Shares of Guggenheim Strategic Opportunities Fund (NYSE:GOF) fell to $9.07 on Friday, down 3.7% and their lowest level in more than 17 years, after dropping more than 6% on record volume the previous day. The Bear Cave, a short-selling newsletter owned by Hunterbrook Media, alleged that GOF has funded shareholder distributions by issuing new shares at a premium to net asset value (NAV), raising questions about how the payments can continue now that the shares trade at a discount. Guggenheim’s website showed GOF at an 8.7% discount to NAV at Thursday’s close, with NAV at $10.32. The fund’s largest holdings include mortgage-backed securities and other fixed-income assets. The Bear Cave previously alleged that GOF distributed $1.74 billion over eight fiscal years while generating $564 million in portfolio earnings, and said 15.5% of net assets were in Level 3 securities. Guggenheim Partners and Hunterbrook Media did not immediately respond to Reuters requests for comment. Hunterbrook Capital, Hunterbrook Media’s investment affiliate, said in the newsletter that it had no positions related to GOF. Separately, U.S. federal prosecutors and the SEC are examining Guggenheim Partners CEO Mark Walter’s business empire over possible fraud involving undisclosed financial connections and billions of dollars borrowed from insurers he controls. Walter’s holding company, TWG Global, said it had agreed to swap up to $6.5 billion of related-party investments held by his insurance company Delaware Life for an equivalent amount of assets classified as independent.