<SEC-DOCUMENT>0001821268-21-000284.txt : 20211004
<SEC-HEADER>0001821268-21-000284.hdr.sgml : 20211004
<ACCEPTANCE-DATETIME>20210623114934
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001821268-21-000284
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210623

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
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    <div>June 23, 2021</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>Attn:&#160;&#160;&#160;&#160;&#160;&#160; David Manion</div>
    <div style="text-indent: 36pt;">DeCarlo McLaren</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze9bb818d9b6f48c0957cb0371455ea1c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div>Guggenheim Strategic Opportunities Fund (File No. 333-255687) (the &#8220;Registrant&#8221;)</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Dear Messrs. Manion and McLaren:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">On behalf of the Registrant, we wish to respond by this letter to a comment of the U.S. Securities and Exchange Commission (the
      &#8220;SEC&#8221;) staff on the proxy statement/prospectus filed June 21, 2021, on Form N-14 (the &#8220;Proxy Statement/Prospectus&#8221;) under the Securities Act of 1933, as amended, on behalf of the Registrant, conveyed via a telephone conversation between Mr. Manion
      and Brooke Clark of Dechert LLP on June 22, 2021.&#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 comment followed by the response of the Registrant is set forth
      below.</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze0813826d8314ae39ee9de8e35680324" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 67.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 49.5pt; font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-weight: bold;"><u>Comment</u></font><font style="font-weight: bold;">:</font>&#160;&#160; <font style="font-weight: bold;">Please supplementally confirm that the amounts shown in the expense examples in the Proxy Statement/Prospectus include acquired fund fees and expenses or please
                  update such examples to include acquired fund fees and expenses.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 67.5pt; margin-bottom: 12pt;"><u><br>
          Response</u>:&#160;&#160; The Registrant has updated the expense examples to include acquired fund fees and
        expenses, as shown below.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following example is intended to help you compare the costs of investing in the common shares of the Combined Fund <font style="font-style: italic;">pro forma</font> if the Mergers are completed with the costs of investing in GPM, GGM and the Acquiring Fund without the Mergers. An investor in common shares would pay
      the following expenses on a $1,000 investment, assuming (1) the Total Expense Ratio (Including Interest Expenses) for each Fund set forth in the total expenses table above and (2) a 5% annual return throughout the period:</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>
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        <tr>
          <td style="width: 52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; font-weight: bold;">1 Year</div>
            </div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; font-weight: bold;">3 Years</div>
            </div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; font-weight: bold;">5 Years</div>
            </div>
          </td>
          <td style="width: 11.78%; vertical-align: bottom; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-weight: bold;">10 Years</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>GPM (Target Fund)</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$19.19</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$59.39</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$102.13</div>
          </td>
          <td style="width: 11.78%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#160;&#160; $221.15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: top;">
            <div>GGM (Target Fund)</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$22.21</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$68.51</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$117.46</div>
          </td>
          <td style="width: 11.78%; vertical-align: top;">
            <div style="text-align: center;">$252.37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>GOF (Acquiring Fund)</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$18.79</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$58.17</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$100.07</div>
          </td>
          <td style="width: 11.78%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$216.92</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: top;">
            <div><font style="font-style: italic;">Pro Forma</font> Combined Fund (GPM into GOF)</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$19.60</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$60.61</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$104.18</div>
          </td>
          <td style="width: 11.78%; vertical-align: top;">
            <div style="text-align: center;">$225.37</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div><font style="font-style: italic;">Pro Forma</font> Combined Fund (GGM into GOF)</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$19.19</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$59.39</div>
          </td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$102.13</div>
          </td>
          <td style="width: 11.78%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$221.15</div>
          </td>
        </tr>
        <tr>
          <td style="width: 52%; vertical-align: top;">
            <div><font style="font-style: italic;">Pro Forma</font> Combined Fund (Both Target Funds into GOF)</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$19.60</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$60.61</div>
          </td>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: center;">$104.18</div>
          </td>
          <td style="width: 11.78%; vertical-align: top;">
            <div style="text-align: center;">$225.37</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc5a43b416c154a7296cd5001db42aadd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;">

        <tr>
          <td style="width: 22.5pt;"><br>
          </td>
          <td style="width: 45pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Prior to June 22, 2010, GPM was managed by an unaffiliated investment sub-adviser that utilized a different investment strategy.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The examples set for forth above assume common shares of each Fund were owned as of the completion of the Mergers and the
      reinvestment of all dividends and distributions and uses a 5% annual rate of return as mandated by SEC regulations. The examples should not be considered a representation of past or future expenses or annual rates of return. Actual expenses or annual
      rates of return may be more or less than those assumed for purposes of the examples.</div>
    <div style="text-align: center; margin-bottom: 12pt;">*&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#160; *&#160; &#160; &#160; &#160; &#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 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 style="text-align: center;">2<br>
    </div>
    <font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber"></font></div>
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