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Online at guggenheiminvestments.com/fmo, you will find:

·	Daily, weekly and monthly data on share prices, distributions, dividends and more

·	Portfolio overviews and performance analyses

·	Announcements, press releases and special notices

·	Fund and adviser contact information

Advisory Research, Inc. and Guggenheim Funds Investment Advisors, LLC are constantly updating and expanding shareholder information services on the Fund’s website in an ongoing effort to provide you with the most current information about how your Fund’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.


(Unaudited)	May 31, 2019

DEAR SHAREHOLDER

We thank you for your investment in the Fiduciary/Claymore Energy Infrastructure Fund (the “Fund”). This report covers the Fund’s performance for the semi-annual fiscal period ended May 31, 2019.

The Fund’s investment objective is to provide a high level of after-tax total return with an emphasis on current distributions paid to shareholders. The total return sought by the Fund includes appreciation in the net asset value of the Fund’s common shares and all distributions made by the Fund to its common shareholders, regardless of the tax characterization of such distributions. Under normal market conditions, the Fund invests at least 80% of its managed assets in energy infrastructure master limited partnerships (“MLPs”) and other energy infrastructure companies.

All Fund returns cited—whether based on net asset value (“NAV”) or market price—assume the reinvestment of all distributions. For the six-month period ended May 31, 2019, the Fund provided a total return based on market price of 6.37% and a total return based on NAV of 3.80%. The closing price of the Fund’s shares as of May 31, 2019 was $9.79, representing a 5.32% discount to the NAV of $10.34.

Past performance is not a guarantee of future results. NAV performance data quoted reflects the total net expense ratio, which includes net operating expenses, interest expense and current and deferred tax expense/(benefit). The market price of the Fund’s shares fluctuates from time to time, and may be higher or lower than the Fund’s NAV.

The Fund paid quarterly distributions per common share of $0.3231 in February 2019 and May 2019. The latest distribution represents an annualized distribution rate of 13.20% based on the Fund’s closing market price of $9.79 on May 31, 2019. Please see Note 2(c) on page 25 for more information on distributions for the period.

Guggenheim Funds Investment Advisors, LLC (“GFIA”) serves as the investment adviser to the Fund. GFIA is a subsidiary of Guggenheim Partners, LLC, a global diversified financial services firm.

Advisory Research, Inc. (“ARI”) is the Sub-Adviser of the Fund (the “Sub-Adviser”) and a wholly-owned subsidiary of Piper Jaffray Companies.

On May 29, 2019, Piper Jaffray Companies announced the sale of ARI, which includes the sale of the midstream energy asset management business to Tortoise Capital Advisors, L.L.C. See the Question & Answer section for more information.

Under the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”), a shareholder whose Common Shares are registered in his or her own name will have all distributions reinvested automatically unless the shareholder elects to receive cash. Distributions with respect to Common Shares registered in the name of a broker-dealer or other nominee (that is, in “street name”) will be reinvested by the broker or nominee in additional Common Shares under the Plan, unless the service is not provided by the broker or nominee or the shareholder elects to receive distributions in cash. The Plan is described in detail on page 48 of this report. When shares trade at a discount to NAV, the Plan takes advantage of the discount by reinvesting the quarterly dividend distribution in common shares of the Fund purchased in the

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 3


(Unaudited) continued	May 31, 2019

market at a price less than NAV. Conversely, when the market price of the Fund’s common shares is at a premium above NAV, the Plan reinvests participants’ dividends in newly-issued common shares at the greater of NAV per share or 95% of the market price per share. The Plan provides a cost-effective means to accumulate additional shares and enjoy the benefits of compounding returns over time.

To learn more about the Fund’s performance and investment strategy, we encourage you to read the Questions & Answers section of this report, which begins on page 5 of this report. You’ll find information on ARI’s investment philosophy, its views on the economy and market environment, and detailed information about the factors that impacted the Fund’s performance.

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’s website at guggenheiminvestments.com/fmo.

Sincerely,

Guggenheim Funds Investment Advisors, LLC
June 30, 2019

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QUESTIONS & ANSWERS (Unaudited)	May 31, 2019

The Fiduciary/Claymore Energy Infrastructure Fund (the “Fund”) is managed by Advisory Research, Inc. (“ARI”), a wholly-owned subsidiary of Piper Jaffray Companies. In the following interview, Portfolio Managers James J. Cunnane, Jr., CFA, and Quinn T. Kiley discuss the Fund’s performance for the semi-annual fiscal period ended May 31, 2019.

Describe the Fund’s objective and investment strategy.

The Fund’s investment objective is to provide a high level of after-tax total return with an emphasis on current distributions paid to shareholders.

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in energy infrastructure MLPs and other energy infrastructure companies. The Fund considers an “energy infrastructure” MLP or company to be an MLP or company (i) engaged in the development, construction, distribution, management, ownership, operation and/or financing of energy infrastructure assets, including, but not limited to, assets used in exploration, development, production, generation, transportation (including marine), transmission, terminal operation, storage, gathering, processing, refining, distribution, mining, or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products (including biodiesel and ethanol), coal or electricity or power generation, or that provides energy-related equipment or services, and that has at least 50% of its assets, income, sales or profits committed to or derived from energy infrastructure related assets or activities or (ii) that have been given a third-party industry or sector classification consistent with the energy infrastructure designation. The Fund will invest at least 65% of its Managed Assets in equity securities of energy infrastructure MLPs and other energy infrastructure companies. A substantial portion of the energy infrastructure MLPs and other energy infrastructure companies in which the Fund invests are engaged primarily in the energy, natural resources and real estate sectors of the economy.

The Fund may invest up to 40% of its managed assets in unregistered or otherwise restricted securities, including up to 20% of its managed assets in securities issued by non-public companies. The Fund may invest a total of up to 25% of its managed assets in debt securities, including securities rated below investment grade. The Fund may also invest in common stock of large capitalization companies, including companies engaged primarily in the energy, natural resources and real estate sectors. To seek to generate current gains, the Fund may employ an option strategy of writing (selling) covered call options on common stocks held in the Fund’s portfolio.

The Fund is authorized to implement hedging strategies. ARI, on behalf of the Fund, may determine from time to time whether and when to implement hedging strategies. In particular, ARI may seek to protect the Fund against significant drops in market prices of MLPs when valuation models indicate that the MLP asset class may be overvalued, after considering the cost of hedging. In such circumstances, the Fund may implement hedging techniques such as purchasing put options on a portion of its portfolio. This strategy may enable the Fund to participate in potential price appreciation while providing some protection against falling prices, although it will also cause the Fund to incur the expense of acquiring the put options. There were no hedging strategies in place as of May 31, 2019.

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QUESTIONS & ANSWERS (Unaudited) continued	May 31, 2019

Discuss the Fund’s use of leverage during the period.

At period end, the Fund was using leverage through reverse repurchase agreements and through a line of credit with BNP Paribas. As of May 31, 2019, the Fund had $110 million outstanding in connection with the reverse repurchase agreement and $118 million outstanding in connection with the line of credit. The Fund pays interest on the amount borrowed on the line of credit at a rate of 3-month LIBOR plus 95 basis points (3.45%, as of May 31, 2019). The Fund pays interest on the outstanding reverse repurchase agreement at a rate of 1-month LIBOR plus 115 basis points (3.58% as of May 31, 2019). As of May 31, 2019, the Fund’s leverage was 38.4% of managed assets.

The purpose of leverage is to fund the purchase of additional securities that provide increased distributions and potentially greater appreciation to common shareholders than could be achieved from an unlevered portfolio. Of course, leverage results in greater net asset value (“NAV”) volatility and may entail more downside risk than an unlevered portfolio.

Reverse repurchase agreements involve the risks that the total return earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated with the repurchase agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase such securities and that the securities may not be returned to the Fund.

How would you describe the MLP market over the six-month period ended May 31, 2019?

After MLP equity prices traded sharply lower in December, driven by the end of the 2018 tax loss selling season, prices quickly rebounded in January to post a positive return for the six-month reporting period ended May 31, 2019. The Fund’s portfolio outperformed the Alerian MLP Index (the “Index”) as well as the broader S&P 500 Index for the six-month reporting period. We continue to think that an inflection point in MLP and midstream companies shareholder distributions, from decline to growth, will serve as the catalyst going forward. We expect the Fund’s portfolio companies to generate low single-digit distribution growth over the next 12 months.

How did the Fund perform in this market environment?

