<SEC-DOCUMENT>0000891804-19-000207.txt : 20190926
<SEC-HEADER>0000891804-19-000207.hdr.sgml : 20190926
<ACCEPTANCE-DATETIME>20190607162550
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000891804-19-000207
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190607

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLAYMORE/GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20090630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore/Guggenheim Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20070605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20061113
</SEC-HEADER>
<DOCUMENT>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">[Letterhead of Skadden, Arps, Slate, Meagher &amp; Flom LLP]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: right">June 7, 2019</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Sunny Oh</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Christina Fettig</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Securities and Exchange Commission</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Division of Investment Management</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">100 F Street, N.E.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Washington, DC 20549</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">RE:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 36pt; TEXT-INDENT: 0px">&#160;</font></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 301.7pt; align: right">Guggenheim Strategic Opportunities Fund<br>
<u>(File Nos. 333-230474 and 811-21982)</u></td>
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<div style="MARGIN-BOTTOM: 11pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 11pt">Dear Mr. Oh and Ms. Fettig:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Thank you for your telephonic comments received April 23, 2019 and April 24, 2019, regarding the registration statement on Form N-2 (the "Registration Statement") filed by Guggenheim Strategic Opportunities Fund (the "Fund") on March 22, 2019. We have considered your comments to the Registration Statement and, on behalf of the Fund, responses to those comments are set forth below. Changes will be reflected in Pre-Effective Amendment No. 1 to the Registration Statement, which the Fund intends to file on or about the date hereof and will be marked to show all changes made since the filing of the Registration Statement. Capitalized terms not defined herein have the definitions provided to them in the Registration Statement.</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 1:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Note that shares will need to be registered with the next filing.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 90pt; align: right">Response:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund intends to register $350 million of Common Shares in a Pre-Effective Amendment to the Registration Statement. The Fund also intends to carry forward the aggregate offering price of unsold securities that the Fund previously registered on its registration statement on Form N-2 (File Nos. 333-221873 and 811-21982). The Fund will make an additional Pre-Effective Amendment filing to register the Common Shares.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 2:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Certain information is provided as of November 30, 2018.&#160;&#160; Review information throughout the prospectus and SAI and the date as of which </div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: center">1</div>

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<div>&#160;</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">such information is provided and update to a more recent date unless such information is specific to the semi-annual period.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has reviewed disclosure throughout the Prospectus and SAI.&#160; Certain information is presented as of November 30, 2018, which is the end of the most recent semi-annual period, in order to correspond to the unaudited financial highlights included in the Prospectus and unaudited financial statements included in the SAI and the information presented in the fee table.&#160; With respect to Financial Leverage specifically, the Fund's use of leverage as a percentage of the Fund's managed assets fluctuates daily with changes in response to changes in the Fund's net asset value and the indebtedness drawn upon at any given time.&#160; The Fund respectfully submits that using the outstanding leverage as of the date of the Fund's most recent annual or semi-annual period provides appropriate disclosure to investors.&#160; The Fund confirms that the Fund's outstanding leverage at this time does not materially differ from the outstanding leverage as of November 30, 2018.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 3:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Disclosure states that "The Fund has at times used significantly greater levels of Financial Leverage than on November 30, 2018 and may in the future increase Financial Leverage up to the parameters set forth herein." Provide additional detail regarding the Fund's prior use of leverage.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure as requested.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 4:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">We note that you have deleted the name of the lender in this section.&#160; The name of the lender first appears under "Use of Financial Leverage&#8212;Borrowings" on page 57 of the Prospectus.&#160; Please name the lender in the prospectus summary.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure as requested.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Include the 811 number of the registration statement.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure as requested.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; TEXT-INDENT: -90pt"><u>Prospectus Summary&#8212;Special Risk Considerations</u></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">We note that the risk factor for "UK Departure from EU Risk" was deleted from the Prospectus Summary.&#160; We recommending retaining this risk factor in the summary.&#160; Also, please update the information in this risk factor.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has retained the disclosure as requested and updated the information in the risk factor.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 7:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Under the risk factor "U.S. Government Securities Risk" update the statement that "In 2011, each of S&amp;P, Moody's and Fitch lowered its long-term sovereign credit rating on the U.S. to "AA+" from "AAA."</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure as requested.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 8:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">We note that the risk factor for "Legislation and Regulatory Risk" was deleted from the Prospectus Summary, including risk disclosure regarding the SEC's proposed derivatives rulemaking.&#160; Consider retaining this disclosure.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has retained the disclosure as requested.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">We note that a number of risk factors have been deleted from the Prospectus Summary and retained in the body of the Prospectus.&#160; Please confirm that those risk factors are no longer principal risks of the Fund.</div>
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<table id="z8388b105d65144e4af0588cc6241bb86" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure to retain the risk factors in the Prospectus Summary.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 10:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please confirm that the agreement to limit offering expenses, as referenced in footnote 2 to the Fee Table, is a contractual agreement and will be in effect for at least one year.&#160; If so, confirm that it can be terminated only by the Board and provide details about any recoupment.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund confirms that the agreement to limit offering expenses, as referenced in footnote 2 to the Fee Table, is a contractual agreement that will be in effect for at least one year and can only be terminated by the Board. The Fund is not responsible for any offering expenses in excess of 0.60% of the total offering price of the Common Shares sold in an offering under this Registration Statement and such offering expenses are not subject to recoupment by the Adviser.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 11:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please make conforming changes to this risk factor to reflect changes made to the corresponding risk factor in the Prospectus Summary.</div>
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<table id="zb2dd22da34e4494ea465b0a8cd04b4c7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure as requested.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Statement of Additional Information&#8212;Management of the Fund&#8212;Portfolio Management&#8212;Information Regarding Potential Conflicts of Interest</u></div>

