at an annual rate equal to 0.50% of the Fund&#146;s average daily Managed Assets, less 0.50% of the Fund&#146;s
average daily assets attributable to any investments by the Fund in Affiliated Investment Funds.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">For
purposes of calculating the fees payable under the foregoing agreements, &#147;Managed Assets&#148; 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. &#147;Affiliated Investment Funds&#148; means investment companies, including registered investment companies, private investment
funds and/or other pooled investment vehicles, advised or managed by the Fund&#146;s investment Sub-Adviser or any of its affiliates.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">If
the Fund invests in a fund that is advised by the Adviser or an adviser affiliated with the Adviser, the Adviser has agreed to waive Fund
fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in
such fund. Fee waivers will be calculated at the Fund level without regard to any expense cap, if any, in effect for the Fund. Fees waived
under this arrangement are not subject to reimbursement. For the period ended November 30, 2024, the Adviser waived fees in the amount
of $92,867 related to investments by the Fund in such funds.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">MUFG
Investor Services (US), LLC (&#147;MUIS&#148;) acts as the Fund&#146;s administrator and accounting agent. As administrator and accounting
agent, MUIS maintains the books and records of the Fund&#146;s securities and cash. The Bank of New York Mellon Corp. (&#147;BNY&#148;)
acts as the Fund&#146;s custodian. As custodian, BNY is responsible for the custody of the Fund&#146;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&#146;s average daily Managed Assets
and certain out of pocket expenses.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 6 &#150; <b>Fair Value Measurement</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Level 1 &#151; unadjusted quoted prices in active markets for identical assets or liabilities.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Level
2 &#151; 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Level
3 &#151; 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Rule
2a-5 sets forth a definition of &#147;readily available market quotations,&#148; which is consistent with the definition of a Level 1
input under U.S. GAAP. Rule 2a-5 provides that &#147;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.&#148;</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>119</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 judgment.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Independent
third-party pricing services are used to value a majority of the Fund&#146;s investments. When values are not available from an independent
third-party pricing service, values 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&#146;s assets and liabilities are categorized as Level 2, as indicated in this report.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Quotes
from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Certain
loans and other securities are valued using a single daily broker quote or a price from an independent third-party pricing service based
on a single daily or monthly broker quote.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated
with investing in those securities or other assets. 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="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 7 &#150; <b>Reverse Repurchase
Agreements</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 to seek 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
are invested would affect the market value of the Fund&#146;s assets.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>120 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span>&#160;</p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
a result, such transactions may increase fluctuations in the market value of the Fund&#146;s assets. For the period ended November 30,
2024, the average daily balance for which reverse repurchase agreements were outstanding amounted to $376,732,084. The weighted average
interest rate was 5.43%. As of November 30, 2024, there was $391,004,341 (inclusive of interest payable) in reverse repurchase agreements
outstanding.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
of November 30, 2024, the Fund had outstanding reverse repurchase agreements with various counterparties. Details of the reverse repurchase
agreements by counterparty are as follows:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 33%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Counterparty</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 38%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Interest
    Rate(s)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Maturity
    Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 13%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face
    Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Barclays Capital, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.00% - 4.25%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 4,400,830</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BofA Securities, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75% - 4.75%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,472,389</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian Imperial Bank of Commerce</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.82% (U.S. Secured Commerce</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Overnight Financing Rate +
    0.25%)**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/09/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,089,330</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canadian Imperial Bank of Commerce</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.79%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,746,895</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Global Markets, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.74%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,726,959</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goldman Sachs &amp; Co. LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25% - 4.75%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73,751,718</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RBC Capital Markets LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.60% - 4.80%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,318,546</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Societe Generale</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% (U.S. Secured Overnight</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing Rate + 0.43%)**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12/09/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81,450,117</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Societe Generale</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00% (U.S. Secured Overnight</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing Rate + 0.43%)**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/06/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78,282,553</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Societe Generale</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.79% - 4.91%*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open Maturity</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,577,679</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Societe Generale</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.03% (U.S. Secured Overnight</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing Rate + 0.46%)**</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/06/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,007,773</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TD
    Securities (USA) LLC</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.70%*</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Open
    Maturity</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,179,552</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    391,004,341</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
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, 2024.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">**
Variable rate security. Rate indicated is the rate effective at November 30, 2024.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of November 30, 2024,
aggregated by asset class of the related collateral pledged by the Fund:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Overnight and</b></span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Greater than</b></span></td>
    <td style="text-align: right; width: 14%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Asset
    Type</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Continuous</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Up
    to 30 days</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>31-90
    days</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>90
    days</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$134,962,649</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$81,450,117</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$115,379,656</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$331,792,422</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Collateralized Mortgage Obligations </span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,906,511</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,906,511</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S.
    Government Securities</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,305,408</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,305,408</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total reverse repurchase</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">agreements</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$194,174,568</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$81,450,117</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$115,379,656</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$391,004,341</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gross amount of recognized</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">liabilities for reverse repurchase</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">agreements</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$194,174,568</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$81,450,117</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$115,379,656</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$391,004,341</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>121</sup></span></p>


<!-- Field: Page; Sequence: 122 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 8 &#150; <b>Borrowings</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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. On June 7, 2024, the terms of the Fund&#146;s credit facility agreement were amended to reduce the maximum amount available
to borrow from $400,000,000 to $150,000,000. The maximum amount available to borrow under the Fund&#146;s credit facility may
change from time to time pursuant to the terms of the credit facility agreement. Under the most recent amended terms, the interest rate
on the amount borrowed is based on the Secured Overnight Financing Rate (&#147;SOFR&#148;) plus 0.75%, 0.80%, or 0.85% depending on the
eligible security types pledged as related collateral, and an unused commitment fee of 0.30% 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, 2024, there was $3,700,000
outstanding in connection with the Fund&#146;s credit facility. The average daily amount of borrowings on the credit facility during
the period was $3,065,027 with a related average interest rate of 5.87%. The maximum amount outstanding during the period was $3,700,000.
As of November 30, 2024, the total value of securities segregated and pledged as collateral in connection with borrowings was $132,597,394.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;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 &#147;closed-end management
investment company&#148; as defined in the 1940 Act.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">There
is no guarantee that the Fund&#146;s leverage strategy will be successful. The Fund&#146;s use of leverage may cause the Fund&#146;s
NAV and market price of common shares to be more volatile and can magnify the effect of any losses.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 9 &#150; <b>Federal Income Tax
Information</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the &#147;Internal Revenue
Code&#148;), 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="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Tax
positions taken or expected to be taken in the course of preparing the Fund&#146;s tax returns are evaluated to determine whether the
tax positions are &#147;more-likely-than-not&#148; 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&#146;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&#146;s financial statements. The Fund&#146;s U.S. federal income tax returns are subject to examination
by the Internal Revenue Service (&#147;IRS&#148;) for a period of three years after they are filed.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">If
the Fund makes a distribution to its shareholders in excess of its current and accumulated &#147;earnings and profits&#148; in any taxable
year, the excess distribution will be treated as a return of capital to the extent of each shareholder&#146;s basis (for tax purposes)
in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces
the shareholder&#146;s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such
shareholder of the shares.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">At
November 30, 2024, 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 border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Tax</b></span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Tax</b></span></td>
    <td style="text-align: right; width: 25%"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Net
                                            Tax</b></span></p>
                                              <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;<b>Unrealized</b></span></p></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Tax</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unrealized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Unrealized</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Appreciation/</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cost</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Appreciation</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Depreciation</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(Depreciation)</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,339,624,428</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$55,669,687</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(125,247,168)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(69,577,481)</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
of May 31, 2024, (the most recent fiscal year end for U.S. federal tax purposes) tax components of distributable earnings/(loss) were
as follows:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Undistributed</b></span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Undistributed</b></span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Net Unrealized</b></span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Accumulated</b></span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Other</b></span></td>
    <td style="text-align: left; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Ordinary</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Long-Term</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Appreciation</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Capital and</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Temporary</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Income</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Capital
    Gain</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>(Depreciation)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Other
    Losses</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Differences</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(146,914,131)</span></td>
    <td style="text-align: right; text-indent: 1.81pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(18,543,007)</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$&#151;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$(165,457,138)</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">For
the year ended May 31, 2024, (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 border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Ordinary</b></span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Long-Term</b></span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Return</b></span></td>
    <td style="text-align: right; width: 25%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Total</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Income</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Capital
    Gain</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>of
    Capital</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Distributions</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$104,758,916</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$19,768,726</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$159,703,627</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$284,231,269</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Note:
For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>123</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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 10 &#150; <b>Securities Transactions</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">For
the period ended November 30, 2024, 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 border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 49%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Purchases</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 51%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Sales</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$351,904,328</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$196,301,041</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 the 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. For the period ended November 30, 2024, the Fund did not engage in purchases and sales of securities,
pursuant to Rule 17a-7 of the 1940 Act.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 11 &#150; <b>Unfunded Loan Commitments</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Pursuant
to the terms of certain loan agreements, the Fund held unfunded loan commitments as of November 30, 2024. The Fund is obligated to fund
these loan commitments at the borrower&#146;s discretion.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, 2024, the total amount segregated in connection with unfunded loan commitments and reverse repurchase
agreements was $443,326,987.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>124 </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>
    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
unfunded loan commitments as of November 30, 2024, were as follows:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 55%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Borrower</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Maturity
    Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Face
    Amount*</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 15%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accuride Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/23/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">760,451</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 69,056</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Alteryx, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/08/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,498,611</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avalara, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/19/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">700,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,476</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capstone Acquisition Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11/12/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">531,324</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,915</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Care BidCo</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">05/04/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR 1,000,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Checkers Holdings, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">06/16/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139,346</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Coller Capital Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">09/25/36</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,572,063</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Convergint</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03/31/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,298</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Datix Bidco Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/25/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,020,000</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">108,294</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Finastra USA, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">09/13/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">212,087</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,896</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Franchise Group, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">04/30/25</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">751,277</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,513</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hanger, Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/15/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">536,122</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Higginbotham Insurance Agency,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11/25/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425,684</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,220</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Integrated Power Services Holdings,
    Inc.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11/22/28</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">956,170</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lightning A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03/01/37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,919,503</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lightning B</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03/01/37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">371,824</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MB2 Dental Solutions LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/29/31</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,989,519</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,477</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Oil Changer Holding Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/08/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,027,955</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,419</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Orion Group</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03/19/27</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,149,783</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Polaris Newco LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">06/04/26</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">460,800</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,412</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PT Intermediate Holdings III
    LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">04/03/30</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,352</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">146</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shaw Development LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10/30/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">531,915</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,716</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SHO Holding I Corp.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">06/30/29</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">311,159</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,899</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thunderbird A</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03/01/37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,864,078</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Thunderbird B</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03/01/37</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">364,765</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#151;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TK
    Elevator Midco GmbH</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/29/27</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR
    1,233,307</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,123</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    422,762</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td colspan="3" style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* The face amount
    is denominated in U.S. dollars unless otherwise indicated.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">EUR &#150; Euro</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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

<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>125</sup></span></p>


<!-- Field: Page; Sequence: 126 -->
    <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></p>

<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 12 &#150; <b>Restricted Securities</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
securities below are considered illiquid and restricted under guidelines established by the Board:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt; width: 39%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Restricted
    Securities</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 23%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Acquisition
    Date</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 22%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Cost</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 16%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Value</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BBC Military
    Housing-Navy Northeast LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10.6pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.30% due
    10/15/49</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">05/05/15</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,642,995</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ 2,532,391</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CBC Insurance
    Revenue Securitization LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2016-1 5.25%
    due 07/15/46</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">08/09/19</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">268,963</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">244,634</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo Luxembourg
    Finance Co I SARL /</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo US, Inc.*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">04/23/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,970</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">335</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo Luxembourg
    Finance Co I SARL /</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endo US, Inc.*</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">04/23/24</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,343</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">190</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Freddie Mac
    Military Housing Bonds</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Resecuritization
    Trust Certificates</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2015-R1 5.95%
    (WAC) due 11/25/52<sup>1</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">09/10/19</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,296,705</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,995,668</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mirabela Nickel Ltd.</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">due 06/24/19<sup>2</sup></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12/31/13</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,341,590</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,340</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nassau LLC</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2019-1
    3.98% due 08/15/34</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">08/16/19</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">846,152</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778,671</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    9,427,718</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$
    6,565,229</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">*</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Non-income producing security.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>1</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Variable rate security. Rate indicated
is the rate effective at November 30, 2024. 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>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>2</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">Security is in default of interest
and/or principal obligations.</span></td>
</tr></table>