All Fund returns cited—whether based on NAV or market price—assume the reinvestment of all distributions. For the six-month period ended May 31, 2019, the Fund provided a total return based on market price of 6.37% and a total return based on NAV of 3.80%. The closing price of the Fund’s shares as of May 31, 2019 was $9.79, representing a 5.32% discount to the NAV of $10.34. The closing price of the Fund’s shares as of November 30, 2018, was $9.81, representing a 7.28% discount to the NAV of $10.58.

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QUESTIONS & ANSWERS (Unaudited) continued	May 31, 2019

It is important to remember that the Fund is a taxable entity—meaning it recognizes either a deferred tax liability on realized and unrealized portfolio gains or a deferred tax benefit on realized and unrealized portfolio losses. This accounting treatment of the tax impact of gains and losses in the portfolio is intended to ensure that the Fund’s NAV reflects the net after-tax value of the Fund’s portfolio. As of May 31, 2019, the Fund’s NAV included a net deferred tax liability of $52.1 million, or $1.47 per share.

How did other markets perform in this environment for the six-month period ended May 31, 2019?


Index	Total Return
Alerian MLP Index	3.29%
Bloomberg Barclays U.S. Aggregate Bond Index	6.72%
Standard & Poor’s (“S&P 500”) Index	0.74%

Please tell us about the Fund’s distributions.

As of May 31, 2019, the Fund had distributed $21.16681 per common share to its shareholders since the Fund’s inception in 2004. Approximately $13.20175 per common share or 62% of these distributions were considered non-dividend distributions, also known as return of capital, and $7.96506 per common share or 38% of these distributions were considered ordinary dividends for U.S. federal income tax purposes. For the year ended November 30, 2018, approximately 74% of the distributions were characterized as return of capital and approximately 26% were characterized as ordinary dividends. The final determination of the tax character of the distributions paid by the Fund in 2019 will be reported to shareholders in January 2020.

The Fund, ARI and Guggenheim Funds Investment Advisors, LLC do not provide tax advice. Investors should consult their tax advisor for further information.

How was the Fund’s portfolio positioned during the six-month period ended May 31, 2019, and what has that meant for performance?

The Fund was fully invested, levered, and unhedged in the six-month reporting period. The Fund’s portfolio performance, prior to the impact of leverage and taxes, outperformed the Alerian MLP Index for the six months ended May 31, 2019.

The Fund continues to be invested primarily in midstream energy infrastructure, which includes various subsectors such as those related to moving crude oil and natural gas from the wellhead to the refineries and processors and then to market. The portfolio is positioned with more exposure to natural gas and natural gas-related midstream infrastructure. To support the Fund’s shareholder distribution, the Fund

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QUESTIONS & ANSWERS (Unaudited) continued	May 31, 2019

is also more heavily exposed to higher-yielding midstream MLPs. We expect that vast capacity of new liquefied natural gas and natural gas liquids (“NGLs”) export facilities will increase demand on the natural gas and NGL assets the Fund owns. This should drive strong relative financial performance. Further, we expect these same businesses to support and modestly grow their distributions, which should allow higher-yielding MLPs to produce positive total returns.

What were some of the leading contributors to, and detractors from, performance?

The Fund benefited from its tilt towards higher yielding securities. One of those, NGL Energy Partners, was the top performing MLP in the Index. Allocation to and security selection among those smaller MLPs with market capitalization between one and two billion dollars, generally, also aided performance.

A detractor to Fund performance was due to not holding another high-yielding security, Buckeye Partners, LP, which performed strongly after its announced acquisition by a private equity firm. During this volatile, but net-positive six-month period for MLPs, lower quality MLPs meaningfully outperformed. The Fund owns mostly higher-quality MLPs and did not participate in this “junk” rally.

What is the current outlook for the MLP market?

Fundamentals for U.S. midstream infrastructure are sound and should strengthen in the latter half of 2019. Overall, we expect volumes to be higher and demand for midstream services to remain steady. Our expectation for modest growth among the group is tied to renewed capital discipline among exploration & production companies and the continued tepid equity markets for MLPs. That said, we still expect to see distribution growth in the Fund’s holdings and an overall positive environment for total returns over the longer term. If we are directionally correct on this outlook, tax loss selling should not be a concern; avoiding a repeat of 2018 when MLPs sold off meaningfully into the end of the tax year. Current valuations reflect negative investor sentiment, not our strong fundamental outlook, which presents an opportunity for investors going forward.

The six-month period ended May 31, 2019, exhibited high crude oil price volatility. Downward pressure was caused by rising storage inventories, which we believe is due to refiners preparing for the driving season and new pipelines filling up to prepare to start delivering crude oil. Despite the negative optics of higher inventories, and associated short term trading activity, we believe both of these bode well for crude oil midstream assets as we move later into 2019. Upward crude oil price activity has been the result of geopolitical events, primarily between the U.S. and Iran. The outcome of this tension is unknown, but we acknowledge that it could have further impacts on crude oil pricing in the U.S. Despite the majority of the Fund’s portfolio, and indeed the midstream asset class, being oriented toward natural gas handling and transmission, we expect continued crude oil volatility to affect MLP trading for the remainder of the year. Recent weakness in crude oil prices and NGL, which are related, could cause weaker processing margins during the summer. Again, volumes should be higher, so any price weakness is transitory in our view.

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QUESTIONS & ANSWERS (Unaudited) continued	May 31, 2019

What are the details of the sale of ARI?

On May 29, 2019, Piper Jaffray Companies signed a definitive agreement to sell the midstream energy infrastructure business of ARI to Tortoise Capital Advisors, L.L.C. in Leawood, Kansas. Piper Jaffray also entered into a letter of intent to sell the remaining ARI business to a partner group led by Matthew Swaim, managing director and executive committee chairman at ARI.

ARI’s midstream energy infrastructure team, including Mr. Cunnane and Mr. Kiley, will join Tortoise.

The transaction is expected to close during the second half of 2019, subject to customary regulatory and closing conditions, including Fund Board and Shareholder approvals.

As of May 31, 2019, Tortoise has approximately $21 billion in assets under management, including $16.7 billion in energy related assets. The ARI midstream energy infrastructure team has approximately $3.2 billion in assets under management in both balanced and equity strategies, through mutual funds, sub-advised closed-end funds and separate accounts.

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QUESTIONS & ANSWERS (Unaudited) continued	May 31, 2019

Index Definition:

Indices are unmanaged and it is not possible to invest directly in an index.

The Alerian MLP Index is the leading gauge of energy infrastructure MLPs. The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a representation of U.S. stock market.

Risks and Other Considerations

Investing involves risk, including the possible loss of principal and fluctuation of value.

Because the Fund is focused in MLP entities in the energy, natural resources and real estate sectors of the economy, such concentration may present more risks than if the Fund were broadly diversified over numerous industries and sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have a larger impact on the Fund than on an investment company that does not concentrate in such sectors. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

An investment in MLP units involves risks that differ from a similar investment in equity securities, such as common stock of a corporation. Holders of MLP units have the rights typically afforded to limited partners in a limited partnership. As compared to common shareholders of a corporation, holders of MLP units have more limited control and limited rights to vote on matters affecting the partnership. There are certain tax risks associated with an investment in MLP units. Additionally, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP; for example, a conflict may arise as a result of incentive distribution payments.

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 expressed for informational purposes only and are subject to change at any time, based on market and other conditions, and may not come to pass.

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QUESTIONS & ANSWERS (Unaudited) continued	May 31, 2019

These views may differ from views of other investment professionals at Guggenheim and should not be construed as research, investment advice or a recommendation of any kind regarding the Fund or any issuer or security, do not constitute a solicitation to buy or sell any security and should not be considered specific legal, investment or tax advice. The information provided does not take into account the specific objectives, financial situation or particular needs of any specific investor.

The views expressed in this report may also include forward looking statements that involve risk and uncertainty, and there is no guarantee that any predictions will come to pass. Actual results or events may differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include general economic conditions such as inflation, recession and interest rates.

There can be no assurance that the Fund will achieve its investment objectives or that any investment strategies or techniques discussed herein will be effective. The value of the Fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value.

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.

Please see guggenheiminvestments.com/fmo for a detailed discussion of the Fund’s risks and other considerations.

