<SEC-DOCUMENT>0001821268-20-000068.txt : 20201116
<SEC-HEADER>0001821268-20-000068.hdr.sgml : 20201116
<ACCEPTANCE-DATETIME>20200929164821
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001821268-20-000068
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200929

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>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <div><img src="guglogo.jpg"></div>
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    <div>&#160;September 29, 2020</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">VIA EDGAR</div>
    <div><br>
    </div>
    <div>Division of Investment Management</div>
    <div>U.S. Securities and Exchange Commission</div>
    <div>100 F Street, NE</div>
    <div>Washington, DC 20549</div>
    <div style="margin-bottom: 12pt;">Attn:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>DeCarlo McLaren</div>
    <div style="margin-bottom: 12pt;">Re:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Guggenheim Strategic Opportunities Fund (File Nos. 333-230474 and 811-21982) (the &#8220;Registrant&#8221;)</div>
    <div style="margin-bottom: 12pt;">Dear Mr. McLaren:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">On behalf of the Registrant, we wish to respond by this letter to comments of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221; or &#8220;Commission&#8221;) staff on Post-Effective Amendment No. 3 (&#8220;PEA
      #3&#8221;) and Amendment No. 29 to the registration statement of the Registrant filed on July 31, 2020.&#160; The SEC staff&#8217;s comments were conveyed via a telephone conversation between you and Jeremy Sperlazza of Dechert LLP on September 15, 2020.&#160; Throughout
      this letter, capitalized terms have the same meaning as in the filing, unless otherwise noted.&#160; A summary of the SEC staff&#8217;s comments followed by the responses of the Registrant are set forth below:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za7c71b2541da47e9847553891fd3364d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 49.5pt; margin-bottom: 12pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><u>Comment</u>:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt">&#160;</font>Please complete or provide information in all instances
                that are currently blank or bracketed in the next registration statement filing.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;"><u>Response</u>:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt">&#160;</font>The Registrant has provided the requested
      information.</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z16913d73179147a6b66477644d396fdd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 49.5pt; margin-bottom: 12pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><u>Comment</u>:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt">&#160;</font>On page (iii) of the prospectus, in the paragraph
                beginning &#8220;You should read this Prospectus&#8230;,&#8221; please state that the SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC and
                state the address of that site (http://www.sec.gov) as required by General Instruction F.(4)(c)(2).</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;"><u>Response</u>:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt">&#160;</font>The Registrant has added the requested
      disclosure.</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf17d11a5ff8741be9e77ac26a3ba0ef1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 49.5pt; margin-bottom: 12pt;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><u>Comment</u>:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt">&#160;</font>Prior to filing the effective version of the registration
                statement, please provide via EDGAR correspondence the completed fee table and expense example.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;"><u>Response</u>:<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt">&#160;</font>The Registrant has provided the fee table and
      expense example below:</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeb0ee1e6af2e424f894ca20796e6a024" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 76.76%; vertical-align: top;">
            <div style="font-weight: bold;">Shareholder Transaction Expenses</div>
          </td>
          <td style="width: 23.24%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div style="text-indent: 9pt;">Sales load (as a percentage of offering price)</div>
            </div>
          </td>
          <td style="width: 23.24%; vertical-align: top;">
            <div style="background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="background-color: rgb(204, 238, 255);">&#8212;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="background-color: rgb(204, 238, 255);">(</font></sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1)</sup></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: top;">
            <div style="background-color: #FFFFFF;">
              <div style="text-indent: 9pt;">Offering expenses borne by the Fund (as a percentage of offering price)</div>
            </div>
          </td>
          <td style="width: 23.24%; vertical-align: top;">
            <div style="background-color: rgb(255, 255, 255);">
              <div style="text-align: center;">0.60%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1),(2)</sup></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div style="text-indent: 9pt;">Dividend Reinvestment Plan fees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
            </div>
          </td>
          <td style="width: 23.24%; vertical-align: top;">
            <div style="background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">None</div>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
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    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z927c2789c31f458480272106703b25e7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 60%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Annual Expenses</div>
          </td>
          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Percentage of Average Net Assets Attributable to Common Shares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Management fee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
          </td>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.00%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Interest expense<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></div>
          </td>
          <td style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.04%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Acquired fund fees and expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></div>
          </td>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.08%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Other expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></div>
          </td>
          <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">0.17%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Total annual expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></div>
          </td>
          <td style="width: 40%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.29%</div>
          </td>
        </tr>

    </table>
    <div>______________________</div>
    <table cellspacing="0" cellpadding="0" id="z23ea850a713f438e9867dcad2b5b1b2b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zac0f3fb459584f338523c922393a80e9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Adviser has incurred on behalf of the Fund all costs associated with the Fund&#8217;s registration statement and any offerings pursuant to such registration statement. The Fund has agreed, in connection with offerings under this registration
              statement, to reimburse the Adviser for offering expenses incurred by the Adviser on the Fund&#8217;s behalf in an amount up to the lesser of the Fund&#8217;s actual offering costs or 0.60% of the total offering price of the Common Shares sold in such
              offerings. Amounts in excess of 0.60% of the total offering price of shares sold pursuant to this registration statement will not be subject to recoupment from the Fund. The expense limitation agreement will be in effect for the life of the