<p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Note 13 &#150; <b>Capital</b></span><span style="font-family: Arial, Helvetica, Sans-Serif"><br/>
<br/>
<span style="font-size: 9pt"><b>Common Shares</b></span></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund has an unlimited amount of common shares, $0.01 par value, authorized and 156,058,734 shares issued and outstanding as of November
30, 2024.</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 55%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transactions in common shares
    were as follows:</span></td>
    <td style="text-align: right; width: 28%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right; width: 17%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Period Ended</b></span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Year Ended</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>November
    30, 2024</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>May
    31, 2024</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beginning shares</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">142,615,463</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119,342,322</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares issued through at-the-market
    offering</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,105,693</span></td>
    <td style="text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,732,200</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares
    issued through dividend reinvestment</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,337,578</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,540,941</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ending
    shares</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">156,058,734</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">142,615,463</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">On
September 20, 2021, the Fund filed a shelf registration allowing for the delayed or continuous offering of up to $700,000,000 of common
shares. The Fund entered into an at-the-market sales agreement with Cantor Fitzgerald &amp; Co. (&#147;Cantor Fitzgerald&#148;) on September
16, 2021, 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 as agent for the Fund. On March 24, 2023, the Fund entered into an at-the-market sales agreement with
Cantor Fitzgerald to offer and sell common shares having an aggregated initial offering price of up to $330,024,727, from time to time,
through Cantor Fitzgerald as agent for the Fund.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>126 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">On
May 3, 2024, the Fund&#146;s current shelf registration allowing for the delayed or continuous offering of additional shares became effective. The shelf registration statement allows for the issuance of up to $850,000,000 of common shares. The Fund entered into an
at-the-market sales agreement with Cantor Fitzgerald on May 3, 2024, as amended, to offer and sell common shares having an aggregated
initial offering price of up to $850,000,000, from time to time, through Cantor Fitzgerald as agent for the Fund.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
of November 30, 2024, up to $641,441,658 of common shares remained available under the at-the-market sales agreement. For the period
ended November 30, 2024, the Fund paid $152,608 for offering costs associated with the at-the market offering, and will be responsible
for additional offering costs in the future of up to 0.60% of the offering price of common shares sold pursuant to the shelf registration
statement.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">A
portion of the proceeds of the foregoing offering is usually used to pay distributions and may be a return of capital. If the Fund does
not conduct such offering, it may not be able to maintain distributions at historical levels. There is no guarantee that the Fund will
sell all of the common shares available for sale under its shelf registration statement or that there will be any sales of common shares
thereunder and, from time to time, the Fund may be unable to sell its common shares under its shelf registration statement.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 14 &#150; <b>Market Risks</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, issuers
or particular industries or from broader influences, including real or perceived changes in prevailing interest rates (which may change
at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations
about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial
market conditions, increased instability or general uncertainty, environmental or man-made 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 escalated conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and
other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other types
of similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react
differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in
one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Fund in a
different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial
markets. The duration and extent of the foregoing or similar 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&#146;s investments and performance of the Fund.</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>127</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>NOTES
    TO FINANCIAL STATEMENTS (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">Note 15 &#150; <b>Subsequent Events</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund evaluated subsequent events through the date the financial statements are issued and determined there were no material events that
would require adjustment to or disclosure in the Fund&#146;s financial statements.</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>128 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Federal
Income Tax Information</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In
January 2025, 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 2024.</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Delaware
Statutory Trust Act-Control Share Acquisition</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s ability to vote certain of these shares may be limited.</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Sector
Classification</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Information
in the &#147;Schedule of Investments&#148; is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification
System, a widely recognized industry classification system provider. In the Fund&#146;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="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>129</sup></span></p>


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    <!-- Field: /Page -->

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Trustees</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Trustees of the Guggenheim Strategic Opportunities Fund and their principal occupations during the past five years:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 43%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term of
    Office</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and Length</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios in</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name, Address*</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of Time</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal Occupation(s)</b></span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="text-align: left; text-indent: 0.04pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
    Past Five Years</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees:</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Randall C. Barnes</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2007</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Private
    Investor (2001-present).</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">127</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Advent
    Convertible and</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1951)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Income Fund
    (2005-present); Purpose</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Valuation</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2020</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Oversight</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Chair of
    the</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President,
    Pizza Hut International (1991-1993); Senior Vice President,</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Valuation</span></td>
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Strategic
    Planning and New Business Development, PepsiCo, Inc. (1987-1990).</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
    Guggenheim Energy &amp; Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Oversight</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2015-2023);
    Fiduciary/Claymore</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Energy Infrastructure
    Fund (2004-2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Allocation
    Fund (2013-2021).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Angela
    Brock-Kyle</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2019</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Retired</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">126</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Hunt
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1959)</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">present);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Founder
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Forum (2022-present);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Specialty
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Claymore Energy
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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    Guggenheim Enhanced</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Equity Income
    Fund (2019-2021);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2019-2021);
    Infinity Property &amp;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Casualty
    Corp. (2014-2018).</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>130 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 131 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term of
    Office</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and Length</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios in</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name, Address*</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of Time</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
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    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="text-align: left; text-indent: 0.1pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
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    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
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    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held
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  <tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees continued:</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Thomas F. Lydon, Jr.</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2019</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    President, Global Trends Investments (registered investment</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">126</span></td>
    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1960)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">adviser)
    (1996-present); Chief Executive Officer, Lydon Media</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.04pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(GROW)
    (1995-present); The 2023 ETF</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Contracts</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2020</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2016-present).</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Series
    Trust (4) (2023-present); The</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2023-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Director,
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Energy
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2019-2021);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Volatility
    Edge Trust (3) (2017-2019).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Ronald
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    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
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    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">126</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current:
    Advent Convertible and</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1953)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2016-present).</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.06pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Income
    Fund (2003-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td colspan="2" style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Nominating
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Governance</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Partner,
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    <td style="text-align: left; text-indent: 0.08pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former:
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Vice President, General Counsel,
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2024); Endeavor Health (2012-Dec.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.03pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2024);
    Guggenheim Energy &amp; Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2015-2023);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Energy
    Infrastructure Fund (2004-2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Asset Inflation-Linked
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&amp; Income
    Fund (2004-2020); Western</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.05pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.05pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2003-2020).</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>131</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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term of
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and Length</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios in</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name, Address*</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of Time</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal
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    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="text-align: left; text-indent: 0.04pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Other
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
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    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
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    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Independent
    Trustees continued:</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Sandra G. Sponem</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2019</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Retired.</span></td>
    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">126</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: SPDR
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1958)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Audit</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2020</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Senior
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Funds (25)
    (2018-present); SSGA</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Chair of
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    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Mortenson-Companies,
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Active
    Trust (32) (2018-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Audit</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">company) (2007-2017).</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Guggenheim
    Energy &amp; Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2019-2023); Fiduciary/Claymore</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Energy Infrastructure Fund (2019-2022);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Master
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Ronald
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    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee,</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2007</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Portfolio
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    <td style="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">126</span></td>
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Independent
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2015-2023);
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Governors,
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Energy Infrastructure
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2004-2022);
    Guggenheim Enhanced</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.04pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Equity
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Member,
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.04pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2016-2018); Vice President,
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2013-2021);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Management (1998-1999); Vice
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Linked Opportunities
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1992-1999); Vice President
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2004-2020);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Linked Income
    Fund (2003-2020).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Unit Investment Trusts (1988-1999),
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(registered
    broker dealer) (1982-1999).</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>132 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


<!-- Field: Page; Sequence: 133 -->
    <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><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr>
    <td style="width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 7%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 42%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 10%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="width: 21%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term of
    Office</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Number
    of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and Length</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Portfolios in</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name, Address*</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>of Time</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Principal Occupation(s)</b></span></td>
    <td style="text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Fund
    Complex</b></span></td>
    <td style="text-align: left; text-indent: 0.03pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Served**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>During
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    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0.02pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Overseen</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><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 style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Interested
    Trustee:</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Amy J. Lee****</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee, Vice</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2018</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">126</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Guggenheim
    Energy &amp; Income</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1961)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2018-2023);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and Chief</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2014</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Energy Infrastructure
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Legal Officer</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Chief Legal</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2007-present);
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-2022);
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer) Since</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Equity Income
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2012 (Vice</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Guggenheim
    Credit Allocation Fund</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: President
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-2021).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund Complex
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant
    Secretary, Security Benefit Life Insurance Company and Security</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Benefit
    Corporation (2004-2012).</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>*</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>The business address of each Trustee
is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>**</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Each Trustee elected shall hold
office until his or her successor shall have been elected and shall have qualified. After a Trustee&#146;s initial term, each Trustee is
expected to serve a two year term concurrent with the class of Trustees for which he or she serves.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>-</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>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&#146;s annual meeting of shareholders for the
fiscal year ended May 31, 2025.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,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-family: Arial, Helvetica, Sans-Serif"><i>-</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>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&#146;s annual meeting of
shareholders for the fiscal year ended May 31, 2026.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>***</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Each Trustee also serves on the
Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal
Bond &amp; Investment Grade Debt Trust, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds and Rydex Variable
Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible &amp; Income Fund.</i></span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Ita,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>****</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>This Trustee is deemed to be an
&#147;interested person&#148; of the Fund under the 1940 Act by reason of her position with the Fund&#146;s Adviser and/or the parent
of the Adviser.</i></span></td>
</tr></table>

<p style="text-align: left; font-size: 9pt">&#160;</p>

<p style="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>133</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><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Officers</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Officers of the Guggenheim Strategic Opportunities Fund and their principal occupations during the past five years:</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 9in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="text-align: left; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; width: 72%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term of Office</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name, Address*</b></span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Time
    Served**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><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: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Officers:</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Brian E. Binder</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2018</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Board
    Member &amp; Chairman of the Board, Guggenheim Credit Income Fund (Dec. 2024-present); President, Mutual Funds</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1972)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and Chief</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Boards and
    Senior Managing Director, Guggenheim Funds Investment Advisors, LLC and, Security Investors, LLC (2018-present);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0.03pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Board Member,
    Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2022-present);
    Board Member, Guggenheim Partners Fund Management (Europe) Limited (2018-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Senior
    Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President, Deutsche Funds, and
    Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Managing Director, Chairman
    of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2010-2012).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>James M.
    Howley</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chief</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2022</span></td>
    <td style="text-align: left; text-indent: 0pt"><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,</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1972)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Financial</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">certain other
    funds in the Fund Complex (2022-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer, Chief</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accounting</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Assistant
    Treasurer, certain other funds in the Fund Complex (2006-2022); Manager, Mutual Fund Administration of Van Kampen</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer and</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Mark E.
    Mathiasen</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Secretary</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2008</span></td>
    <td style="text-align: left; text-indent: 0pt"><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: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1978)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="text-align: left; font-size: 9pt"></p>

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

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>134 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>OTHER
    INFORMATION (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
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    <td style="text-align: left; width: 11%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt; width: 8%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Position(s)</b></span></td>
    <td style="text-align: left; width: 9%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; width: 72%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Held</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Term of Office</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Name, Address*</b></span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>with</b></span></td>
    <td style="text-align: left; text-indent: 0.01pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Length of</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>and
    Year of Birth</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Trust</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Time
    Served**</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><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="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Glenn McWhinnie</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2016</span></td>
    <td style="text-align: left; text-indent: 0pt"><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</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1969)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2016-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Michael
    P. Megaris</b></span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2014</span></td>
    <td style="text-align: left; text-indent: 0pt"><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: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1984)</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Secretary</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Elisabeth
    Miller</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chief</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2024</span></td>
    <td style="text-align: left; text-indent: 0pt"><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</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1968)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Compliance</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments
    (2012-present); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present).</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Chief
    Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018);</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chief Compliance
    Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Manager,
    Guggenheim Distributors, LLC (2004-2014).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Kimberly
    J. Scott</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2012</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1974)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><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</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Kampen Investments,
    Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments,
    Inc./Morgan Stanley Investment Management (2005-2009).</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><b>Jon Szafran</b></span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Assistant</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2017</span></td>
    <td style="text-align: left; text-indent: 0pt"><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="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1989)</span></td>
    <td style="text-align: left; text-indent: 0pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Treasurer</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left; text-indent: 0pt"><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</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(North America) Inc. (&#147;HGINA&#148;),
    (2017); Senior Analyst of US Fund Administration, HGINA (2014&#150;2017); Senior Associate of Fund</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Administration,
    Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).</span></td></tr>
  </table>
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<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>*</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>The business address of each officer
is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</i></span></td>
</tr></table>