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.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 11


FUND SUMMARY (Unaudited)	May 31, 2019


Fund Statistics
Share Price	$9.79
Net Asset Value	$10.34
Discount to NAV	-5.32%
Net Assets ($000)	$366,481


AVERAGE ANNUAL TOTAL RETURNS FOR THE
PERIOD ENDED MAY 31, 2019
	Six Month
	(non-	One	Three	Five	Ten
	annualized)	Year	Year	Year	Year
Fiduciary/Claymore
Energy Infrastructure Fund
NAV	3.80%	(5.69%)	1.27%	(7.93%)	6.89%
Market	6.37%	(7.87%)	2.87%	(8.87%)	5.08%

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. NAV performance data quoted reflects the total net expense ratio, which includes net operating expenses, interest expense and current and deferred tax expense (benefit). For the most recent month-end performance figures, please visit guggenheiminvestments.com/fmo. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor’s shares, when sold, may be worth more or less than their original cost.

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FUND SUMMARY (Unaudited) continued	May 31, 2019


Portfolio Breakdown	% of Net Assets
Diversified Infrastructure	60.1%
Midstream Oil	48.5%
Gathering & Processing	38.4%
Midstream Natural Gas	24.1%
Marine Transportation	3.1%
Other Energy Infrastructure	1.1%
Total Long-Term Investments	175.3%
Money Market Fund	0.1%
Total Investments	175.4%
Other Assets & Liabilities, net	(75.4%)
Net Assets	100.0%

Portfolio breakdown is subject to change daily. For more information, please visit guggenheiminvestments.com/fmo. The above summary is provided for informational purposes only and should not be viewed as recommendations. Past performance does not guarantee future results.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 13


FUND SUMMARY (Unaudited) continued	May 31, 2019

All or a portion of the above distributions may be characterized as return of capital. For the year ended November 30, 2018, approximately 74% of the distributions were characterized as return of capital and approximately 26% were characterized as ordinary dividends. For the period ended May 31, 2019, 100% of the distributions were estimated to be characterized as return of capital. The final determination of the tax character of the distributions paid by the Fund in 2019 will be reported to shareholders in January 2020.

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SCHEDULE OF INVESTMENTS (Unaudited)	May 31, 2019

	Shares	Value
COMMON STOCKS^†– 40.1%
Gathering & Processing – 19.6%
EnLink Midstream LLC¹	5,379,898	$ 55,843,341
Targa Resources Corp.¹	320,920	12,342,583
Altus Midstream Company*	775,300	3,550,874
Total Gathering & Processing		71,736,798

Midstream Natural Gas – 10.0%
Tallgrass Energy, LP¹	1,547,770	36,821,448

Diversified Infrastructure – 7.4%
Enbridge, Inc.¹	730,495	26,933,351

Marine Transportation – 3.1%
KNOT Offshore Partners, LP¹	612,535	11,540,159
Total Common Stocks
(Cost $145,543,685)		147,031,756

MASTER LIMITED PARTNERSHIPS AND RELATED ENTITIES^†– 135.2%
Diversified Infrastructure – 52.7%
Energy Transfer, LP¹	5,156,569	70,851,258
Andeavor Logistics, LP¹	1,444,885	50,397,589
Enterprise Products Partners, LP¹	1,349,419	37,635,296
MPLX, LP¹	1,119,589	34,237,031
Total Diversified Infrastructure		193,121,174

Midstream Oil – 48.5%
Magellan Midstream Partners, LP¹	861,877	53,005,436
NGL Energy Partners, LP¹	1,911,380	28,364,879
Genesis Energy, LP¹	1,231,695	26,875,585
Delek Logistics Partners, LP¹	523,295	16,028,526
Holly Energy Partners, LP¹	514,900	13,691,191
Plains All American Pipeline, LP¹	579,117	13,093,835
Buckeye Partners, LP	290,845	11,854,842
Phillips 66 Partners, LP¹	143,220	6,871,696
USD Partners, LP¹	568,625	6,072,915
PBF Logistics, LP	87,085	1,750,408
Total Midstream Oil		177,609,313

Gathering & Processing – 18.8%
DCP Midstream, LP¹	1,756,289	53,426,311
Western Midstream Partners, LP	373,076	10,890,088
Summit Midstream Partners, LP	639,425	4,642,226
Total Gathering & Processing		68,958,625

See notes to financial statements.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 15


SCHEDULE OF INVESTMENTS (Unaudited) continued	May 31, 2019

	Shares	Value
Midstream Natural Gas – 14.1%
Enable Midstream Partners, LP¹	2,613,170	$ 33,945,078
Crestwood Equity Partners, LP¹	499,810	17,758,250
Total Midstream Natural Gas		51,703,328
Other Energy Infrastructure – 1.1%
Sunoco, LP	133,015	3,985,130
Total Master Limited Partnerships and Related Entities
(Cost $312,224,902)		495,377,570
MONEY MARKET FUND^†– 0.1%
Dreyfus Treasury & Agency Cash Management Fund – Institutional Shares 2.26%²	328,346	328,346
Total Money Market Fund
(Cost $328,346)		328,346
Total Investments – 175.4%
(Cost $458,096,933)		$ 642,737,672
Other Assets & Liabilities, net – (75.4)%		(276,256,804)
Total Net Assets – 100.0%		$ 366,480,868


*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or a portion of these securities have been physically segregated and pledged as collateral. As of May 31, 2019, the total amount segregated was $497,075,069, of which $247,116,768 is related to the outstanding line of credit and $249,958,301 is related to reverse repurchase agreements.
2	Rate indicated is the 7-day yield as of May 31, 2019.

See notes to financial statements.

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SCHEDULE OF INVESTMENTS (Unaudited) continued	May 31, 2019

The following table summarizes the inputs used to value the Fund's investments at May 31, 2019 (See Note 4 in the Notes to Financial Statements):


			Level 2		Level 3
			Significant		Significant
	Level 1		Observable		Unobservable
Investments in Securities (Assets)	Quoted Prices		Inputs		Inputs		Total
Common Stocks	$	147,031,756	$	—	$	—	$	147,031,756
Master Limited Partnerships
and Related Entities		495,377,570		—		—		495,377,570
Money Market Fund		328,346		—		—		328,346
Total Assets	$	642,737,672	$	—	$	—	$	642,737,672

Please refer to the detailed portfolio for a breakdown of investment type by industry category.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of May 31, 2019, reverse repurchase agreements of $110,325,627 are categorized as Level 2 within the disclosure hierarchy — See Note 5.

See notes to financial statements.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 17


STATEMENT OF ASSETS AND LIABILITIES (Unaudited)	May 31, 2019

ASSETS:
Investments in securities, at value (cost $458,096,933)	$	642,737,672
Cash		1,083,231
Current tax receivable		3,870,409
Investments sold receivable		400,197
Interest receivable		10,529
Prepaid expenses		676
Total assets		648,102,714
LIABILITIES:
Borrowings		118,000,000
Reverse repurchase agreements (Note 5)		110,325,627
Interest due on borrowings		372,411
Payable for:
Net deferred tax		52,130,849
Investment advisory fees		519,905
Offering costs		124,746
Professional fees		83,910
Trustees’ fees and expenses*		20,306
Other fees and expenses		44,092
Total liabilities		281,621,846
NET ASSETS	$	366,480,868
NET ASSETS CONSIST OF:
Common stock, $0.01 par value per share; unlimited number of shares
authorized, 35,440,768 shares issued and outstanding		354,408
Additional paid-in capital		132,289,537
Total distributable earnings (loss)		233,836,923
NET ASSETS	$	366,480,868
Shares outstanding ($0.01 par value with unlimited amount authorized)		35,440,768
Net asset value	$	10.34
* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

See notes to financial statements.