              registration statement with respect to all Common Shares sold pursuant to the registration statement and may only be terminated by the Board of Trustees of the Fund.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z11b8e91ae98c4ed3acc690ac0bf2b848" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>You will pay brokerage charges if you direct the Plan Agent to sell your Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zc9bf190b6f794deca211acec3e0aa140" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Based upon average net assets applicable to Common Shares during the year ended May 31, 2020.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z7441783a0f784aa19a1bcffeb1d2ea15" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Fund pays the Investment Adviser a fee, payable monthly in arrears at an annual rate equal to 1.00% of the Fund&#8217;s average daily Managed Assets (as defined herein). <font style="background-color: #FFFFFF;">The fee shown above is based
                upon outstanding Financial Leverage of 8.7% of the Fund&#8217;s Managed Assets. If Financial Leverage of more than 8.7% of the Fund&#8217;s Managed Assets is used, the management fees shown would be higher.</font></div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z44b7d0464f9545fb924fded99bf9fa91" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="background-color: #FFFFFF;">Includes interest expense on borrowings under the Fund&#8217;s committed facility agreement and reverse repurchase agreements, based on the Fund&#8217;s outstanding Financial Leverage as of May 31, 2020.</font>
              The Fund has entered into a committed facility agreement pursuant to which it may borrow up to $80 million. As of May 31, 2020, outstanding Borrowings under the committed facility agreement were $19.3 million, which represented approximately
              2.7% of the Fund&#8217;s Managed Assets as of such date. In addition, as of May 31, 2020, the Fund had reverse repurchase agreements outstanding representing Financial Leverage equal to approximately 6.0% of the Fund&#8217;s Managed Assets. As of May 31,
              2020, the Fund&#8217;s total Financial Leverage represented approximately 8.7% of the Fund&#8217;s Managed Assets. The cost of Financial Leverage, including the portion of the investment advisory fee attributable to the assets purchased with the proceeds
              of Financial Leverage, is borne by Common Shareholders. The actual amount of interest payments on borrowed funds and interest expense on reverse repurchase agreements borne by the Fund will vary over time in accordance with the level of the
              Fund&#8217;s use of Borrowings and reverse repurchase agreements and variations in market interest rates.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zb8480bdabf0944ca89d849aeab8f1d98" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year, reflecting the fees and expenses borne by the Fund as an investor in other investment companies during the most recently completed fiscal year and
              the expected investment of the proceeds of this offering.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z844b4d6a1d0a44b2b4f02535690bd7d9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(8)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Other expenses are estimated based upon those incurred during the fiscal year ended May 31, 2020.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z181c9e33b821490bab0e61d4dd489847" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">(9)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Total Annual Fund Operating Expenses in this fee table may not correlate to the expense ratios in the Fund&#8217;s financial highlights and financial statements because the financial highlights and financial statements reflect only the
              operating expenses of the Fund and do not include Acquired Fund Fees and Expenses, which are fees and expenses incurred indirectly by the Fund through its investments in certain underlying investment companies.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 6pt; text-align: center;">2<br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 6pt; font-weight: bold;">Example</div>
    <div style="margin-bottom: 12pt;">As required by relevant SEC regulations, the following Example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1) &#8220;Total annual expenses&#8221; of 1.29% of net assets
      attributable to Common Shares and (2) a 5% annual return*:</div>
    <table cellspacing="0" cellpadding="0" id="z0b098de444a343a1828ff9901b998511" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 53.85%; vertical-align: top;">&#160;</td>
          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">1 Year</div>
          </td>
          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">3 Years</div>
          </td>
          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">5 Years</div>
          </td>
          <td style="width: 11.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">10 Years</div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.85%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div>Total Expenses Incurred<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            </div>
          </td>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div style="text-align: center;">$13</div>
            </div>
          </td>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div style="text-align: center;">$41</div>
            </div>
          </td>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div style="text-align: center;">$71</div>
            </div>
          </td>
          <td style="width: 11.54%; vertical-align: top;">
            <div style="background-color: #CCEEFF;">
              <div style="text-align: center;">$156</div>
            </div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;">______________________</div>
    <table cellspacing="0" cellpadding="0" id="z6361216cc2844cc78bb3cdd18f59dcf7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 28.8pt; vertical-align: top; align: right;">*</td>
          <td style="width: auto; vertical-align: top;">
            <div><font style="font-weight: bold;">The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund&#8217;s actual rate of return may be higher or
                lower than the hypothetical 5% return shown in the Example.</font> The Example assumes that all dividends and distributions are reinvested at net asset value.</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: 0pt; margin-left: 28.8pt; margin-bottom: 6pt;">Assuming the Fund does not utilize Financial Leverage, the estimated total expenses incurred for the 1, 3, 5 and 10 year period would be $13, $40, $68 and $151, respectively.</div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;">(1)<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt">&#160;</font>The example above does not include sales loads or
      estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales load and estimated offering costs.</div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z1a4888a0e6c8459ea39398316e3f827c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 49.5pt; margin-bottom: 12pt;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><u>Comment</u>:&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please confirm that the cover page of the next registration statement filing will include the appropriate checkboxes as required by Form N-2.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;"><u>Response</u>:&#160;&#160;&#160;&#160;&#160; The Registrant confirms that the cover page of the effective version of the registration statement will contain the appropriate checkboxes under Form N-2.</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 72pt; margin-bottom: 12pt;">*&#160; &#160; &#160; *&#160; &#160; &#160; *</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Please call Allison Fumai at Dechert LLP at 212.698.3526 or Julien Bourgeois at Dechert LLP at 202.261.3451 with any questions or comments regarding this letter, or if they may assist you in any
      way.</div>
    <div style="text-align: justify; margin-left: 216pt; margin-bottom: 12pt;">Very truly yours,</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 216pt; margin-bottom: 12pt;"><u>/s/ Mark E. Mathiasen</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 216pt;">Mark E. Mathiasen</div>
    <div style="text-align: justify; margin-left: 216pt;">Secretary</div>
    <div style="text-align: justify; margin-left: 216pt;"> <br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">3<br>
    </div>
    <div><br>
    </div>
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