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<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>**</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Each officer serves an indefinite
term, until his or her successor is duly elected and qualified.</i></span></td>
</tr></table>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>135</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

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    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>DIVIDEND
    REINVESTMENT PLAN (Unaudited)</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
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<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Unless
the registered owner of common shares elects to receive cash by contacting Computershare Trust Company, N.A. (the &#147;Plan Administrator&#148;),
all dividends declared on common shares of the Fund will be automatically reinvested by the Plan Administrator for shareholders in the
Fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder&#146;s
common shares are registered. Whenever the Fund declares a dividend or other distribution (together, a &#147;Dividend&#148;) 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&#146; accounts, depending upon the circumstances described
below, either (i) through receipt of additional unissued but authorized common shares from the Fund (&#147;Newly Issued Common Shares&#148;)
or (ii) by purchase of outstanding common shares on the open market (&#147;Open-Market Purchases&#148;) on the New York Stock Exchange
or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commission per common share
is equal to or greater than the net asset value per common share, the Plan Administrator will invest the Dividend amount in Newly Issued
Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>136 </sup>l <b><sup>GOF </sup></b>l
<sup>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 60%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 40%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>DIVIDEND
    REINVESTMENT PLAN (Unaudited) continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 or equal to 95% of the then current market price
per common share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Plan Administrator maintains all shareholders&#146; 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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>137</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left; width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    INFORMATION</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right; width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Board
of Trustees</b></span></td>
  <td style="width: 50%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>Investment Adviser</b></span></td></tr>
<tr style="vertical-align: top; text-align: left">
  <td><p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Randall
C. Barnes</span></p>
      <p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Angela Brock-Kyle</span></p>
      <p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Amy J. Lee*</span></p>
      <p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Thomas F. Lydon, Jr.</span></p>
      <p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Ronald A. Nyberg</span></p>
      <p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Sandra G. Sponem</span></p>
      <p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Ronald E. Toupin, Jr.,</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Chairman</i></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">*
This Trustee is an &#147;interested person&#148; (as defined in Section 2(a)(19) of the 1940 Act) (&#147;Interested Trustee&#148;) of
the Fund because of her affiliation with Guggenheim Investments.</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Principal
Executive Officers</b></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Brian
E. Binder</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>President
and Chief Executive Officer</i></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Elisabeth
Miller</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Chief
Compliance Officer</i></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Amy
J. Lee</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Vice
President and Chief Legal Officer</i></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Mark
E. Mathiasen</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Secretary</i></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">James
M. Howley</span></p>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; margin-bottom: 6pt; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><i>Chief
Financial Officer, Chief Accounting Officer and Treasurer</i></span></p>

</td>
  <td><span style="font-size: 9pt">Guggenheim Funds Investment</span><br/>
<span style="font-size: 9pt">Advisors, LLC</span><br/>
<span style="font-size: 9pt">Chicago, IL</span><br/>
<br/>
<span style="font-size: 9pt"><b>Investment Sub-Adviser</b></span><br/>
<span style="font-size: 9pt">Guggenheim Partners Investment</span><br/>
<span style="font-size: 9pt">Management, LLC</span><br/>
<span style="font-size: 9pt">Santa Monica, CA</span><br/>
<br/>
<span style="font-size: 9pt"><b>Administrator and Accounting Agent</b></span><br/>
<span style="font-size: 9pt">MUFG Investor Services (US), LLC</span><br/>
<span style="font-size: 9pt">Rockville, MD</span><br/>
<br/>
<span style="font-size: 9pt"><b>Custodian</b></span><br/>
<span style="font-size: 9pt">The Bank of New York Mellon Corp.</span><br/>
<span style="font-size: 9pt">New York, NY</span><br/>
<br/>
<span style="font-size: 9pt"><b>Legal Counsel</b></span><br/>
<span style="font-size: 9pt">Dechert LLP</span><br/>
<span style="font-size: 9pt">Washington, D.C.</span><br/>
<br/>
<span style="font-size: 9pt"><b>Independent Registered Public</b></span><br/>
<span style="font-size: 9pt"><b>Accounting Firm</b></span><br/>
<span style="font-size: 9pt">Ernst &amp; Young LLP</span><br/>
<span style="font-size: 9pt">Tysons, VA</span></td></tr>
</table>

<p style="font: 9pt ScalaSans-Italic,Arial,Helvetica,sans-serif; text-align: left">&#160;</p>

<p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><br/></span></p>

<p style="text-align: left; font-size: 9pt"></p>

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<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><sup>142 </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></p>

<table border="0" cellspacing="0" style="font-size: 8pt; width: 100%">
  <tr>
    <td style="width: 70%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td>
    <td style="width: 30%"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: #000000 1px solid; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>FUND
    INFORMATION continued</b></span></td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November
    30, 2024</span></td></tr>
  </table>
<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Privacy
Principles of Guggenheim Strategic Opportunities Fund for Shareholders</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Questions
concerning your shares of Guggenheim Strategic Opportunities Fund?</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#149;</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">If your shares are held in a Brokerage
Account, contact your Broker.</span></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif">&#149;</span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Arial, Helvetica, Sans-Serif">If you have physical possession of
your shares in certificate form, contact the Fund&#146;s Transfer Agent: Computershare Trust Company, N.A., P.O. Box 30170 College Station,
TX 77842-3170; (866) 488-3559 or online at www.computershare.com/investor</span></td>
</tr></table>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Paper
copies of the Fund&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">A
description of the Fund&#146;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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;s website at guggenheiminvestments.com/gof
or by accessing the Fund&#146;s Form N-PX on the U.S. Securities and Exchange Commission&#146;s (SEC) website at www.sec.gov.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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&#146;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: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Notice
to Shareholders</b></span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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="text-align: right; font-size: 9pt"></p>

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<p style="text-align: right; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b><sup>GOF </sup></b>l <sup>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT </sup>l <sup>143</sup></span></p>


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<p><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="margin-bottom: 0; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b>ABOUT THE FUND MANAGERS</b></span></p>

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<p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><b></b></span><span style="font-family: Arial, Helvetica, Sans-Serif"><br/>
<br/>
<span style="font-size: 9pt"><b>Guggenheim Funds Investment Advisors, LLC</b></span></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Guggenheim
Investments represents the investment management businesses of Guggenheim Partners, LLC (&#147;Guggenheim&#148;), which includes Guggenheim
Funds Investment Advisors, LLC (&#147;GFIA&#148;) 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: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Guggenheim
Partners Investment Management, LLC</b></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Guggenheim
Partners Investment Management, LLC (&#147;GPIM&#148;) 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: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Investment
Philosophy</b></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">GPIM&#146;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: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Investment
Process</b></span></p>

<p style="font: 9pt ScalaSans-Regular,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">GPIM&#146;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 identifying investment opportunities in particular securities within these sectors, including the structuring
of certain securities directly with the issuers or with investment banks and dealers involved in the origination of such securities.</span></p>

<p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Guggenheim Funds Distributors,
LLC</b><br/>
227 West Monroe Street<br/>
Chicago, IL 60606<br/>
Member FINRA/SIPC<br/>
(01/25)</span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>NOT
FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE</b></span></p>

<p style="font: 9pt ScalaSans-Bold,Arial,Helvetica,sans-serif; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>CEF-GOF-SAR-1124</b></span></p>



<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif"></span></p>

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<p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable for semi-annual reporting period.</span></p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            applicable to this registrant.</span></td></tr></table>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            applicable to this registrant.</span></td></tr></table>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable to this registrant.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
9. Proxy Disclosures for Open-End Management Investment Companies.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable to this registrant.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. </b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable to this registrant.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
11. Statement Regarding Basis for Approval of Investment Advisory Contract.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
12. 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Portfolio Managers of Closed-End Management Investment Companies.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. 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-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15. 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-family: Times New Roman, Times, Serif; 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>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Controls and Procedures.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Not applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
18. Recovery of Erroneously Awarded Compensation.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Not applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Not applicable.</span></p>

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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
19. Exhibits.</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(1)
	Not applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(2) 	Not applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99cert.htm">(a)(3)	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-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(4)	Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)(5)	Not
applicable.</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99906cert.htm">(b) &#160;&#160;&#160;&#160;&#160;&#160;&#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>


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

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:	<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-family: Times New Roman, Times, Serif; font-size: 10pt">Title:	President
and Chief Executive Officer</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
February 5, 2025</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">By:
<span style="text-decoration: underline">/s/ <span style="background-color: white">Brian E. Binder</span></span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:	<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-family: Times New Roman, Times, Serif; font-size: 10pt">Title:	President
and Chief Executive Officer</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
February 5, 2025	</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
<span style="text-decoration: underline">/s/ James Howley</span></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:	James
Howley</span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:	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-family: Times New Roman, Times, Serif; font-size: 10pt">Date:	 February 5, 2025</span></p>

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

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<DESCRIPTION>CERTIFICATIONS
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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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
(a)(2)</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
OF CHIEF EXECUTIVE OFFICER</B></FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">I,
<FONT STYLE="background-color: white">Brian E. Binder</FONT>, certify that:</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
I have reviewed this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#9;
February 5, 2025</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
Brian E. Binder</U></FONT>&#9;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="background-color: white">Brian
E. Binder</FONT>&#9; </FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 6pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
and Chief Executive Officer</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">I,
James 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&#9; February 5, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
James 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-family: Times New Roman, Times, Serif; font-size: 10pt">James
Howley</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer, Chief Accounting Officer and Treasurer</FONT></P>

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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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, 2024 (the &ldquo;Report&rdquo;), Brian E. Binder, as President and Chief Executive Officer of the Issuer, and James
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-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&#9;
February 5, 2025</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<U>/s/
Brian E. Binder</U>&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
James Howley</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#9;James
Howley</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#9;Chief
Financial Officer, Chief Accounting Officer and Treasurer</FONT></P>