18 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


STATEMENT OF OPERATIONS (Unaudited)	May 31, 2019
For the Six Months Ended May 31, 2019

INVESTMENT INCOME:
Interest	$	58,378
Distributions from master limited partnerships		29,218,331
Less: Return of capital distributions		(27,085,724	)
Less: Distributions classified as realized gains		(911,475	)
Total investment income		1,279,510
EXPENSES:
Interest expense		4,172,476
Investment advisory fees		3,044,012
Professional fees		154,613
Administration fees		65,605
Fund accounting fees		57,865
Trustees’ fees and expenses*		50,596
Printing fees		36,670
Registration and filings		20,202
Custodian fees		10,310
Transfer agent fees		9,631
Insurance		7,690
Other fees		2,851
Total expenses		7,632,521
Net investment loss before taxes		(6,353,011	)
Current tax benefit (expense)		3,498,363
Net investment loss		(2,854,648	)
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain (loss) on:
Investments before taxes		13,742,527
Deferred tax benefit (expense)		(4,343,314	)
Net realized gain		9,399,213
Net change in unrealized appreciation (depreciation) on:
Investments before taxes		11,345,135
Deferred tax benefit (expense)		(3,585,620	)
Net change in unrealized appreciation (depreciation)		7,759,515
Net realized and unrealized gain		17,158,728
Net increase in net assets resulting from operations	$	14,304,080
* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

See notes to financial statements.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 19


STATEMENTS OF CHANGES IN NET ASSETS	May 31, 2019

	Period Ended May 31, 2019 (Unaudited)			Year Ended November 30, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss	$	(2,854,648	)	$	(8,426,100	)
Net realized gain on investments		9,399,213			33,641,384
Net change in unrealized appreciation (depreciation)
on investments		7,759,515			(12,724,453	)
Net increase in net assets resulting from operations		14,304,080			12,490,831
Return of capital to Common Shareholders – See Note 2(c)		(22,901,824	)		(49,585,756	)
SHAREHOLDER TRANSACTIONS:
Net proceeds from common shares issued through
at-the-market offerings		—			—
Shares issued through dividend reinvestments		—			979,205
Common share offering costs charged to paid-in capital		—			—
Net increase in net assets resulting from shareholder transactions		—			979,205
Net decrease in net assets		(8,597,744	)		(36,115,720	)
NET ASSETS:
Beginning of period		375,078,612			411,194,332
End of period	$	366,480,868		$	375,078,612

See notes to financial statements.

20 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


STATEMENT OF CASH FLOWS (Unaudited)	May 31, 2019
For the Six Months Ended May 31, 2019

Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	14,304,080
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to
Net Cash Provided by Operating Activities:
Net change in unrealized (appreciation) depreciation on investments before taxes		(11,345,135	)
Net realized gain on investments before taxes		(13,742,527	)
Purchase of long-term investments		(141,097,345	)
Proceeds from sale of long-term investments		130,436,229
Net proceeds from sale of short-term investments		2,024,433
Return of capital distributions received from investee companies		27,085,724
Distributions classified as realized gains from investee companies		911,475
Decrease in current tax receivable		6,482,457
Increase in investments sold receivable		(400,197	)
Decrease in prepaid expenses		7,690
Decrease in interest receivable		4,500
Increase in net deferred tax liability		8,014,658
Decrease in professional fees payable		(101,685	)
Increase in interest due on borrowings		344,602
Increase in investment advisory fees payable		11,165
Increase in trustees’ fees and expenses payable		7,576
Increase in other fees and expenses payable		10,701
Net Cash Provided by Operating Activities	$	22,958,401
Cash Flows From Financing Activities:
Distributions to common shareholders		(22,901,824	)
Proceeds from reverse repurchase agreements		303,565
Net Cash Used by Financing Activities		(22,598,259	)
Net increase in cash		360,142
Cash at Beginning of Period		723,089
Cash at End of Period	$	1,083,231
Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest	$	3,524,309
Supplemental Disclosure of Cash Flow Information: Taxes paid during the period	$	21,000
Supplemental Disclosure of Non Cash Financing Activity: Dividend Reinvestment	$	—
Supplemental Disclosure of Non Cash Financing Activity: In kind stock dividends
received during the period	$	—

See notes to financial statements.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 21


FINANCIAL HIGHLIGHTS	May 31, 2019


	Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	May 31, 2019			November 30,			November 30,			November 30,			November 30,			November 30,
	(unaudited)			2018			2017			2016			2015			2014
Per Share Data:
Net asset value, beginning of period	$	10.58		$	11.63		$	14.76		$	15.74		$	26.73		$	24.60
Income from investment operations:
Net investment income (loss)^(a)(b)		(0.08	)		(0.24	)		(0.14	)		(0.14	)		(0.11	)		(0.25	)
Net gain (loss) on investments (realized and unrealized)^(b)		0.49			0.59			(1.27	)		0.88			(9.17	)		4.06
Total from investment operations		0.41			0.35			(1.41	)		0.74			(9.28	)		3.81
Common shares’ offering expenses charged to paid-in capital		—			—			(0.00	)*		—			(0.00	)*		(0.00	)*
Less distributions from:
Return of capital^(c)		(0.65	)		(1.40	)		(1.72	)		(1.72	)		(1.71	)		(1.68	)
Net asset value, end of period	$	10.34		$	10.58		$	11.63		$	14.76		$	15.74		$	26.73
Market value, end of period	$	9.79		$	9.81		$	11.12		$	14.82		$	13.76		$	27.51
Total Return^(d)
Net asset value		3.80	%		2.13	%		(10.38	%)		6.32	%		(36.06	%)		15.61	%
Market value		6.37	%		(0.69	%)		(14.68	%)		22.79	%		(45.44	%)		16.58	%
Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	366,481		$	375,079		$	411,194		$	496,831		$	528,392		$	891,626
Ratios of net expenses to average net assets:
Including current and deferred income tax		6.33	%^(g)		(7.04	%)		(4.74	%)		5.05	%		(23.57	%)		10.58	%
Excluding current and deferred income tax^(e)		4.00	%^(g)		3.35	%		2.55	%		2.27	%		2.01	%		1.79	%
Ratios of net investment income (loss) to average net assets:
Including current and deferred income tax		(5.65	%)^(g)		7.88	%		5.63	%		(4.34	%)		24.80	%		(10.33	%)
Excluding current and deferred income tax		(3.33	%)^(g)		(2.50	%)		(1.65	%)		(1.56	%)		(0.78	%)		(1.54	%)
Portfolio turnover rate		20	%		41	%		20	%		24	%		17	%		8	%

22 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


FINANCIAL HIGHLIGHTS continued	May 31, 2019


	Period Ended		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	May 31, 2019		November 30,		November 30,		November 30,		November 30,		November 30,
	(unaudited)		2018		2017		2016		2015		2014
Senior Indebtedness:
Borrowings-committed facility agreement (in thousands)	$	118,000	$	118,000	$	118,000	$	183,000	$	263,000	$	290,000
Asset coverage per $1,000 of borrowings^(f)	$	4,106	$	4,179	$	4,485	$	3,715	$	3,009	$	4,075


*	Less than $0.005.
(a)	Based on average shares outstanding.
(b)	The character of dividends received for each period is based upon estimates made at the time the distribution was received. Any necessary adjustments are reflected in the following fiscal year when the actual character is known. See Note 2(b) of the Notes to Financial Statements for additional information.
(c)	For the years ended November 30, 2018, 2017, 2016, 2015 and 2014 approximately $0.37, $0.00, $0.00, $1.36 and $1.23 per common share represents qualified dividend income for federal income tax purposes, respectively. The remaining distributions represent return of capital for federal income tax purposes. For GAAP purposes, all of the distributions were considered return of capital. See Note 2(c) of the Notes to Financial Statements for additional information.
(d)	Total investment 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 (“NAV”) 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’s Dividend Reinvestment Plan for market value returns. Total investment return does not reflect brokerage commissions.
(e)	Excluding current and deferred income taxes and interest expense, the net operating expense ratios for the period ended May 31, 2019 and the years ended November 30 would be:


May 31, 2019
(Unaudited)	2018	2017	2016	2015	2014
1.81%^(g)	1.71%	1.61%	1.60%	1.53%	1.42%


(f)	Calculated by subtracting the Fund’s total liabilities (not including the borrowings) from the Fund’s total assets and dividing by the borrowings.
(g)	Annualized.

See notes to financial statements.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 23


NOTES TO FINANCIAL STATEMENTS (Unaudited)	May 31, 2019

Note 1 – Organization

Fiduciary/Claymore Energy Infrastructure Fund (the “Fund”) was organized as a Delaware statutory trust on October 4, 2004. The Fund is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund’s investment objective is to provide a high level of after-tax total return with an emphasis on current distributions paid to shareholders. The Fund has been structured to seek to provide an efficient vehicle through which its shareholders may invest in a portfolio of publicly traded securities of master limited partnerships (“MLPs”) and other energy infrastructure companies. MLPs combine the tax benefits of limited partnerships with the liquidity of publicly traded securities. The Fund anticipates that a significant portion of the distributions received by the Fund from the MLPs in which it invests will be return of capital. To the extent that the Fund increases its investments in non-MLP energy infrastructure companies, a greater portion of the distributions the Fund receives may consist of taxable income. While the Fund will generally seek to maximize the portion of the Fund’s distributions to Common Shareholders that will consist of return of capital, no assurance can be given in this regard. There can be no assurance that the Fund will achieve its investment objective.