<div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 12:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consider if these paragraphs should be broken up to make this section more readable.</div>
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<div>&#160;</div>

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<div>&#160;</div>

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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Although these paragraph did not appear to be broken up in the marked courtesy copy of the Registration Statement provided to the staff, the paragraphs are broken up and readable in the Statement of Additional Information.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; TEXT-INDENT: -90pt"><u>Part C&#8212;Item 30</u></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 13:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please provide the undertaking required by Rule 484(b)(3).</div>
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<table id="za8915cbfdc134ef3a90785b3553bbc5b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has provided the undertaking required by Rule 484(b)(3) under Item 30 of Part C.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 14:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Please note that the next pre-effective amendment filing will need an updated auditor's consent.</div>
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<table id="z328a65c422b941ecbdc8feffb178f31e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 90pt; align: right">Response:</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">An updated auditor's consent has been filed as an exhibit to Pre-Effective Amendment No. 1 to the Registration Statement.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; TEXT-INDENT: -90pt"><u>Accounting&#8212;Summary of Fund Expenses</u></div>

<div>
<table id="zeb72d1d32cdd4b03adc37a3691801497" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 15:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">We note that in the fee table, total annual expenses are shown to be 1.15%.&#160; Whereas actual expenses were 1.52%.&#160; Please explain this discrepancy.</div>
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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">
<table id="z0afb0a5f2ec24788ab6022c6075ea287" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 90pt; align: right">Response:</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The discrepancy between the actual expenses for the fiscal year ended May 31, 2018 of 1.52% and the 1.15% disclosed in the Registration Statement is primarily related to the decrease in the Fund's use of leverage since May 31, 2018. For the fiscal year ended May 31, 2018, the average daily balance for which reverse repurchase agreements were outstanding amounted to $37,131,841 and the average daily amount of borrowings on the credit facility was $6,753,722. Accordingly, the Fund's average aggregate amount of financial leverage outstanding during the fiscal year ended May 31, 2018 was approximately $43,885,563. As of November 30, 2018, however, the Fund had no financial leverage outstanding. As noted in the introduction to the fee table, the table is "based on the capital structure of the Fund as of November 30, 2018," which was the end of the Fund's most recent semi-annual period.&#160; The Fund believes this provides prospective investors with more accurate information regarding the expenses currently borne by the Fund.&#160; This decrease in leverage eliminated any interest expenses and lowered the amount of Managed Assets, which in turn decreased the management fee and other expenses as a percentage of net assets attributable to common shares.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt">Nevertheless, in order to give the Fund the flexibility to use leverage up to the limits imposed by the Investment Company Act of 1940 during the next 12 months, the Fund has revised the fee table so that it is based on the capital <br>
<br>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt"><br>
 structure of the Fund as of November 30, 2018, assuming the Fund uses financial leverage in an amount equal to 33 1/3% of the Fund's Managed Assets.</div>

<div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 16:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Confirm that the Fund has no present intention to borrow for the next 12 months.&#160; If the Fund may borrow in the next 12 months, include estimated interest expense associated with such borrowings.</div>
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<table id="zb086b87a5f6e4cc2a8b8b6fa4083706f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund may utilize leverage in the next 12 months and has revised the disclosure as requested.</div>
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<div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 17:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Consider revising the wording of the description of the expense limitation in footnote 2, particularly as it relates to reimbursement by the Fund, to make this disclosure more clear.</div>
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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left">
<table id="z3f8a3c5dc2ca4e409c3748e6dc6e245d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 90pt; align: right">Response:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The Fund has revised the disclosure as requested.</div>
</td>
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<div>
<table id="z00989b4e257c4a81b452640894bfb425" class="DSPFListTable" style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 18:</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Footnote 7 states that "other expenses are estimated based upon those incurred during the fiscal year ended May 31, 2018."&#160; Other expenses are shown in the fee table as 0.15%, whereas other expenses for the fiscal year ended May 31, 2018 were 0.23%. Please explain this discrepancy and/or modify the footnote as necessary.</div>
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</table>
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<table id="zfde5d03a81184de1be86702d99145d10" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 90pt; align: right">Response:</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Other expenses are estimated based upon those incurred during the period ended November 30, 2018. The Fund has revised the disclosure accordingly.</div>
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<div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">Comment 19:</div>
</td>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left">The lead in to the fee table states that it is based on the capital structure of the Fund as of November 30, 2018, and footnotes 4 and 6 reference November 30, 2018.&#160; Whereas footnote 7 indicates that expenses are based on the fiscal year ended May 31, 2018.&#160; Why are two different two periods being used.</div>
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<table id="z0d2914bf5d174ee48fea2b51a1fc2379" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; WIDTH: 90pt; align: right">Response:</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Other expenses are estimated based upon those incurred during the period ended November 30, 2018. The Fund has revised the disclosure accordingly.</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">* * * * * *</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Should you have any questions concerning our responses to your comments, please direct them to the undersigned at (312) 407-0641.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 252pt">Sincerely,</div>

<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-LEFT: 252pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>/s/ Kevin T. Hardy</u></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; DISPLAY: inline-block; WIDTH: 153pt; TEXT-INDENT: 0px">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><br>
</font> Kevin T. Hardy</font></div>
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