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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45696941297264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>N-2<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th">
<div>Nov. 30, 2024 </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_cef_ProspectusLineItems', window );"><strong>Prospectus [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</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_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 30,  2024<span></span>
</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_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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>
</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>
</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_DocumentType', window );">Document Type</a></td>
<td class="text">N-CSRS<span></span>
</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>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund&#146;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&#146;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><span></span>
</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_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="nump">32.22%<span></span>
</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>
</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]</a></td>
<td class="nump">156,058,734<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_RiskAbstractMember', window );">Risk Abstract [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">There
can be no assurance that the Fund will achieve its investment objectives. The net asset value and market price of the Fund&#146;s shares
will fluctuate, sometimes independently, based on market, economic, issuer-specific and other factors affecting the Fund and its investments.
The market price of Fund shares will either be above (premium) or below (discount) their net asset value. Although the net asset value
of Fund shares is often considered in determining whether to purchase or sell Fund shares, whether investors will realize gains or losses
upon the sale of Fund shares will depend upon whether the market price of Fund shares at the time of sale is above or below the investor&#146;s
purchase price, taking into account transaction costs for the shares, and is not directly dependent upon the Fund&#146;s net asset value.
Market price movements of Fund shares are thus material to investors and may result in losses, even when net asset value has increased.
The Fund is designed for long-term investors; investors should not view the Fund as a vehicle for trading purposes.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Risk
is inherent in all investing, including the loss of your entire principal. Therefore, before investing you should consider the risks
carefully. Investors should be aware that the Fund&#146;s investments and a shareholder&#146;s investment in the Fund are subject to
various risk factors, including investment risk, which could result in the loss of the entire principal amount that you invest, reduced
yield and/or income and sudden and substantial losses. Certain of these risk factors are described below. Please see the Fund&#146;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 also may access the Fund&#146;s Prospectus, SAI and most
recent annual report on the EDGAR Database on the Securities and Exchange Commission&#146;s website at www.sec.gov.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_BelowInvestmentGradeSecuritiesRiskMember', window );">Below Investment Grade Securities Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif">The
Fund may invest in Income Securities rated below-investment grade or, if unrated, determined by GPIM to be of comparable credit quality,
which are commonly referred to as &#147;high-yield&#148; or &#147;junk&#148; bonds. Investment in securities of below-investment grade
quality involves substantial risk of loss, the risk of which is particularly acute under adverse market or economic conditions. Income
Securities of below-investment grade quality are predominantly speculative with respect to the issuer&#146;s continuing capacity to pay
interest and repay principal when due and therefore involve additional and heightened risks compared to investment grade bonds, including
a greater risk of default or decline in market value or income due to adverse economic and issuer-specific developments, such as financial
condition, operating results and outlook and real or perceived adverse economic and competitive industry</span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">conditions.
Accordingly, the performance of the Fund and a shareholder&#146;s investment in the Fund may be adversely affected if an issuer is unable
to pay interest and repay principal, either on time or at all. Issuers of below-investment grade securities are not perceived to be as
strong financially as those with higher credit ratings. Securities of below investment grade quality may experience greater price volatility
than higher-rated securities of similar maturity. Generally, the risks associated with below-investment grade securities are heightened
during times of weakening economic conditions or rising interest rates (particularly for issuers that are highly leveraged).</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_CorporateBondRiskMember', window );">Corporate Bond Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond
generally is expected to rise and fall inversely with interest rates. The market value of a corporate bond is affected by factors directly
related to the issuer, such as its credit rating, investors&#146; perceptions of the creditworthiness of the issuer, the issuer&#146;s
financial condition and performance, perceptions of the issuer in the marketplace, performance of management of the issuer, the issuer&#146;s
capital structure and use of financial leverage and demand for the issuer&#146;s goods and services, as well as general market and economic
conditions. 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 or at all. Depending on the nature of the seniority provisions, a senior corporate bond may be
junior to other credit securities of the issuer, which increases risks associated with the bond. Corporate bonds of below investment
grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific
and other developments.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_CommonEquitySecuritiesAndCoveredCallOptionStrategyRiskMember', window );">Common Equity Securities And Covered Call Option Strategy Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Common Equity Securities and Covered
Call Option Strategy Risk. </b>The Fund may invest in common stocks, limited liability company interests, trust certificates and other
equity investments (&#147;Common Equity Securities&#148;). An adverse event, such as an unfavorable earnings report or other corporate
development, may depress the value of a particular common stock held by the Fund. Also, the prices of equity securities are sensitive
to general movements in the stock market, so a drop in the stock market may depress the prices of equity securities to which the Fund
has exposure. Common Equity Securities&#146; prices fluctuate for a number of reasons, including changes in investors&#146; perceptions
of the financial condition of an issuer, the general condition of the relevant stock market, and broader domestic and international political
and economic events. The prices of Common Equity Securities may also decline due to factors which affect a particular industry or industries,
such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common
stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance,
financial leverage, the issuer&#146;s historical and prospective earnings, the value <sup></sup></span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">of
its assets and reduced demand for its goods and services. In addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">As
part of its Common Equity Securities strategy, the Fund employs a strategy of writing (selling) covered call options (&#147;Covered Call
Option Strategy&#148;) and may, from time to time, buy put options or sell covered put options on individual Common Equity Securities
and, to a lesser extent, pursue a strategy that includes the sale (writing) of both covered call options and put options on indices of
securities and sectors of securities.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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) to the buyer of the option the underlying instrument upon the
option buyer&#146;s exercise of the option. 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. A substantial portion of the options written by the Fund may be over-the-counter (&#147;OTC&#148;)
options. OTC options are subject to heightened counterparty, credit, liquidity and valuation risks.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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.
A call option is &#147;covered&#148; 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 assets determined to be liquid by GPIM
in such amount are designated or earmarked on the Fund&#146;s books and records). As a seller of covered call options, the Fund faces
the risk that it will forgo the opportunity to profit from increases in the market value of the security covering the call option during
an option&#146;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><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=us-gaap_CreditRiskMember', window );">Credit Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk. </b>The Fund could
lose money if the issuer or guarantor of a debt instrument, a counterparty to a derivatives transaction or other transaction (such as
repurchase agreement or a loan of portfolio securities or other instruments) or other obligor to the Fund is unable or unwilling, or
perceived (whether by market participants, rating agencies, pricing services or otherwise) to be unable or unwilling, to pay interest
or repay principal on time or defaults or otherwise fails to meet obligations. This risk is heightened in market environments where interest
rates are changing, notably when rates are rising or when refinancing obligations becomes more challenging. Also, the issuer, guarantor
or counterparty may suffer adverse changes in its financial condition, the value of its assets, prospective earnings, demands for its
goods and services or be adversely affected by economic, political or social conditions that could lower the financial condition or credit
quality (or the market&#146;s perception of the credit quality) of the issuer, instrument, guarantor or counterparty, leading to greater
volatility</span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, credit quality (and credit risks) are subject to change and a change in the credit quality rating of an instrument or an
issuer can have a rapid, adverse effect on the instrument&#146;s value, price volatility and liquidity and make it more difficult for the
Fund to sell at an advantageous price or time. The risk of the occurrence of these types of events is heightened in market environments
where interest rates are changing, notably when rates are rising. High yield or below investment grade securities are particularly subject
to credit risk.</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_CurrentFixedIncomeAndDebtMarketConditionsMember', window );">Current Fixed Income And Debt Market Conditions [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 inflation rates in recent periods, governmental authorities may implement significant fiscal and monetary policy changes,
including changing interest rates and implementation of quantitative tightening or easing. 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 or are quickly reversed. It is difficult to accurately predict changes in the U.S. Federal Reserve Board&#146;s (&#147;Federal
Reserve&#148;) monetary policies and the effect of any such changes or policies. Certain economic conditions and market environments will
expose fixed-income and debt instruments to heightened volatility and reduced liquidity, which can impact the Fund&#146;s investments
and may negatively impact the Fund&#146;s characteristics, which in turn would impact performance.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_DerivativesTransactionsRiskMember', window );">Derivatives Transactions Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Derivatives Transactions Risk.
</b>The Fund may utilize derivatives, including options, futures contracts, swap agreements, forward foreign currency exchange contracts
and other similar 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&#146;s ability to successfully
use derivatives transactions depends on GPIM&#146;s ability to predict pertinent securities prices, interest rates, currency exchange
rates and other economic and market 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. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract terms or
if the currency value changes unfavorably as compared to the U.S. dollar. 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 <sup></sup></span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 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&#146;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><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_EquitySecuritiesRiskMember', window );">Equity Securities Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><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
investments, may rise or fall rapidly or unpredictably and may reflect real or perceived changes in the issuing company&#146;s financial
condition or performance 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><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_InvestmentInLoansRiskMember', window );">Investment In Loans Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><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&#146;s
investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the
loans or the borrowers and may be more susceptible to liquidity risk than fixed income instruments of similar credit quality and/or maturity.
Risks associated with investments in loans are increased if the loans are secured by a single asset. Loans may decline in value if their
interest rates do not rise as much or as fast as interest rates in general. 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&#146;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 &#147;covenant-lite&#148; loans or obligations, which are loans or other
similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and
other financial protections for lenders and investors. Exposure may also be obtained to covenant-lite obligations through investment
in securitization vehicles and other structured products. Covenant-lite obligations may carry more risk than loans with financial covenants
as they allow borrowers to engage in activities that would otherwise be difficult or impossible under an agreement that is not covenant-lite.
In the event of default, covenant-lite obligations may exhibit diminished recovery values as the lender may not have the opportunity
to negotiate with the borrower prior to default. In addition, the Fund may receive less or less frequent financial reporting from a borrower
under a covenant-lite obligation, which may result in more limited access to financial information, difficulty evaluating the borrower&#146;s
financial performance over time and delays in exercising rights and remedies in the event of a significant financial decline.</span><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Senior Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">The
Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#147;Senior
Loans&#148;). Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured
with specific collateral and typically have a claim on the assets of the borrower, including stock owned by the borrower in its subsidiaries,
that is senior to that held by junior lien creditors, subordinated debt holders and stockholders of the borrower. The Fund&#146;s investments
in Senior Loans are typically below-investment grade and are considered speculative because of the credit risk of the applicable issuer,
including increased credit risk. The risks associated with Senior Loans of below investment grade quality 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.</span></span></p><p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">There is less readily-available,
reliable information about most Senior Loans than is the case for many other types of securities. In addition, there is rarely a minimum
rating or other independent evaluation of a borrower or its securities, and GPIM relies primarily on its own evaluation of a borrower&#146;s
credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities
of GPIM with respect to investments in Senior Loans. GPIM&#146;s judgment <sup></sup></span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">about
the credit quality of a borrower may be wrong. Loans and other debt instruments are also subject to the risk of price declines due to
increases in prevailing interest rates, although floating-rate debt instruments are less exposed to this risk than fixed-rate debt instruments.
Interest rate changes may also increase prepayments of debt obligations and require the Fund to invest assets at lower yields.</span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In
addition, extension risk (the risk that payments on principal will occur at a slower rate or later than expected) is heightened in market
environments where interest rates are higher or rising. During periods of deteriorating economic conditions, such as recessions or periods
of rising unemployment, or changing interest rates (notably increases), delinquencies and losses generally increase, sometimes dramatically,
with respect to obligations under such loans. An economic downturn or individual corporate developments could adversely affect the market
for these instruments and reduce the Fund&#146;s ability to sell these instruments at an advantageous time or price. An economic downturn
would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs.</span></p><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Second Lien Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">The
Fund may invest in &#147;second lien&#148; secured floating rate loans made by public and private corporations and other non-governmental
entities and issuers for a variety of purposes (&#147;Second Lien Loans&#148;). Second Lien Loans are typically second in right of payment
and/or second in right of priority with respect to collateral remedies to one or more Senior Loans of the related borrower. Second Lien
Loans are subject to the same risks associated with investment in Senior Loans and other lower grade Income Securities. However, Second
Lien Loans are second in right of payment and/or second in right of priority with respect to collateral remedies to Senior Loans and
therefore are subject to the additional risk that the cash flow of the borrower and/or the value of any property securing the Loan may
be insufficient to meet scheduled payments or otherwise be available to repay the Loan after giving effect to payments in respect of a Senior
Loan, including payments made with the proceeds of any property securing the Loan and any senior secured obligations of the borrower.
Second Lien Loans are expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less
liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans, which would create
greater credit risk exposure.</span></span></p><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Subordinated Secured Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">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></span></p><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Unsecured Loans Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">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</span></span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_LeverageRiskMember', window );">Leverage Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Leverage Risk. </b>The Fund&#146;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 and may be subject to increased borrowing rates. The effect of leverage in a declining market
is likely to cause a greater decline in the net asset value of the Fund than if the Fund were not leveraged, which may result in a greater
decline in the market price of the Fund shares. There can be no assurance that a leveraging strategy will be implemented or that it will
be successful during any period during which it is employed. 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&#146;s total leverage, and associated borrowing costs, may vary
significantly over time. To the extent the Fund increases its amount of leverage outstanding, it will be more exposed to these risks
and pay greater borrowing costs. 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&#146;s exposure to leverage risk.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_LiquidityRiskMember', window );">Liquidity Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Liquidity Risk. </b>The Fund may
invest without limitation in Income Securities for which there is no readily available trading market or which are unregistered, restricted
or otherwise illiquid, including certain high-yield securities. The Fund invests in privately issued securities of both public and private
companies, which may be illiquid. The Fund may not be able to readily dispose of illiquid securities and obligations at prices that approximate
those at which the Fund could sell such assets and obligations if they were more widely traded and, as a result of such illiquidity,
the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. As
a result, the Fund may be unable to achieve its desired level of exposure to certain issuers, asset classes or sectors. The capacity
of market makers of fixed-income and other debt instruments has not kept pace with the consistent growth in these markets over the past
decades, which has led to reduced levels in the capacity of these market makers to engage in trading and provide liquidity to markets.
In addition, limited liquidity could affect the market price of investments, thereby adversely affecting the Fund&#146;s NAV and ability
to make distributions. Dislocations in certain parts of markets have in the past and may in the future result in reduced liquidity for
certain investments. Liquidity of financial markets may also be affected by government intervention and political, social, public health,
economic or market developments (including rapid interest rate changes). Liquidity risk is heightened in a changing interest rate environment,
particularly for fixed-income and other debt instruments.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_ManagementRiskMember', window );">Management Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk. </b>The Fund
is subject to management risk because it has an actively managed portfolio. GPIM will apply investment techniques and risk analysis in
making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results or expected</span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">returns,
causing the Fund to fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives
and strategies. The Fund&#146;s allocation of its investments across various asset classes and sectors may vary significantly over time
based on GPIM&#146;s analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as
the overall risk profile of the Fund&#146;s portfolio, may vary over time. The ability of the Fund to achieve its investment objective
depends, in part, on GPIM&#146;s investment decisions and the ability of GPIM to allocate effectively the Fund&#146;s assets among multiple
investment strategies, underlying funds and investments and asset classes. There can be no assurance that the actual allocations will
be effective in achieving the Fund&#146;s investment objective or that an investment strategy or underlying fund or investment will achieve
its particular investment objective.</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_InvestmentAndMarketRiskMember', window );">Investment And Market Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Investment and Market Risk. </b>An
investment in the common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest.
During periods of adverse economic, financial, market, geopolitical, labor and public health conditions, the risks associated with an
investment in Common Shares may be heightened. An investment in the common shares represents an indirect investment in the securities
owned by the Fund. The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and
unpredictable fluctuation, and loss. 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 fluctuations may occur frequently and in large amounts. These movements
may result from factors affecting individual companies or issuers or particular industries, 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, increased instability or general uncertainty, extreme weather, natural/ environmental or man-made 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 escalated conflict in the Middle East and the ongoing Russia-Ukraine
conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar types of events,
each of which may be temporary or last for extended periods. Many economies and markets have experienced high inflation rates in recent
periods. In response to such inflation, governmental and quasi-governmental 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&#146;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. In addition, adverse changes in one sector or industry or with respect to a particular company could negatively impact
companies in other sectors or industries or increase market volatility as a result of the interconnected nature of economies and markets
and thus negatively affect the Fund&#146;s performance. For example, developments in the banking or financial services sectors (or one
or more companies operating in these sectors) could adversely impact a wide range of companies and issuers. These types of adverse developments
could negatively affect the Fund&#146;s performance or operations. It may be difficult for the market to assess the immediate impact of
an event on an issuer or</span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">security
due to uncertainty that may surround such events; the impact of such an event on a security&#146;s valuation may be delayed.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no
assurance that the Fund&#146;s investments will increase in value along with the broader markets and the Fund&#146;s investments may
underperform general securities markets or other investments. Volatility of financial markets, including potentially extreme volatility
caused by the events described above or other events, can expose the Fund to greater market risk than normal, possibly resulting in greatly
reduced liquidity, increased volatility and valuation risks and longer than usual trade settlement periods. Moreover, changing economic,
political, social, geopolitical, 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 because of the increasingly interconnected
global economies and financial markets.</span></p>