Note 2 – Accounting Policies

The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) 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.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund's investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund's securities are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

24 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

Equity securities listed on an exchange (New York Stock Exchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sale price as of the close of business on the NYSE, usually at 4:00 p.m. on the valuation date. Equity securities listed on the NASDAQ market system are valued at the NASDAQ Official Closing Price on the valuation date, which may not necessarily represent the last sale price. If there has been no sale on such exchange or NASDAQ on a given day, the security is valued at the closing bid price on that day.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Adviser”), subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

Investment professionals from Advisory Research, Inc. (“ARI” or the “Sub-Adviser”) prepare preliminary valuations based on their evaluation of financial data, company specific developments, market valuations of comparable companies, market information and other factors. These preliminary valuations are reviewed by the Valuation Committee with subsequent deliberations until an appropriate price is determined for the Level 3 security.

(b) Investment Transactions and Investment Income

Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on investments are determined on the identified cost basis. Dividend income and return of capital distributions are recorded on the ex-dividend date. Return of capital distributions received by the Fund are recorded as a reduction to the cost basis for the specific security. Interest income including the amortization of premiums and accretion of discount is accrued daily.

The Fund records the character of dividends received from MLPs based on estimates made at the time such distributions are received. These estimates are based upon a historical review of information available from each MLP and other industry sources. The Fund’s characterization of the estimates may subsequently be revised based on information received from MLPs after their tax reporting periods conclude.

For the period ended May 31, 2019, the Fund estimated 92.7% of its distributions from MLPs as return of capital, 3.1% of its distributions from MLPs as realized gains and 4.2% of its distributions as investment income, which is reflected in the Statement of Operations.

The Fund intends to make quarterly distributions to shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with U.S. GAAP which may differ from their ultimate characterization for U.S. federal income tax purposes. A distribution

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 25


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

may be wholly or partially taxable to a shareholder if the Fund has current earnings and profits (as determined for U.S. federal income tax purposes) in the taxable year of the distribution, even if the Fund has an overall deficit in the Fund’s accumulated earnings and profits and/or net operating loss or capital loss carryforwards that reduce or eliminate corporate income taxes in that taxable year. The Fund will inform shareholders of the final tax character of the distributions on IRS Form 1099 DIV.

For the year ended November 30, 2018, approximately 26% of the distributions were considered qualified dividend income and approximately 74% were considered return of capital for U.S. federal income tax purposes.

The final tax character of the distributions were as follows:


	2018
Dividend Income	$	13,041,054
Tax return of capital		36,544,702
Total	$	49,585,756

On a U.S. GAAP basis, the source of the Fund’s distributions to shareholders for the year ended November 30, 2018, was paid-in capital.

(d) Indemnifications

Under the Fund’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Note 3 – Fees and Other Transactions with Affiliates

Pursuant to an Investment Advisory Agreement between the Fund and the Adviser, the Adviser furnishes offices, necessary facilities and equipment, provides administrative services, oversees the activities of ARI, provides personnel including certain officers required for the administrative management and compensates the officers and trustees of the Fund who are affiliates of the Adviser. As compensation for these services, the Fund pays the Adviser a fee, payable monthly, in an amount equal to 1.00% of the Fund’s average daily managed assets.

Pursuant to a Sub-Advisory Agreement among the Fund, the Adviser and Sub-Adviser, the Sub-Adviser under the supervision of the Fund’s Board and the Adviser, provides a continuous investment program for the Fund’s portfolio; provides investment research; makes and executes recommendations for the purchase and sale of securities; and provides certain facilities and personnel, including certain officers required for its administrative management and pays the compensation of all officers and trustees (if any) of the Fund who are ARI’s affiliates. As compensation for its services, the Adviser pays the Sub-Adviser a fee, payable monthly, in an annual amount equal to 0.50% of the Fund’s average daily managed assets.

26 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

For purposes of calculating the fees payable under the foregoing agreements, average daily managed assets means the average daily value of the Fund’s total assets minus the sum of its accrued liabilities. Total assets means all of the Fund’s assets and is not limited to its investment securities. Accrued liabilities means all of the Fund’s liabilities other than borrowings for investment purposes.

Certain officers of the Fund may also be officers, directors and/or employees of the Adviser or Sub-Adviser. The Fund does not compensate its officers who are officers, directors and/or employees of the aforementioned firms.

GFIA engages external service providers to perform other necessary services for the Fund, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis.

The Adviser and Sub-Adviser agreed to waive the advisory fees on all shares issued pursuant to the Fund’s shelf registration for the first three months those shares are outstanding and waive half the advisory fees on those shares for the next three months. No advisory fees were waived for the period ended May 31, 2019. See Note 9 for additional information regarding offerings of shares pursuant to the Fund’s shelf registration statement.

MUFG Investor Services (US), LLC (“MUIS”) acts as the Fund’s administrator and accounting agent. As administrator and accounting agent, MUIS is responsible for maintaining the books and records of the Fund’s securities and cash. The Bank of New York (“BNY”) acts as the Fund’s custodian. As custodian, BNY is responsible for the custody of the Fund’s assets. For providing the aforementioned services, MUIS and BNY are entitled to receive a monthly fee equal to an annual percentage of the Fund's average daily managed assets subject to certain minimum monthly fees and out of pocket expenses.

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — quoted prices in active markets for identical assets or liabilities.

Level 2 — 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.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

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.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 27


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

Independent pricing services are used to value a majority of the Fund’s investments. When values are not available from a pricing service, they will be determined under the valuation policies that have been reviewed and approved by the Board. In any event, values are 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.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Reverse Repurchase Agreements

The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another party, such as a bank or broker-dealer, in return for cash. At the same time, the Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund’s assets. As a result, such transactions may increase fluctuations in the market value of the Fund’s assets. For the period ended May 31, 2019, the average daily balance for which reverse repurchase agreements were outstanding amounted to $110,000,000. The weighted average interest rate was 3.68%. As of May 31, 2019, there was $110,325,627 in reverse repurchase agreements outstanding.

The following table presents reverse repurchase agreements that are subject to enforceable netting arrangements:


			Net Amount
		Gross Amounts	of Liabilities	Gross Amounts Not
	Gross	Offset in the	Presented on the	Offset in the Statement
	Amounts of	Statement of	Statement of	of Assets and Liabilities
	Recognized	Assets and	Assets and	Financial	Cash Collateral	Net
Instrument	Liabilities	Liabilities	Liabilities	Instruments	Pledged	Amount
Reverse repurchase
agreements	$ 110,325,627	$ —	$ 110,325,627	$(110,325,627)	$ —	$ —

As of May 31, 2019, the Fund had the following outstanding reverse repurchase agreements:


Counterparty	Interest Rate	Maturity Date	Face Value
BNP Paribas	3.58%* (1 Month	Open Maturity	$ 110,325,627
	USD Libor + 1.15%)

* Variable rate security. Rate indicated is the rate effective at May 31, 2019.

28 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

The following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of May 31, 2019, aggregated by asset class of the related collateral pledged by the Fund:


	Overnight and						Greater than
	Continuous		Up to 30 days		31-90 days		90 days		Total
Master Limited Partnerships
and Related Entities	$	110,325,627	$	—	$	—	$	—	$	110,325,627
Gross amount of recognized
liabilities for reverse
repurchase agreements	$	110,325,627	$	—	$	—	$	—	$	110,325,627

There is no guarantee that the Fund’s leverage strategy will be successful. The Fund’s use of leverage may cause the Fund’s NAV and market price of common shares to be more volatile and can magnify the effect of any losses.

Note 6 – Borrowings

On September 30, 2008, the Fund entered into a credit facility agreement with an approved counterparty. The interest on the amount borrowed is based on 3-month LIBOR plus 0.95%. Effective June 5, 2014, the maximum commitment under the credit facility agreement was increased to $325,000,000. As of May 31, 2019, the amount outstanding in connection with the Fund’s credit facility was $118,000,000. As of May 31, 2019, securities with a market value of $247,116,768 have been segregated and pledged as collateral for the credit facility.

The average daily amount of borrowings on the credit facility during the period ended May 31, 2019, was $118,000,000 with a related weighted average interest rate of 3.66%. The maximum amount outstanding during the period ended May 31, 2019, was $118,000,000.

Note 7 – Federal Income Tax Information

The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Accordingly, the Fund generally is subject to U.S. federal income tax on its taxable income at the 21% rate applicable to corporations. In addition, as a regular corporation, the Fund is subject to various state income taxes by reason of its investments in MLPs. As a limited partner in the MLPs, the Fund includes its allocable share of the MLP’s taxable income in computing its own taxable income. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The amount which the Fund is required to pay for U.S. corporate income tax could materially reduce the Fund’s cash available to make distributions on Common Shares.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 29


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

As of May 31, 2019, the cost of securities for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all securities for which there was an excess of tax cost over value, were as follows:


	Gross Tax	Gross Tax	Net Tax Unrealized
Cost of Investments	Unrealized	Unrealized	Appreciation
for Tax Purposes	Appreciation	Depreciation	(Depreciation)
$ 400,976,553	$ 255,156,677	$ (13,395,558)	$ 241,761,119

The Fund accrues deferred income taxes for its future tax liability or benefit associated with that portion of MLP distributions considered to be a tax-deferred return of capital as well as capital appreciation or depreciation of its investments. To the extent the Fund has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required. The need to establish a valuation allowance for deferred tax assets is assessed periodically by the Fund based on the criterion established by ASC 740, Income Taxes, (“ASC 740”) that it is more likely than not that some portion or all of the deferred tax asset will not be realized. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability (which are highly dependent on future MLP cash distributions), the duration of statutory carryforward periods and the associated risk that operating loss carryforwards may expire unused.

The Fund may rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate taxable income allocable to the MLP units held in the portfolio and to estimate the associated deferred tax liability. Such estimates are made in good faith. From time to time, as new information becomes available, the Fund modifies its estimates or assumptions regarding the deferred tax liability.

The Fund’s income tax provision consists of the following:


Current federal income tax benefit	$	3,677,628
Current state income tax expense		(179,265	)
Deferred federal income tax expense		(3,833,076	)
Deferred state income tax expense		(4,095,858	)
Total current and deferred tax expense	$	(4,430,571	)

Total income tax expense differs from the amount computed by applying the federal statutory income tax rate of 21% to net investment income and realized gains and unrealized appreciation before taxes as follows:


				Rate
Application of statutory income tax rate	$	3,934,277			21.00	%
State income taxes		635,404			3.39	%
Permanent differences and other		(139,110	)		(0.74	%)
Total	$	4,430,571			23.65	%

30 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

Permanent differences primarily represent the dividend received deduction and foreign tax credits.

Components of the Fund’s deferred tax assets and liabilities as of May 31, 2019, are as follows:


Deferred tax assets:
Deferred tax benefit on capital loss carryover, net operating losses and various tax credits	$	4,862,143
Deferred tax liabilities:
Deferred tax on unrealized gains on investments	$	(56,992,992	)
Net deferred tax liability	$	(52,130,849	)

For all open tax years and all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Uncertain tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns that would not meet a more-likely-than-not threshold of being sustained by the applicable tax authority and would be recorded as tax expense in the current year. Open tax years are those that are open for examination by taxing authorities (i.e. generally the last four tax year ends and the interim tax period since then).

Note 8 – Investments in Securities

For the period ended May 31, 2019, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were $141,097,345 and $130,436,229, respectively.

Note 9 – Capital

Common Shares

The Fund has an unlimited amount of common shares, $0.01 par value, authorized and 35,440,768 issued and outstanding.

Transactions in common shares were as follows:


	Period Ended May 31, 2019		Year Ended November 30, 2018
Beginning Shares		35,440,768		35,359,842
Shares issued through dividend reinvestment		—		80,926
Common shares issued through at-the-market offering		—		—
Ending shares		35,440,768		35,440,768

On May 6, 2011, the Fund’s shelf registration allowing for delayed or continuous offering of additional shares became effective. The shelf registration statement allowed for the issuance of up to an additional $218,859,845 of common shares. On December 16, 2011, the Fund entered into an at-the-market offering sales agreement with the Adviser and Cantor Fitzgerald & Co. to offer and sell up to 10,165,343 common shares, from time to time, through Cantor Fitzgerald & Co. as agent for the Fund. On June 20, 2013, the Fund’s shelf registration statement allowing for delayed or continuous offering of additional shares became effective. The shelf registration statement allowed for the issuance of up to an additional $268,593,405 of common shares. On July 3, 2013, the Fund entered into an at-the-market offering sales agreement with the Adviser and Cantor Fitzgerald & Co. to offer and sell up to 4,408,676 common shares, from time to time, through Cantor Fitzgerald & Co. as

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 31


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

agent for the Fund. On September 10, 2013, the Fund entered into an overnight offering underwriting agreement with the Adviser, Morgan Stanley & Co. LLC., Citigroup Global Markets, Inc., UBS Securities LLC and RBC Capital Markets, LLC to sell 2,850,000 common shares. On December 7, 2016, the Fund’s shelf registration statement allowing for delayed or continuous offering of additional shares became effective. On February 28, 2017, the Fund entered into an at-the-market offering sales agreement with the Adviser and Cantor Fitzgerald & Co. to offer and sell up to 4,750,000 common shares, from time to time, through Cantor Fitzgerald & Co. as agent for the Fund. On May 24, 2019, the Fund’s shelf registration statement allowing for delayed or continuous offering of additional shares became effective. The Adviser paid the costs associated with the offerings of shares and was reimbursed by the Fund up to 0.60% of the public offering price of each share sold under these offerings, not to exceed actual offering costs incurred. For the period ended May 31, 2019 and the year ended November 30, 2018, the Fund reimbursed the Adviser $0 and $121,802, respectively, for offering costs associated with these offerings, and will be responsible for additional offering costs in the future up to the 0.60% cap.

Note 10 – Concentration of Risk

Note 11 – Recent Regulatory Reporting Updates

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which adds, modifies and removes disclosure requirements related to certain aspects of fair value measurement. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. As of May 31, 2019, the Fund has fully adopted the provisions of the ASU, which did not have a material impact on the Fund’s financial statements and related disclosures or impact the Fund’s net assets or results of operations.

32 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


NOTES TO FINANCIAL STATEMENTS (Unaudited) continued	May 31, 2019

Note 12 – Subsequent Events

The Fund evaluated subsequent events through the date the financial statements were available for issue and determined there were no material events that would require adjustment to or disclosure in the Fund’s financial statements.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 33


OTHER INFORMATION (Unaudited)	May 31, 2019

Federal Income Tax Information

In January 2020, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by you in the calendar year 2019.

Results of Shareholder Votes

The Annual Meeting of Shareholders of the Fund was held on April 4, 2019. Shareholders voted on the election of the Trustees. With regards to the election of the following Trustees by shareholders of the Fund:


	# of Shares in Favor	# of Shares Against	# of Shares Abstain
Amy J. Lee	30,661,776	382,557	464,898
Ronald E. Toupin, Jr.	30,694,161	344,559	470,511

The other Trustees of the Fund not up for election in 2019 were Randall C. Barnes, Donald A. Chubb, Jr., Jerry B. Farley, Roman Friedrich III and Ronald A. Nyberg.

Trustees

The Trustees of the Fiduciary/Claymore Energy Infrastructure Fund and their principal business occupations during the past five years:


	Position(s)	Term of Office		Number of
	Held	and Length		Portfolios in
Name, Address*	with	of Time	Principal Occupation(s)	Fund Complex	Other Directorships
and Year of Birth	Trust	Served**	During Past Five Years	Overseen	Held by Trustees
Independent Trustees:
Randall C. Barnes	Trustee	Since 2004	Current: Private Investor (2001-present).	49	Current: Trustee, Purpose Investments
(1951)					Funds (2013-present).
			Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997);
			President, Pizza Hut International (1991-1993); Senior Vice President,		Former: Managed Duration Investment
			Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).		Grade Municipal Fund (2003-2016).
Donald A.	Trustee and	Since 2014	Current: Retired.	48	Former: Midland Care, Inc.
Chubb, Jr.	Chairman of				(2011-2016).
(1946)	the Valuation		Former: Business broker and manager of commercial real estate,
	Oversight		Griffith & Blair, Inc. (1997-2017).
	Committee
Jerry B. Farley	Trustee and	Since 2014	Current: President, Washburn University (1997-present).	48	Current: CoreFirst Bank & Trust
(1946)	Chairman of				(2000-present).
	the Audit
	Committee				Former: Westar Energy, Inc.
					(2004-2018)