<p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">At
any point in time, your common shares may be worth less than your original investment, even after including the reinvestment of Fund
dividends and distributions.</span></p><span></span>
</td>
</tr>
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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_RiskAxis=GOF_PreferredSecuritiesOrPreferredStockRiskMember', window );">Preferred Securities Or Preferred Stock Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Preferred Securities/Preferred
Stock Risk. </b>The Fund may invest in preferred stock, which represents the senior residual interest in the assets of an issuer after
meeting all claims, with priority to corporate income and liquidation payments over the issuer&#146;s common stock, to the extent proceeds
are available after paying any more senior creditors. As such, preferred stock is inherently riskier than the bonds and other debt instruments
of the issuer, but less risky than its common stock. Certain preferred stocks contain provisions that allow an issuer under certain conditions
to skip (in the case of &#147;non-cumulative&#148; preferred stocks) or defer (in the case of &#147;cumulative&#148; preferred stocks)
dividend payments. Preferred stocks often contain provisions that allow for redemption in the event of certain tax or legal changes or
at the issuer&#146;s call. Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears
beyond a certain time period. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or
otherwise made payable. If the Fund owns preferred stock that is deferring its distributions, the Fund may be required to report income
for U.S. federal income tax purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below
the rate payable on an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial
period of call protection in which the stock is not redeemable. Preferred stocks may be significantly less liquid than many other securities,
such as U.S. government securities, corporate debt and common stock <b></b></span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_PrepaymentAndExtensionRiskMember', window );">Prepayment And Extension Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Prepayment and Extension Risk. </b>Certain debt instruments, including
loans and loan participations (including senior secured floating rate loans, &#147;second lien&#148; secured floating rate loans, and
other types of secured and unsecured loans with fixed and variable interest rates) (collectively, &#147;Loans&#148;) and mortgage- and
other asset-backed securities, are subject to the risk that payments on principal may occur more quickly or earlier than expected (or
an investment is converted or redeemed prior to maturity). These types of instruments are particularly subject to prepayment risk, and
offer less potential for gains, during periods of declining interest rates. For example, an issuer may exercise its right to redeem outstanding
debt securities prior to their maturity (known as a &#147;call&#148;) or otherwise pay principal earlier than expected for a number of
reasons (e.g., declining interest rates, changes in credit</span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">spreads
and improvements in the issuer&#146;s credit quality). If an issuer calls or &#147;prepays&#148; a security in which the Fund has invested,
the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities,
securities with greater credit risks or securities with other, less favorable features or terms than the security in which the Fund initially
invested, thus potentially reducing the Fund&#146;s yield. Income Securities frequently have call features that allow the issuer to repurchase
the security prior to its stated maturity. Loans and mortgage- and other asset-backed securities are particularly subject to prepayment
risk, and offer less potential for gains, during periods of declining interest rates (or narrower spreads) as issuers of higher interest
rate debt instruments pay off debts earlier than expected. In addition, the Fund may lose any premiums paid to acquire the investment.
Other factors, such as excess cash flows, may also contribute to prepayment risk. Thus, changes in interest rates may cause volatility
in the value of and income received from these types of debt instruments. 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&#146;s
yield. In addition, certain debt instruments, including mortgage- and other ABS, are subject to extension risk, the risk that payments
on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen as short or intermediate-term
instruments become longer-term instruments, which would make the investment more sensitive to changes in interest rates.</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_ShortSalesRiskMember', window );">Short Sales Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 borrowed security. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss.
Although the Fund&#146;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_StructuredFinanceInvestmentsRiskMember', window );">Structured Finance Investments Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Structured Finance Investments
Risk. </b>The Fund&#146;s structured finance investments may consist of residential mortgage-backed securities (&#147;RMBS&#148;) and
commercial mortgage-backed securities (&#147;CMBS&#148;) issued by governmental entities and private issuers, asset-backed securities
(&#147;ABS&#148;), 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 generally
has 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 and income from 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, such securities may be considered
liquid in some circumstances.</span><p style="text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Mortgage-Backed Securities (&#147;MBS&#148;)
Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">MBS represent an interest
in a pool of mortgages. MBS generally are classified as either commercial mortgage-backed securities (&#147;CMBS&#148;) or residential
mortgage-backed securities (&#147;RMBS&#148;), each of which are subject to certain specific risks. 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 and extension risks associated with the underlying assets of certain MBS, which can shorten the weighted average maturity
and lower the return of the MBS, or lengthen the expected maturity, respectively, leading to significant fluctuations in the value of
and income generated by 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. The value of MBS may be substantially dependent on the servicing of the underlying
pool of mortgages. Income from and values of RMBS and CMBS 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 and public health conditions. 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.</span></span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Non-agency
MBS (i.e., MBS issued by commercial banks, savings and loans institutions, mortgage bankers, private mortgage insurance companies and
other non-governmental issuers) are subject to the risk that the value of such securities will decline because, among other things, the
securities are not guaranteed as to principal or interest by the U.S. government or a government sponsored enterprise. Non-agency MBS
typically have less favorable underwriting characteristics (such as credit and default risk and collateral) and a wider range in terms
(such as interest rate, term and borrower characteristics) than agency MBS. When issued in different tranches, individual tranches of
non-agency MBS may subject to increased (and sometimes different) credit, prepayment and liquidity and valuation risks as compared to
other tranches. Non-agency MBS are often subject to greater credit, prepayment and liquidity and valuation risks than agency MBS, and
they are generally subject to greater price fluctuation and likelihood of reduced income than agency MBS, especially during periods of
weakness or perceived weakness in the mortgage and real estate sectors.</span></p><p style="text-align: left; font-size: 9pt"><span style="font-family: Arial, Helvetica, Sans-Serif">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 and costs
may affect a mortgagor&#146;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 <sup></sup></span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">inflation
may negatively affect the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. During
periods of declining economic conditions, losses on mortgages underlying MBS generally increase.</span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">In
addition, MBS, such as CMBS and RMBS, are subject to the risks of asset-backed securities generally and are particularly sensitive to
changes in interest rates and developments in the commercial or residential real estate markets, which may adversely affect the Fund&#146;s
holdings of MBS. For example, rising interest rates generally result in a decline in the value of mortgage-related securities, such as
CMBS and RMBS. MBS are also subject to risks similar to those associated with investing in real estate, such as the possible decline
in the value of (or income generated by) the real estate, variations in rental income, fluctuations in occupancy levels and demand for
properties or real estate-related services, changes in interest rates and changes in the availability or terms of mortgages and other
financing that may render the sale or refinancing of properties difficult or unattractive.</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_CommercialMortgageBackedSecuritiesRiskMember', window );">Commercial Mortgage Backed Securities Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><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><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_ResidentialMortgageBackedSecuritiesRiskMember', window );">Residential Mortgage Backed Securities Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Residential Mortgage-Backed Securities
Risk. </b>Home mortgage loans are typically grouped together into pools by banks and other lending institutions, and interests in these
pools are then sold to investors, allowing the bank or other lending institution to have more money available to loan to home buyers.
RMBS are particularly subject to the credit risk of the borrower. Credit-related risk on RMBS primarily 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. RMBS are also subject to the risks of MBS generally and the
residential real estate markets. 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&#146;s equity in the mortgaged property and the individual financial
circumstances of the borrower. The risk of non-payment is greater for RMBS that are backed by loans that were originated under weak underwriting
standards, including loans made to borrowers with limited means to make repayment. RMBS are also subject to risks associated with the
actions of mortgage lenders in the marketplace, which may reduce the availability of mortgage credit to prospective mortgagors. This
may result in limited financing alternatives for mortgagors seeking to refinance their existing loans, which may in turn result in higher
rates of delinquencies, defaults and losses on mortgages.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_AssetBackedSecuritiesRiskMember', window );">Asset Backed Securities Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">Asset-Backed Securities Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">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 or other periodic 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, which may be insufficient to make interest and principal payments. The recoveries on the underlying collateral
may not, in some cases, be sufficient to support payments on these securities, or may be unavailable in the event of a default and enforcing
rights with respect to these assets or collateral may be difficult and costly, which may result in losses to investors in an ABS. The collateral
underlying ABS may constitute assets related to a wide range of industries such as credit card and automobile receivables or other assets
derived from consumer, commercial or corporate sectors, and these underlying assets may be secured or unsecured. 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></span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_CLOCDOandCBORiskMember', window );">C L O C D Oand C B O Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><span style="text-decoration: underline">CLO, CDO and CBO Risk.</span></span><span style="font-family: Arial, Helvetica, Sans-Serif">&#160;<span style="font-size: 9pt">In
addition to the general risks (such as interest rate risk, prepayment risk, extension risk, market risk, credit risk and liquidity and
valuation risk) associated with debt securities discussed herein, collateralized loan obligations (&#147;CLOs&#148;), collateralized
debt obligations (&#147;CDOs&#148;), and collateralized bond obligations (&#147;CBOs&#148;) are subject to additional risks due to their
complex structure and highly leveraged nature, such as higher risk of volatility and magnified financial losses. 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 and income from securities issued by CLOs, CDOs and CBOs also may decrease because of, among other developments,
changes in market value; underlying loan, debt or bond defaults or delinquencies; changes in the market&#146;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 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. The terms of many structured finance investments, including
CLOs, CDOs and CBOs, are tied to the Secured Overnight Financing Rate (&#147;SOFR&#148;) or other reference rates based on SOFR. These
relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments.
These events may adversely affect the Fund and its investments in CLOs, CDOs and CBOs, including their value, volatility and liquidity.</span></span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_ValuationRiskMember', window );">Valuation Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><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
<sup></sup></span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">for
purposes of the Fund&#146;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&#146;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&#146;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&#146;s investments can be difficult to value and thus particularly prone to the foregoing risks.</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_InvestmentFundsRiskMember', window );">Investment Funds Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 in other investment companies, including registered investment companies, private investment funds and/or other pooled investment
vehicles (collectively, &#147;Investment Funds&#148;).</span><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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, and in addition to these risks, 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&#146;s investment in another Investment Fund are borne indirectly by Common
Shareholders. Accordingly, investment in such entities involves expenses and fees at both levels. 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&#146; advisers and managers, as well as other expenses borne by such entities. To the extent management
fees of Investment Funds are based on total gross assets, it may create an incentive for such entities&#146; managers to employ Financial
Leverage, thereby adding additional expense and increasing volatility and risk (including the Fund&#146;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 arrangement may create incentives for an adviser or manager to take greater investment risks in the hope of earning
a higher profit participation.</span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">Investments
in Investment Funds frequently expose the Fund to an additional layer of Financial Leverage and, thus, increase the Fund&#146;s exposure
to leverage risk and costs. From time to time, the Fund may invest a significant portion of its assets in Investment Funds that employ
leverage. The use of leverage by Investment Funds may cause the Investments Funds&#146; 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&#146;s investments in Investment Funds will depend in large part on the investment skills and implementation
abilities of the advisers or managers</span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">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 GPIM will seek to evaluate managers of Investment Funds and where possible independently evaluate the underlying assets, a substantial
degree of reliance on such entities&#146; managers is nevertheless present with such investments.</span></p><p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"><span style="font-family: Arial, Helvetica, Sans-Serif">When
the Fund invests in private investment funds, such investments pose additional risks to the Fund, in addition to those risks described
above with respect to all Investment Funds. Certain private investment funds involve capital call provisions under which an investor
is obligated to make additional investments at specified levels even if it would otherwise choose not to. Investments in private investment
funds may have very limited liquidity. Often there will be no secondary market for such investments and the ability to redeem or otherwise
withdraw from a private investment fund may be prohibited during the term of the private investment fund or, if permitted, may be infrequent.
Certain private investment funds are subject to &#147;lock-up&#148; periods of a year or more. The valuation of investments in private
investment funds are often subject to high conflicts and valuation risks. Investors in private investment funds are also often exposed
to increased leverage risk.</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=GOF_OperationalRiskMember', window );">Operational Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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>