34 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


OTHER INFORMATION (Unaudited) continued	May 31, 2019


	Position(s)	Term of Office		Number of
	Held	and Length		Portfolios in
Name, Address*	with	of Time	Principal Occupation(s)	Fund Complex	Other Directorships
and Year of Birth	Trust	Served**	During Past Five Years	Overseen	Held by Trustees
Independent Trustees continued:
Roman	Trustee and	Since 2011	Current: Founder and Managing Partner, Roman Friedrich & Company	48	Former: Zincore Metals, Inc.
Friedrich III	Chairman of		(1998-present).		(2009-January 2019).
(1946)	the Contracts
	Review
	Committee
Ronald A. Nyberg (1953)	Trustee and Chairman of the Nominating and Governance Committee	Since 2004	Current: Partner, Momkus LLC (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	49	Current: PPM Funds (2018-present); Edward-Elmhurst Healthcare System (2012-present); Western Asset Inflation-Linked Opportunities & Income Fund (2004-present); Western Asset Inflation-Linked Income Fund (2003-present). Former: Managed Duration Investment Grade Municipal Fund (2003-2016).
Ronald E.	Trustee and	Since 2004	Current: Portfolio Consultant (2010-present); Member, Governing Council,	48	Current: Western Asset Inflation-Linked
Toupin, Jr.	Chairman of		Independent Directors Council (2013-present); Governor, Board of Governors,		Opportunities & Income Fund (2004-
(1958)	the Board		Investment Company Institute (2018-present).		present); Western Asset Inflation-Linked
					Income Fund (2003-present).
			Former: Member, Executive Committee, Independent Directors Council
			(2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset		Former: Managed Duration Investment
			Management (1998-1999); Vice President, Nuveen Investment Advisory Corp.		Grade Municipal Fund (2003-2016);
			(1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts		Bennett Group of Funds (2011-2013).
			(1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen
			Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 35


OTHER INFORMATION (Unaudited) continued	May 31, 2019


	Position(s)	Term of Office		Number of
	Held	and Length		Portfolios in
Name, Address*	with	of Time	Principal Occupation(s)	Fund Complex	Other Directorships
and Year of Birth	Trust	Served**	During Past Five Years	Overseen	Held by Trustees
INTERESTED TRUSTEE
Amy J. Lee***	Trustee,	Since 2018	Current: Interested Trustee, certain other funds in the Fund Complex	48	None.
(1961)	Vice President	(Trustee)	(2018-present); President, certain other funds in the Fund Complex
	and Chief		(2017-present); Chief Legal Officer, certain other funds in the Fund
	Legal Officer	Since 2014	Complex (2014-present); Vice President, certain other funds in the Fund
		(Chief Legal	Complex (2007-present); Senior Managing Director, Guggenheim
		Officer)	Investments (2012-present).

		Since 2012	Former: President and Chief Executive Officer (2017-2018); Vice President,
		(Vice President)	Associate General Counsel and Assistant Secretary, Security Benefit Life
			Insurance Company and Security Benefit Corporation (2004-2012).


*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, IL 60606.
**	Each Trustee serves an indefinite term, until his successor is duly elected and qualified.
	— Messrs. Barnes and Chubb are Class I Trustees. Class I Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders for
	the fiscal year ended November 30, 2020.
	— Messrs. Farley, Friedrich and Nyberg are Class II Trustees. Class II Trustees are expected to stand for re-election at the Fund’s annual meeting of
	shareholders for the fiscal year ended November 30, 2021.
	— Mr. Toupin and Ms. Lee are Class III Trustees. Class III Trustees are expected to stand for re-election at the Fund’s annual meeting of shareholders for
	the fiscal year ended November 30, 2022.
***	This Trustee is deemed to be an "interested person" of the Funds under the 1940 Act by reason of her position with the Fund’s Adviser and/or the parent of
	the Adviser.

36 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


OTHER INFORMATION (Unaudited) continued	May 31, 2019

OFFICERS

The Officers of the Fiduciary/Claymore Energy Infrastructure Fund, who are not Trustees, and their principal occupations during the past five years:


	Position(s)
	held	Term of Office
Name, Address*	with the	and Length of	Principal Occupations
and Year of Birth	Trust	Time Served**	During Past Five Years
Officers:
Brian E. Binder	President and	Since 2018	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President and Chief Executive
(1972)	Chief Executive		Officer, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Senior Managing Director and Chief
	Officer		Administrative Officer, Guggenheim Investments (2018-present).

			Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset
			Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
Joanna M.	Chief	Since 2012	Current: Chief Compliance Officer, certain funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments
Catalucci	Compliance		(2012-present).
(1966)	Officer
			Former: AML Officer, certain funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary, certain other funds in the Fund
			Complex (2008-2012); Senior Vice President & Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief
			Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).
James M. Howley	Assistant	Since 2006	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex
(1972)	Treasurer		(2006-present).

			Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen	Secretary	Since 2007	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
(1978)
Glenn McWhinnie	Assistant	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
(1969)	Treasurer

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 37


OTHER INFORMATION (Unaudited) continued	May 31, 2019


	Position(s)
	held	Term of Office
Name, Address*	with the	and Length of	Principal Occupations
and Year of Birth	Trust	Time Served**	During Past Five Years
Officers continued:
Michael P. Megaris	Assistant	Since 2014	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).
(1984)	Secretary
Adam J. Nelson	Assistant	Since 2015	Current: Vice President, Guggenheim Investments (2015-present); Assistant Treasurer, certain other funds in the Fund Complex (2015-present).
(1979)	Treasurer
			Former: Assistant Vice President and Fund Administration Director, State Street Corporation (2013-2015); Fund Administration Assistant
			Director, State Street (2011-2013); Fund Administration Manager, State Street (2009-2011).
Kimberly J. Scott	Assistant	Since 2012	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).
(1974)	Treasurer
			Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen
			Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments,
			Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone	Vice	Since 2014	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).
(1979)	President
			Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan	Chief	Since 2010	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior
(1955)	Financial		Managing Director, Guggenheim Investments (2010-present).
	Officer, Chief
	Accounting		Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010);
	Officer and		Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial
	Treasurer		Officer and Treasurer, Van Kampen Funds (1996-2004).

38 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


OTHER INFORMATION (Unaudited) continued	May 31, 2019


	Position(s)
	held	Term of Office
Name, Address*	with the	and Length of	Principal Occupations
and Year of Birth	Trust	Time Served**	During Past Five Years
Officers continued:
Jon Szafran	Assistant	Since 2017	Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).
(1989)	Treasurer
			Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America)
			Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014-2017); Senior Associate of Fund Administration, Cortland
			Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).


*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, IL 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified. The date reflects the commencement date upon which the officer
	held any officer position with the Fund.

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 39


APPROVAL OF ADVISORY AGREEMENTS –
FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND (FMO)	May 31, 2019

Fiduciary/Claymore Energy Infrastructure Fund (formerly Fiduciary/Claymore MLP Opportunity Fund) (the “Fund”) is a Delaware statutory trust that is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). Guggenheim Funds Investment Advisors, LLC (“GFIA” or the “Adviser”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as the Fund’s investment adviser and provides certain administrative and other services pursuant to an investment advisory agreement between the Fund and GFIA (the “Investment Advisory Agreement”). (Guggenheim Partners, GFIA, Guggenheim Partners Investment Management, LLC (“GPIM”) and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes GFIA, GPIM, Security Investors, LLC and other affiliated investment management businesses of Guggenheim Partners.)

Under the terms of the Investment Advisory Agreement, GFIA is responsible for overseeing the activities of Advisory Research, Inc. (“Advisory Research” or the “Sub-Adviser”), which performs portfolio management and related services for the Fund pursuant to an investment sub-advisory agreement by and among the Fund, the Adviser and Advisory Research (the “Sub-Advisory Agreement” and together with the Investment Advisory Agreement, the “Advisory Agreements”). Under the supervision and oversight of GFIA and the Board of Trustees of the Fund (the “Board,” with the members of the Board referred to individually as the “Trustees”), Advisory Research performs certain of the day-to-day operations of the Fund, which may include one or more of the following services at the request of the Adviser: (i) managing the investment and reinvestment of the Fund’s assets in accordance with the Fund’s investment policies; (ii) arranging for the purchase and sale of securities and other assets for the Fund; (iii) providing investment research and credit analysis concerning the Fund’s assets; (iv) placing orders for purchases and sales of Fund assets; (v) maintaining books and records as are required to support the Fund’s investment operations; (vi) monitoring on a daily basis the investment activities and portfolio holdings relating to the Fund; and (vii) voting proxies relating to the Fund’s portfolio securities in accordance with the Sub-Adviser’s proxy voting policies and procedures. In addition, Advisory Research consults with Guggenheim as to the overall management of the Fund’s assets and the investment policies and practices of the Fund, including as to the use of leverage, keeps Guggenheim and the Board informed of developments materially affecting the Fund and reports to the Board on a quarterly basis. Advisory Research is a wholly owned subsidiary of Piper Jaffray Companies.