</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_RiskTextBlock', window );">Risk [Text Block]</a></td>
<td class="text"><span style="font-family: Arial, Helvetica, Sans-Serif"><b>Operational Risk. </b>The Fund
is exposed to, and may be subject to losses from, operational risks arising from a number of factors, including, but not limited to,
human error, processing and communication errors, errors of the Fund&#146;s service providers, counterparties or other third-parties,
failed or inadequate processes and technology, systems failures or external events, including natural disasters. The Fund and its service
providers, including the Investment Manager, seek to reduce these operational risks through controls and procedures. However, these measures
do not address every possible risk and may be inadequate to address significant operational risks.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskAxis=us-gaap_InterestRateRiskMember', window );">Interest Rate Risk [Member]</a></td>
<td class="text">&#160;<span></span>
</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_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</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"><span style="font-family: Arial, Helvetica, Sans-Serif"><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 (or the expectation of such changes) can be sudden, significant and frequent and may adversely affect the Fund&#146;s investments
in these instruments, such as the value or liquidity of, and income generated by, the investments or increase risks associated with such
investments, such as credit or default risks. In addition, changes in interest rates can have unpredictable effects on markets and can
adversely affect the Fund&#146;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. Changes
in interest rates also adversely affect the yield generated by certain fixed-income and other debt and senior equity securities (&#147;Income
Securities&#148;) or result in the issuance of lower yielding Income Securities. The U.S. Federal Reserve Board (&#147;Federal Reserve&#148;)
has changed interest rates recently in response to economic conditions, including inflation rates. The Federal Reserve&#146;s 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, and whether,
the Federal Reserve&#146;s current stance on interest rates will persist and the impact these actions will have on the economy and the
Fund&#146;s investments and the markets where they trade. The Federal Reserve&#146;s monetary policy is subject to change at any time
and potentially frequently based on a variety of market and economic conditions.</span><span></span>
</td>
</tr>
</table>
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<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">
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<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">
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<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">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<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>
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<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">
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<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></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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<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 3<br> -Paragraph a<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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<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">
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<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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dei:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></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>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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<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_BelowInvestmentGradeSecuritiesRiskMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_CorporateBondRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_CommonEquitySecuritiesAndCoveredCallOptionStrategyRiskMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=us-gaap_CreditRiskMember</td>
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<td><strong> Data Type:</strong></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_CurrentFixedIncomeAndDebtMarketConditionsMember</td>
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<td><strong> Data Type:</strong></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=GOF_EquitySecuritiesRiskMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_InvestmentInLoansRiskMember</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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_LiquidityRiskMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=GOF_ManagementRiskMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_ManagementRiskMember</td>
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<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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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=GOF_InvestmentAndMarketRiskMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_InvestmentAndMarketRiskMember</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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_PreferredSecuritiesOrPreferredStockRiskMember</td>
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<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 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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_PrepaymentAndExtensionRiskMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=GOF_ShortSalesRiskMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_ShortSalesRiskMember</td>
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<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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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskAxis=GOF_StructuredFinanceInvestmentsRiskMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_StructuredFinanceInvestmentsRiskMember</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_cef_RiskAxis=GOF_CommercialMortgageBackedSecuritiesRiskMember">
<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskAxis=GOF_CommercialMortgageBackedSecuritiesRiskMember</td>
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<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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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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    <cef:InvestmentObjectivesAndPracticesTextBlock contextRef="From2024-06-01to2024-11-30" id="Fact000013">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund&#x92;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&#x92;s sub-adviser seeks to combine a credit-managed fixed-income portfolio
with access to a diversified pool of alternative investments and equity strategies.&lt;/span&gt;</cef:InvestmentObjectivesAndPracticesTextBlock>
    <cef:RiskTextBlock
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&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There
can be no assurance that the Fund will achieve its investment objectives. The net asset value and market price of the Fund&#x92;s shares
will fluctuate, sometimes independently, based on market, economic, issuer-specific and other factors affecting the Fund and its investments.
The market price of Fund shares will either be above (premium) or below (discount) their net asset value. Although the net asset value
of Fund shares is often considered in determining whether to purchase or sell Fund shares, whether investors will realize gains or losses
upon the sale of Fund shares will depend upon whether the market price of Fund shares at the time of sale is above or below the investor&#x92;s
purchase price, taking into account transaction costs for the shares, and is not directly dependent upon the Fund&#x92;s net asset value.
Market price movements of Fund shares are thus material to investors and may result in losses, even when net asset value has increased.
The Fund is designed for long-term investors; investors should not view the Fund as a vehicle for trading purposes.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Risk
is inherent in all investing, including the loss of your entire principal. Therefore, before investing you should consider the risks
carefully. Investors should be aware that the Fund&#x92;s investments and a shareholder&#x92;s investment in the Fund are subject to
various risk factors, including investment risk, which could result in the loss of the entire principal amount that you invest, reduced
yield and/or income and sudden and substantial losses. Certain of these risk factors are described below. Please see the Fund&#x92;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 also may access the Fund&#x92;s Prospectus, SAI and most
recent annual report on the EDGAR Database on the Securities and Exchange Commission&#x92;s website at www.sec.gov.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_BelowInvestmentGradeSecuritiesRiskMember"
      id="Fact000016">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;The
Fund may invest in Income Securities rated below-investment grade or, if unrated, determined by GPIM to be of comparable credit quality,
which are commonly referred to as &#x93;high-yield&#x94; or &#x93;junk&#x94; bonds. Investment in securities of below-investment grade
quality involves substantial risk of loss, the risk of which is particularly acute under adverse market or economic conditions. Income
Securities of below-investment grade quality are predominantly speculative with respect to the issuer&#x92;s continuing capacity to pay
interest and repay principal when due and therefore involve additional and heightened risks compared to investment grade bonds, including
a greater risk of default or decline in market value or income due to adverse economic and issuer-specific developments, such as financial
condition, operating results and outlook and real or perceived adverse economic and competitive industry&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;conditions.
Accordingly, the performance of the Fund and a shareholder&#x92;s investment in the Fund may be adversely affected if an issuer is unable
to pay interest and repay principal, either on time or at all. Issuers of below-investment grade securities are not perceived to be as
strong financially as those with higher credit ratings. Securities of below investment grade quality may experience greater price volatility
than higher-rated securities of similar maturity. Generally, the risks associated with below-investment grade securities are heightened
during times of weakening economic conditions or rising interest rates (particularly for issuers that are highly leveraged).&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_CorporateBondRiskMember"
      id="Fact000017">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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 and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond
generally is expected to rise and fall inversely with interest rates. The market value of a corporate bond is affected by factors directly
related to the issuer, such as its credit rating, investors&#x92; perceptions of the creditworthiness of the issuer, the issuer&#x92;s
financial condition and performance, perceptions of the issuer in the marketplace, performance of management of the issuer, the issuer&#x92;s
capital structure and use of financial leverage and demand for the issuer&#x92;s goods and services, as well as general market and economic
conditions. 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 or at all. Depending on the nature of the seniority provisions, a senior corporate bond may be
junior to other credit securities of the issuer, which increases risks associated with the bond. Corporate bonds of below investment
grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific
and other developments.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_CommonEquitySecuritiesAndCoveredCallOptionStrategyRiskMember"
      id="Fact000019">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Common Equity Securities and Covered
Call Option Strategy Risk. &lt;/b&gt;The Fund may invest in common stocks, limited liability company interests, trust certificates and other
equity investments (&#x93;Common Equity Securities&#x94;). An adverse event, such as an unfavorable earnings report or other corporate
development, may depress the value of a particular common stock held by the Fund. Also, the prices of equity securities are sensitive
to general movements in the stock market, so a drop in the stock market may depress the prices of equity securities to which the Fund
has exposure. Common Equity Securities&#x92; prices fluctuate for a number of reasons, including changes in investors&#x92; perceptions
of the financial condition of an issuer, the general condition of the relevant stock market, and broader domestic and international political
and economic events. The prices of Common Equity Securities may also decline due to factors which affect a particular industry or industries,
such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common
stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance,
financial leverage, the issuer&#x92;s historical and prospective earnings, the value &lt;sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;of
its assets and reduced demand for its goods and services. In addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;As
part of its Common Equity Securities strategy, the Fund employs a strategy of writing (selling) covered call options (&#x93;Covered Call
Option Strategy&#x94;) and may, from time to time, buy put options or sell covered put options on individual Common Equity Securities
and, to a lesser extent, pursue a strategy that includes the sale (writing) of both covered call options and put options on indices of
securities and sectors of securities.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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) to the buyer of the option the underlying instrument upon the
option buyer&#x92;s exercise of the option. 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. A substantial portion of the options written by the Fund may be over-the-counter (&#x93;OTC&#x94;)
options. OTC options are subject to heightened counterparty, credit, liquidity and valuation risks.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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.
A call option is &#x93;covered&#x94; 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 assets determined to be liquid by GPIM
in such amount are designated or earmarked on the Fund&#x92;s books and records). As a seller of covered call options, the Fund faces
the risk that it will forgo the opportunity to profit from increases in the market value of the security covering the call option during
an option&#x92;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;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_us-gaap_CreditRiskMember"
      id="Fact000021">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Credit Risk. &lt;/b&gt;The Fund could
lose money if the issuer or guarantor of a debt instrument, a counterparty to a derivatives transaction or other transaction (such as
repurchase agreement or a loan of portfolio securities or other instruments) or other obligor to the Fund is unable or unwilling, or
perceived (whether by market participants, rating agencies, pricing services or otherwise) to be unable or unwilling, to pay interest
or repay principal on time or defaults or otherwise fails to meet obligations. This risk is heightened in market environments where interest
rates are changing, notably when rates are rising or when refinancing obligations becomes more challenging. Also, the issuer, guarantor
or counterparty may suffer adverse changes in its financial condition, the value of its assets, prospective earnings, demands for its
goods and services or be adversely affected by economic, political or social conditions that could lower the financial condition or credit
quality (or the market&#x92;s perception of the credit quality) of the issuer, instrument, guarantor or counterparty, leading to greater
volatility&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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, credit quality (and credit risks) are subject to change and a change in the credit quality rating of an instrument or an
issuer can have a rapid, adverse effect on the instrument&#x92;s value, price volatility and liquidity and make it more difficult for the
Fund to sell at an advantageous price or time. The risk of the occurrence of these types of events is heightened in market environments
where interest rates are changing, notably when rates are rising. High yield or below investment grade securities are particularly subject
to credit risk.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_CurrentFixedIncomeAndDebtMarketConditionsMember"
      id="Fact000022">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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 inflation rates in recent periods, governmental authorities may implement significant fiscal and monetary policy changes,
including changing interest rates and implementation of quantitative tightening or easing. 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 or are quickly reversed. It is difficult to accurately predict changes in the U.S. Federal Reserve Board&#x92;s (&#x93;Federal
Reserve&#x94;) monetary policies and the effect of any such changes or policies. Certain economic conditions and market environments will
expose fixed-income and debt instruments to heightened volatility and reduced liquidity, which can impact the Fund&#x92;s investments
and may negatively impact the Fund&#x92;s characteristics, which in turn would impact performance.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_DerivativesTransactionsRiskMember"
      id="Fact000024">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Derivatives Transactions Risk.
&lt;/b&gt;The Fund may utilize derivatives, including options, futures contracts, swap agreements, forward foreign currency exchange contracts
and other similar 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&#x92;s ability to successfully
use derivatives transactions depends on GPIM&#x92;s ability to predict pertinent securities prices, interest rates, currency exchange
rates and other economic and market 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. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract terms or
if the currency value changes unfavorably as compared to the U.S. dollar. 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 &lt;sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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 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&#x92;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;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_EquitySecuritiesRiskMember"
      id="Fact000025">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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
investments, may rise or fall rapidly or unpredictably and may reflect real or perceived changes in the issuing company&#x92;s financial
condition or performance 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;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_us-gaap_InterestRateRiskMember"
      id="Fact000026">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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 (or the expectation of such changes) can be sudden, significant and frequent and may adversely affect the Fund&#x92;s investments
in these instruments, such as the value or liquidity of, and income generated by, the investments or increase risks associated with such
investments, such as credit or default risks. In addition, changes in interest rates can have unpredictable effects on markets and can
adversely affect the Fund&#x92;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. Changes
in interest rates also adversely affect the yield generated by certain fixed-income and other debt and senior equity securities (&#x93;Income
Securities&#x94;) or result in the issuance of lower yielding Income Securities. The U.S. Federal Reserve Board (&#x93;Federal Reserve&#x94;)
has changed interest rates recently in response to economic conditions, including inflation rates. The Federal Reserve&#x92;s 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, and whether,
the Federal Reserve&#x92;s current stance on interest rates will persist and the impact these actions will have on the economy and the
Fund&#x92;s investments and the markets where they trade. The Federal Reserve&#x92;s monetary policy is subject to change at any time
and potentially frequently based on a variety of market and economic conditions.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_InvestmentInLoansRiskMember"
      id="Fact000035">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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&#x92;s
investments in loans can also be difficult to value accurately because of, among other factors, limited public information regarding the
loans or the borrowers and may be more susceptible to liquidity risk than fixed income instruments of similar credit quality and/or maturity.
Risks associated with investments in loans are increased if the loans are secured by a single asset. Loans may decline in value if their
interest rates do not rise as much or as fast as interest rates in general. 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&#x92;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 &#x93;covenant-lite&#x94; loans or obligations, which are loans or other
similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and
other financial protections for lenders and investors. Exposure may also be obtained to covenant-lite obligations through investment
in securitization vehicles and other structured products. Covenant-lite obligations may carry more risk than loans with financial covenants
as they allow borrowers to engage in activities that would otherwise be difficult or impossible under an agreement that is not covenant-lite.
In the event of default, covenant-lite obligations may exhibit diminished recovery values as the lender may not have the opportunity
to negotiate with the borrower prior to default. In addition, the Fund may receive less or less frequent financial reporting from a borrower
under a covenant-lite obligation, which may result in more limited access to financial information, difficulty evaluating the borrower&#x92;s
financial performance over time and delays in exercising rights and remedies in the event of a significant financial decline.&lt;/span&gt;&lt;p style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;Senior Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&gt;The
Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#x93;Senior
Loans&#x94;). Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured
with specific collateral and typically have a claim on the assets of the borrower, including stock owned by the borrower in its subsidiaries,
that is senior to that held by junior lien creditors, subordinated debt holders and stockholders of the borrower. The Fund&#x92;s investments
in Senior Loans are typically below-investment grade and are considered speculative because of the credit risk of the applicable issuer,
including increased credit risk. The risks associated with Senior Loans of below investment grade quality 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.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="text-align: left; font-size: 9pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;There is less readily-available,
reliable information about most Senior Loans than is the case for many other types of securities. In addition, there is rarely a minimum
rating or other independent evaluation of a borrower or its securities, and GPIM relies primarily on its own evaluation of a borrower&#x92;s
credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities
of GPIM with respect to investments in Senior Loans. GPIM&#x92;s judgment &lt;sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;about
the credit quality of a borrower may be wrong. Loans and other debt instruments are also subject to the risk of price declines due to
increases in prevailing interest rates, although floating-rate debt instruments are less exposed to this risk than fixed-rate debt instruments.
Interest rate changes may also increase prepayments of debt obligations and require the Fund to invest assets at lower yields.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, extension risk (the risk that payments on principal will occur at a slower rate or later than expected) is heightened in market
environments where interest rates are higher or rising. During periods of deteriorating economic conditions, such as recessions or periods
of rising unemployment, or changing interest rates (notably increases), delinquencies and losses generally increase, sometimes dramatically,
with respect to obligations under such loans. An economic downturn or individual corporate developments could adversely affect the market
for these instruments and reduce the Fund&#x92;s ability to sell these instruments at an advantageous time or price. An economic downturn
would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs.&lt;/span&gt;&lt;/p&gt;&lt;p style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;Second Lien Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&gt;The
Fund may invest in &#x93;second lien&#x94; secured floating rate loans made by public and private corporations and other non-governmental
entities and issuers for a variety of purposes (&#x93;Second Lien Loans&#x94;). Second Lien Loans are typically second in right of payment
and/or second in right of priority with respect to collateral remedies to one or more Senior Loans of the related borrower. Second Lien
Loans are subject to the same risks associated with investment in Senior Loans and other lower grade Income Securities. However, Second
Lien Loans are second in right of payment and/or second in right of priority with respect to collateral remedies to Senior Loans and
therefore are subject to the additional risk that the cash flow of the borrower and/or the value of any property securing the Loan may
be insufficient to meet scheduled payments or otherwise be available to repay the Loan after giving effect to payments in respect of a Senior
Loan, including payments made with the proceeds of any property securing the Loan and any senior secured obligations of the borrower.
Second Lien Loans are expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less
liquid. There is also a possibility that originators will not be able to sell participations in Second Lien Loans, which would create
greater credit risk exposure.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;Subordinated Secured Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&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;/span&gt;&lt;/p&gt;&lt;p style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;Unsecured Loans Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&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&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_LeverageRiskMember"
      id="Fact000036">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Leverage Risk. &lt;/b&gt;The Fund&#x92;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 and may be subject to increased borrowing rates. The effect of leverage in a declining market
is likely to cause a greater decline in the net asset value of the Fund than if the Fund were not leveraged, which may result in a greater
decline in the market price of the Fund shares. There can be no assurance that a leveraging strategy will be implemented or that it will
be successful during any period during which it is employed. 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&#x92;s total leverage, and associated borrowing costs, may vary
significantly over time. To the extent the Fund increases its amount of leverage outstanding, it will be more exposed to these risks
and pay greater borrowing costs. 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&#x92;s exposure to leverage risk.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_LiquidityRiskMember"
      id="Fact000037">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Liquidity Risk. &lt;/b&gt;The Fund may
invest without limitation in Income Securities for which there is no readily available trading market or which are unregistered, restricted
or otherwise illiquid, including certain high-yield securities. The Fund invests in privately issued securities of both public and private
companies, which may be illiquid. The Fund may not be able to readily dispose of illiquid securities and obligations at prices that approximate
those at which the Fund could sell such assets and obligations if they were more widely traded and, as a result of such illiquidity,
the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. As
a result, the Fund may be unable to achieve its desired level of exposure to certain issuers, asset classes or sectors. The capacity
of market makers of fixed-income and other debt instruments has not kept pace with the consistent growth in these markets over the past
decades, which has led to reduced levels in the capacity of these market makers to engage in trading and provide liquidity to markets.
In addition, limited liquidity could affect the market price of investments, thereby adversely affecting the Fund&#x92;s NAV and ability
to make distributions. Dislocations in certain parts of markets have in the past and may in the future result in reduced liquidity for
certain investments. Liquidity of financial markets may also be affected by government intervention and political, social, public health,
economic or market developments (including rapid interest rate changes). Liquidity risk is heightened in a changing interest rate environment,
particularly for fixed-income and other debt instruments.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_ManagementRiskMember"
      id="Fact000039">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Management Risk. &lt;/b&gt;The Fund
is subject to management risk because it has an actively managed portfolio. GPIM will apply investment techniques and risk analysis in
making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results or expected&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;returns,
causing the Fund to fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives
and strategies. The Fund&#x92;s allocation of its investments across various asset classes and sectors may vary significantly over time
based on GPIM&#x92;s analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as
the overall risk profile of the Fund&#x92;s portfolio, may vary over time. The ability of the Fund to achieve its investment objective
depends, in part, on GPIM&#x92;s investment decisions and the ability of GPIM to allocate effectively the Fund&#x92;s assets among multiple
investment strategies, underlying funds and investments and asset classes. There can be no assurance that the actual allocations will
be effective in achieving the Fund&#x92;s investment objective or that an investment strategy or underlying fund or investment will achieve
its particular investment objective.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_InvestmentAndMarketRiskMember"
      id="Fact000041">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Investment and Market Risk. &lt;/b&gt;An
investment in the common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest.
During periods of adverse economic, financial, market, geopolitical, labor and public health conditions, the risks associated with an
investment in Common Shares may be heightened. An investment in the common shares represents an indirect investment in the securities
owned by the Fund. The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and
unpredictable fluctuation, and loss. 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 fluctuations may occur frequently and in large amounts. These movements
may result from factors affecting individual companies or issuers or particular industries, 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, increased instability or general uncertainty, extreme weather, natural/ environmental or man-made 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 escalated conflict in the Middle East and the ongoing Russia-Ukraine
conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar types of events,
each of which may be temporary or last for extended periods. Many economies and markets have experienced high inflation rates in recent
periods. In response to such inflation, governmental and quasi-governmental 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&#x92;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. In addition, adverse changes in one sector or industry or with respect to a particular company could negatively impact
companies in other sectors or industries or increase market volatility as a result of the interconnected nature of economies and markets
and thus negatively affect the Fund&#x92;s performance. For example, developments in the banking or financial services sectors (or one
or more companies operating in these sectors) could adversely impact a wide range of companies and issuers. These types of adverse developments
could negatively affect the Fund&#x92;s performance or operations. It may be difficult for the market to assess the immediate impact of
an event on an issuer or&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;security
due to uncertainty that may surround such events; the impact of such an event on a security&#x92;s valuation may be delayed.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no
assurance that the Fund&#x92;s investments will increase in value along with the broader markets and the Fund&#x92;s investments may
underperform general securities markets or other investments. Volatility of financial markets, including potentially extreme volatility
caused by the events described above or other events, can expose the Fund to greater market risk than normal, possibly resulting in greatly
reduced liquidity, increased volatility and valuation risks and longer than usual trade settlement periods. Moreover, changing economic,
political, social, geopolitical, 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 because of the increasingly interconnected
global economies and financial markets.&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;At
any point in time, your common shares may be worth less than your original investment, even after including the reinvestment of Fund
dividends and distributions.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_PreferredSecuritiesOrPreferredStockRiskMember"
      id="Fact000042">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Preferred Securities/Preferred
Stock Risk. &lt;/b&gt;The Fund may invest in preferred stock, which represents the senior residual interest in the assets of an issuer after
meeting all claims, with priority to corporate income and liquidation payments over the issuer&#x92;s common stock, to the extent proceeds
are available after paying any more senior creditors. As such, preferred stock is inherently riskier than the bonds and other debt instruments
of the issuer, but less risky than its common stock. Certain preferred stocks contain provisions that allow an issuer under certain conditions
to skip (in the case of &#x93;non-cumulative&#x94; preferred stocks) or defer (in the case of &#x93;cumulative&#x94; preferred stocks)
dividend payments. Preferred stocks often contain provisions that allow for redemption in the event of certain tax or legal changes or