Each of the Advisory Agreements continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Fund (the “Independent Trustees”) casting votes in person at a meeting called for such purpose. At meetings held in person on April 25, 2019 (the “April Meeting”) and on May 21, 2019 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreements in connection with the Committee’s annual contract review schedule.

As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees

40 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


APPROVAL OF ADVISORY AGREEMENTS –
FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND (FMO) continued	May 31, 2019

received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreements and other principal contracts. The Committee took into account various materials received from Guggenheim, Advisory Research and Independent Legal Counsel. Recognizing that the evaluation process with respect to the services provided by each of GFIA and Advisory Research is an ongoing one, the Committee also considered the variety of written materials, reports and oral presentations the Board receives throughout the year regarding performance and operating results of the Fund and other information relevant to its evaluation of the Advisory Agreements.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with comparisons to a peer group of funds identified by Guggenheim, based on a methodology reviewed by the Board. In addition, Guggenheim and Advisory Research provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim and Advisory Research provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience in governing the Fund and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of the Fund to recommend that the Board approve the renewal of each of the Advisory Agreements for an additional annual term.

Investment Advisory Agreement

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee noted that the Adviser delegated portfolio management responsibility to the Sub-Adviser. The Committee considered the Adviser’s responsibility to oversee the Sub-Adviser and took into account information provided by Guggenheim describing the Adviser’s processes and activities for providing oversight of sub-advisers, including information regarding the Adviser’s Sub-Advisory Oversight Committee.

The Committee also considered the secondary market support services provided by Guggenheim to the Fund and noted the materials describing the activities of Guggenheim’s dedicated Closed-End Fund Team, including with respect to communication with financial advisors, data dissemination and relationship management. In addition, the Committee considered the qualifications, experience and skills of key personnel performing services for the Fund, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee considered Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Fund. In evaluating Guggenheim’s resources and capabilities, the

FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT l 41


APPROVAL OF ADVISORY AGREEMENTS –
FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND (FMO) continued	May 31, 2019

Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Fund.

The Committee’s review of the services provided by Guggenheim to the Fund included consideration of Guggenheim’s role in establishing the Fund’s capital structure and conferring with Advisory Research regarding the use of leverage, as well as Guggenheim’s portfolio oversight and risk management functions, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Fund, including entrepreneurial, legal and regulatory risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s and Advisory Research’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Fund’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by Advisory Research, and the fund administrator, custodian and other service providers to the Fund. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), established to oversee the fund administration, accounting and transfer agency services provided to funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

The Committee also noted the distinctive nature of the Fund which is structured to provide an efficient vehicle through which shareholders may invest in a portfolio of publicly traded securities of energy infrastructure master limited partnerships (“MLPs”) and other energy infrastructure companies, and that the Fund is treated as a “C” corporation for U.S. federal income tax purposes. The Committee noted the recent changes to the Fund’s name and investment policies that were implemented in November 2018 to expand the Fund’s investable universe to include energy infrastructure companies, in light of the reduction of MLP entities in which the Fund may invest due to the recent trend of consolidations of MLP entities. The Committee considered the extent to which Guggenheim performed additional support functions relating to the Fund’s tax compliance and financial reporting.

With respect to Guggenheim’s resources and the Adviser’s ability to carry out its responsibilities under the Investment Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

The Committee also considered the acceptability of the terms of the Investment Advisory Agreement, including the scope of services required to be performed by the Adviser.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were

42 l FMO l FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND SEMIANNUAL REPORT


APPROVAL OF ADVISORY AGREEMENTS –
FIDUCIARY/CLAYMORE ENERGY INFRASTRUCTURE FUND (FMO) continued	May 31, 2019

qualified to serve the Fund in such capacity and may reasonably be expected to continue to provide a high quality of services under the Investment Advisory Agreement with respect to the Fund.

Investment Performance: The Fund commenced investment operations on December 28, 2004. The Committee received data showing the Fund’s total return on a net asset value (“NAV”) and market price basis for the ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2018, as well as total return based on NAV since inception. The Committee compared the Fund’s performance to a peer group of closed-end funds identified by Guggenheim (the “peer group of funds”) and, for NAV returns, performance versus the Fund’s benchmark for the same time periods. The Committee noted that the Adviser’s peer group selection methodology for the Fund starts with the entire U.S.-listed taxable closed-end fund universe (excluding term trusts), and excludes funds that: (i) generally do not invest at least 80% of their assets in MLPs; (ii) are not registered as C corporations; and (iii) have less than a three-year track record. The Committee noted that the peer group of funds consists of 18 other MLP closed-end funds registered as C corporations. The Committee also considered that the peer group of funds is consistent with the peer group used for purposes of the Fund’s quarterly performance reporting. The Committee also noted that the Fund’s peer group did not change following the implementation of the changes to the Fund’s investment policies that took effect in November 2018. In addition, the Committee took into account the Adviser’s statement that due to the unique nature of the C corporation structure and additional tax considerations, such as deferred tax assets or liabilities that impact performance and other metrics, certain of the more recently launched MLP closed-end funds may be less relevant for comparison.

The Committee noted that the Fund’s investment results were consistent with the Fund’s investment objective of providing a high level of after-tax total return with an emphasis on current distributions paid to shareholders. The Committee also considered that the Adviser does not directly manage the investment portfolio but delegated such duties to the Sub-Adviser.

In addition, the Committee considered the Fund’s structure and form of leverage, and, among other information related to leverage, the cost of the leverage and the aggregate leverage outstanding as of December 31, 2018, as well as net yield on leverage assets and net impact on common assets due to leverage for the one-year period ended December 31, 2018 and annualized for the three-year and since-inception periods ended December 31, 2018.

Based on the information provided, including with respect to the Adviser’s sub-advisory oversight processes, the Committee concluded that the Adviser had appropriately reviewed and monitored the Sub-Adviser’s investment performance.

Comparative Fees, Costs of Services Provided and the Profits Realized by the Adviser from Its Relationship with the Fund: The Committee compared the Fund’s contractual advisory fee (which includes the sub-advisory fee paid to the Sub-Adviser) calculated at average managed assets for the latest fiscal year,¹and the Fund’s net effective management fee and total net expense ratio, in each case as a percentage of average net assets for the latest fiscal year, to the peer group of funds and


Advisory Research, Inc.	Guggenheim Funds Distributors, LLC
8235 Forsyth Boulevard	227 West Monroe Street
Suite 700	Chicago, IL 60606
St. Louis, MO 63105	Member FINRA/SIPC
	(07/19)


DIVIDEND REINVESTMENT PLAN (Unaudited) continued	May 31, 2019


Board of Trustees Randall C. Barnes Donald A. Chubb, Jr. Jerry B. Farley Roman Friedrich III Amy J. Lee* Ronald A. Nyberg Ronald E. Toupin, Jr., Chairman * This Trustee is an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) (“Interested Trustee”) of the Fund because of her affiliation with Guggenheim Investments. Principal Executive Officers Brian E. Binder President and Chief Executive Officer Joanna M. Catalucci Chief Compliance Officer Amy J. Lee Vice President and Chief Legal Officer Mark E. Mathiasen Secretary John L. Sullivan Chief Financial Officer, Chief Accounting Officer and Treasurer	Investment Adviser Guggenheim Funds Investment Advisors, LLC Chicago, IL Investment Sub-Adviser Advisory Research, Inc. St. Louis, MO Administrator and Accounting Agent MUFG Investor Services (US), LLC Rockville, MD Custodian The Bank of New York Mellon Corp. New York, NY Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP New York, NY Independent Registered Public Accounting Firm Ernst & Young LLP Tysons, VA

	/s/ Brian Binder
	Brian Binder
	President and Chief Executive Officer

	/s/ John L. Sullivan
	John L. Sullivan
	Chief Financial Officer, Chief Accounting Officer and Treasurer