at the issuer&#x92;s call. Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears
beyond a certain time period. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or
otherwise made payable. If the Fund owns preferred stock that is deferring its distributions, the Fund may be required to report income
for U.S. federal income tax purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below
the rate payable on an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial
period of call protection in which the stock is not redeemable. Preferred stocks may be significantly less liquid than many other securities,
such as U.S. government securities, corporate debt and common stock &lt;b&gt;&lt;/b&gt;&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_PrepaymentAndExtensionRiskMember"
      id="Fact000044">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Prepayment and Extension Risk. &lt;/b&gt;Certain debt instruments, including
loans and loan participations (including senior secured floating rate loans, &#x93;second lien&#x94; secured floating rate loans, and
other types of secured and unsecured loans with fixed and variable interest rates) (collectively, &#x93;Loans&#x94;) and mortgage- and
other asset-backed securities, are subject to the risk that payments on principal may occur more quickly or earlier than expected (or
an investment is converted or redeemed prior to maturity). These types of instruments are particularly subject to prepayment risk, and
offer less potential for gains, during periods of declining interest rates. For example, an issuer may exercise its right to redeem outstanding
debt securities prior to their maturity (known as a &#x93;call&#x94;) or otherwise pay principal earlier than expected for a number of
reasons (e.g., declining interest rates, changes in credit&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;spreads
and improvements in the issuer&#x92;s credit quality). If an issuer calls or &#x93;prepays&#x94; a security in which the Fund has invested,
the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities,
securities with greater credit risks or securities with other, less favorable features or terms than the security in which the Fund initially
invested, thus potentially reducing the Fund&#x92;s yield. Income Securities frequently have call features that allow the issuer to repurchase
the security prior to its stated maturity. Loans and mortgage- and other asset-backed securities are particularly subject to prepayment
risk, and offer less potential for gains, during periods of declining interest rates (or narrower spreads) as issuers of higher interest
rate debt instruments pay off debts earlier than expected. In addition, the Fund may lose any premiums paid to acquire the investment.
Other factors, such as excess cash flows, may also contribute to prepayment risk. Thus, changes in interest rates may cause volatility
in the value of and income received from these types of debt instruments. 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&#x92;s
yield. In addition, certain debt instruments, including mortgage- and other ABS, are subject to extension risk, the risk that payments
on principal may occur at a slower rate or later than expected. In this event, the expected maturity could lengthen as short or intermediate-term
instruments become longer-term instruments, which would make the investment more sensitive to changes in interest rates.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_ShortSalesRiskMember"
      id="Fact000045">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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 borrowed security. If the price of the security
sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss.
Although the Fund&#x92;s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_StructuredFinanceInvestmentsRiskMember"
      id="Fact000051">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Structured Finance Investments
Risk. &lt;/b&gt;The Fund&#x92;s structured finance investments may consist of residential mortgage-backed securities (&#x93;RMBS&#x94;) and
commercial mortgage-backed securities (&#x93;CMBS&#x94;) issued by governmental entities and private issuers, asset-backed securities
(&#x93;ABS&#x94;), 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 generally
has 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 and income from 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, such securities may be considered
liquid in some circumstances.&lt;/span&gt;&lt;p style="text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;Mortgage-Backed Securities (&#x93;MBS&#x94;)
Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&gt;MBS represent an interest
in a pool of mortgages. MBS generally are classified as either commercial mortgage-backed securities (&#x93;CMBS&#x94;) or residential
mortgage-backed securities (&#x93;RMBS&#x94;), each of which are subject to certain specific risks. 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 and extension risks associated with the underlying assets of certain MBS, which can shorten the weighted average maturity
and lower the return of the MBS, or lengthen the expected maturity, respectively, leading to significant fluctuations in the value of
and income generated by 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. The value of MBS may be substantially dependent on the servicing of the underlying
pool of mortgages. Income from and values of RMBS and CMBS 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 and public health conditions. 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.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Non-agency
MBS (i.e., MBS issued by commercial banks, savings and loans institutions, mortgage bankers, private mortgage insurance companies and
other non-governmental issuers) are subject to the risk that the value of such securities will decline because, among other things, the
securities are not guaranteed as to principal or interest by the U.S. government or a government sponsored enterprise. Non-agency MBS
typically have less favorable underwriting characteristics (such as credit and default risk and collateral) and a wider range in terms
(such as interest rate, term and borrower characteristics) than agency MBS. When issued in different tranches, individual tranches of
non-agency MBS may subject to increased (and sometimes different) credit, prepayment and liquidity and valuation risks as compared to
other tranches. Non-agency MBS are often subject to greater credit, prepayment and liquidity and valuation risks than agency MBS, and
they are generally subject to greater price fluctuation and likelihood of reduced income than agency MBS, especially during periods of
weakness or perceived weakness in the mortgage and real estate sectors.&lt;/span&gt;&lt;/p&gt;&lt;p style="text-align: left; font-size: 9pt"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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 and costs
may affect a mortgagor&#x92;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 &lt;sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;inflation
may negatively affect the value of certain MBS in the secondary market. MBS are particularly sensitive to changes in interest rates. During
periods of declining economic conditions, losses on mortgages underlying MBS generally increase.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;In
addition, MBS, such as CMBS and RMBS, are subject to the risks of asset-backed securities generally and are particularly sensitive to
changes in interest rates and developments in the commercial or residential real estate markets, which may adversely affect the Fund&#x92;s
holdings of MBS. For example, rising interest rates generally result in a decline in the value of mortgage-related securities, such as
CMBS and RMBS. MBS are also subject to risks similar to those associated with investing in real estate, such as the possible decline
in the value of (or income generated by) the real estate, variations in rental income, fluctuations in occupancy levels and demand for
properties or real estate-related services, changes in interest rates and changes in the availability or terms of mortgages and other
financing that may render the sale or refinancing of properties difficult or unattractive.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_CommercialMortgageBackedSecuritiesRiskMember"
      id="Fact000052">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_ResidentialMortgageBackedSecuritiesRiskMember"
      id="Fact000053">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Residential Mortgage-Backed Securities
Risk. &lt;/b&gt;Home mortgage loans are typically grouped together into pools by banks and other lending institutions, and interests in these
pools are then sold to investors, allowing the bank or other lending institution to have more money available to loan to home buyers.
RMBS are particularly subject to the credit risk of the borrower. Credit-related risk on RMBS primarily 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. RMBS are also subject to the risks of MBS generally and the
residential real estate markets. 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&#x92;s equity in the mortgaged property and the individual financial
circumstances of the borrower. The risk of non-payment is greater for RMBS that are backed by loans that were originated under weak underwriting
standards, including loans made to borrowers with limited means to make repayment. RMBS are also subject to risks associated with the
actions of mortgage lenders in the marketplace, which may reduce the availability of mortgage credit to prospective mortgagors. This
may result in limited financing alternatives for mortgagors seeking to refinance their existing loans, which may in turn result in higher
rates of delinquencies, defaults and losses on mortgages.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_AssetBackedSecuritiesRiskMember"
      id="Fact000054">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;Asset-Backed Securities Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&gt;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 or other periodic 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, which may be insufficient to make interest and principal payments. The recoveries on the underlying collateral
may not, in some cases, be sufficient to support payments on these securities, or may be unavailable in the event of a default and enforcing
rights with respect to these assets or collateral may be difficult and costly, which may result in losses to investors in an ABS. The collateral
underlying ABS may constitute assets related to a wide range of industries such as credit card and automobile receivables or other assets
derived from consumer, commercial or corporate sectors, and these underlying assets may be secured or unsecured. 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;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_CLOCDOandCBORiskMember"
      id="Fact000055">&lt;span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"&gt;&lt;span style="text-decoration: underline"&gt;CLO, CDO and CBO Risk.&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&#160;&lt;span style="font-size: 9pt"&gt;In
addition to the general risks (such as interest rate risk, prepayment risk, extension risk, market risk, credit risk and liquidity and
valuation risk) associated with debt securities discussed herein, collateralized loan obligations (&#x93;CLOs&#x94;), collateralized
debt obligations (&#x93;CDOs&#x94;), and collateralized bond obligations (&#x93;CBOs&#x94;) are subject to additional risks due to their
complex structure and highly leveraged nature, such as higher risk of volatility and magnified financial losses. 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 and income from securities issued by CLOs, CDOs and CBOs also may decrease because of, among other developments,
changes in market value; underlying loan, debt or bond defaults or delinquencies; changes in the market&#x92;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 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. The terms of many structured finance investments, including
CLOs, CDOs and CBOs, are tied to the Secured Overnight Financing Rate (&#x93;SOFR&#x94;) or other reference rates based on SOFR. These
relatively new and developing rates may not match the reference rate applicable to the underlying assets related to these investments.
These events may adversely affect the Fund and its investments in CLOs, CDOs and CBOs, including their value, volatility and liquidity.&lt;/span&gt;&lt;/span&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_ValuationRiskMember"
      id="Fact000057">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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
&lt;sup&gt;&lt;/sup&gt;&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;for
purposes of the Fund&#x92;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&#x92;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&#x92;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&#x92;s investments can be difficult to value and thus particularly prone to the foregoing risks.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_InvestmentFundsRiskMember"
      id="Fact000062">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&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 in other investment companies, including registered investment companies, private investment funds and/or other pooled investment
vehicles (collectively, &#x93;Investment Funds&#x94;).&lt;/span&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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, and in addition to these risks, 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&#x92;s investment in another Investment Fund are borne indirectly by Common
Shareholders. Accordingly, investment in such entities involves expenses and fees at both levels. 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&#x92; advisers and managers, as well as other expenses borne by such entities. To the extent management
fees of Investment Funds are based on total gross assets, it may create an incentive for such entities&#x92; managers to employ Financial
Leverage, thereby adding additional expense and increasing volatility and risk (including the Fund&#x92;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 arrangement may create incentives for an adviser or manager to take greater investment risks in the hope of earning
a higher profit participation.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;Investments
in Investment Funds frequently expose the Fund to an additional layer of Financial Leverage and, thus, increase the Fund&#x92;s exposure
to leverage risk and costs. From time to time, the Fund may invest a significant portion of its assets in Investment Funds that employ
leverage. The use of leverage by Investment Funds may cause the Investments Funds&#x92; 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&#x92;s investments in Investment Funds will depend in large part on the investment skills and implementation
abilities of the advisers or managers&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;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 GPIM will seek to evaluate managers of Investment Funds and where possible independently evaluate the underlying assets, a substantial
degree of reliance on such entities&#x92; managers is nevertheless present with such investments.&lt;/span&gt;&lt;/p&gt;&lt;p style="font: 9pt ScalaSansOffcPro-Cond,Arial,Helvetica,sans-serif; text-align: left"&gt;&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;When
the Fund invests in private investment funds, such investments pose additional risks to the Fund, in addition to those risks described
above with respect to all Investment Funds. Certain private investment funds involve capital call provisions under which an investor
is obligated to make additional investments at specified levels even if it would otherwise choose not to. Investments in private investment
funds may have very limited liquidity. Often there will be no secondary market for such investments and the ability to redeem or otherwise
withdraw from a private investment fund may be prohibited during the term of the private investment fund or, if permitted, may be infrequent.
Certain private investment funds are subject to &#x93;lock-up&#x94; periods of a year or more. The valuation of investments in private
investment funds are often subject to high conflicts and valuation risks. Investors in private investment funds are also often exposed
to increased leverage risk.&lt;/span&gt;&lt;/p&gt;</cef:RiskTextBlock>
    <cef:RiskTextBlock
      contextRef="From2024-06-012024-11-30_custom_OperationalRiskMember"
      id="Fact000063">&lt;span style="font-family: Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Operational Risk. &lt;/b&gt;The Fund
is exposed to, and may be subject to losses from, operational risks arising from a number of factors, including, but not limited to,
human error, processing and communication errors, errors of the Fund&#x92;s service providers, counterparties or other third-parties,
failed or inadequate processes and technology, systems failures or external events, including natural disasters. The Fund and its service
providers, including the Investment Manager, seek to reduce these operational risks through controls and procedures. However, these measures
do not address every possible risk and may be inadequate to address significant operational risks.&lt;/span&gt;</cef:RiskTextBlock>
    <cef:LatestPremiumDiscountToNavPercent
      contextRef="From2024-06-01to2024-11-30"
      decimals="INF"
      id="Fact000064"
      unitRef="Ratio">0.3222</cef:LatestPremiumDiscountToNavPercent>
    <cef:OutstandingSecurityAuthorizedShares
      contextRef="From2024-06-01to2024-11-30"
      decimals="INF"
      id="Fact000065"
      unitRef="Shares">156058734</cef:OutstandingSecurityAuthorizedShares>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
