<SEC-DOCUMENT>0001193125-19-287120.txt : 20200106
<SEC-HEADER>0001193125-19-287120.hdr.sgml : 20200106
<ACCEPTANCE-DATETIME>20191107143432
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-287120
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>The Gabelli Equity Trust Inc.</TITLE>
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<TD VALIGN="top" NOWRAP> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">787 Seventh Avenue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">New&nbsp;York,&nbsp;NY&nbsp;10019-6099</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Tel: 212 728 8000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Fax: 212 728 8111</P></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">November&nbsp;7, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>VIA
EDGAR</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The Gabelli Equity Trust Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman">(Securities Act File <FONT STYLE="white-space:nowrap">No.&nbsp;333-220232,</FONT> Investment Company Act File
<FONT STYLE="white-space:nowrap">No.&nbsp;811-04700)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman"><U>Response&nbsp;to&nbsp;Staff&nbsp;Comments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">On behalf of The
Gabelli Equity Trust Inc. (the &#147;Fund&#148;), please find responses to telephonic comments provided by David Orlic of the staff (&#147;Staff&#148;) of the Securities and Exchange Commission (&#147;SEC&#148; or &#147;Commission&#148;) on
November&nbsp;4, 2019, to the undersigned of our firm regarding Post-Effective Amendment No.&nbsp;2 to the registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (&#147;Registration Statement&#148;) filed on September&nbsp;24,
2019 by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">For the convenience of the Staff, the comments are set out below. We have discussed the Staff&#146;s comments with representatives of
the Fund and the Fund&#146;s investment adviser. The Fund&#146;s responses to the Staff&#146;s comments are set out immediately under the comment. The Fund anticipates filing these changes in Post-Effective Amendment No.&nbsp;3 (the
&#147;Amendment&#148;) to the Registration Statement, pending any additional comments from the Staff. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>General</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(1)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:&nbsp;&nbsp;&nbsp;&nbsp;</B>Please confirm there have been no sales
of securities under the Registration Statement since the Registration Statement was last required to be updated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Fund confirms that it has not sold any securities under the Registration Statement
since the Registration Statement was last required to be updated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Prospectus</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I>Prospectus Summary </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(2)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:&nbsp;&nbsp;&nbsp;&nbsp;</B>In light of the Fund&#146;s fundamental
policy not to invest more than 25% of its total assets, taken at market value at the time of each investment, in the securities of issuers in any particular industry (i.e., not to &#147;concentrate&#148; in any industry), please remove references to
&#147;concentration&#148; from the risk factor entitled &#147;Industry Concentration Risk&#148; and elsewhere in the Registration Statement or explain why such references to &#147;concentration&#148; are appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL>
Y<SMALL>ORK&nbsp;&nbsp;&nbsp;&nbsp;</SMALL> W<SMALL>ASHINGTON&nbsp;&nbsp;</SMALL> H<SMALL>OUSTON&nbsp;&nbsp;</SMALL> P<SMALL>ALO</SMALL> A<SMALL>LTO&nbsp;&nbsp;</SMALL> S<SMALL>AN</SMALL> F<SMALL>RANCISCO&nbsp;&nbsp;</SMALL>
P<SMALL>ARIS&nbsp;&nbsp;</SMALL> L<SMALL>ONDON&nbsp;&nbsp;</SMALL> F<SMALL>RANKFURT&nbsp;&nbsp;</SMALL> B<SMALL>RUSSELS&nbsp;&nbsp;</SMALL> M<SMALL>ILAN&nbsp;&nbsp;</SMALL> R<SMALL>OME</SMALL> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 7, 2019 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Fund will delete
&#147;concentration&#148; from the name of the risk factor for &#147;Industry Concentration Risk.&#148; The Fund respectfully submits that the other references to &#147;concentration&#148; are appropriate and do not suggest that the Fund is
concentrating its investments in any particular industry, as they address concentration within emerging markets (see &#147;Prospectus Summary&#151;Emerging Markets Risk&#148; and &#147;Risk Factors and Special Considerations&#151;Emerging Markets
Risk&#148;), concentration requirements related to certain regulations (see &#147;Risk Factors and Special Considerations&#151;Regulation and Government Intervention Risk&#148;) and separate industry concentration requirements imposed by ratings
agencies that assign ratings to the Fund&#146;s preferred stock (see &#147;Description of Capital Stock&#151;Preferred Stock&#151;Rating Agency Guidelines&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I>Summary of Fund Expenses </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(3)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:&nbsp;&nbsp;&nbsp;&nbsp;</B>Please revise the line item in the fee
table for &#147;Total Annual Expenses and Dividends on Preferred Stock&#148; to be 3.16% or explain why it should be 3.15%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The requested change will be made. <B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(4)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:&nbsp;&nbsp;&nbsp;&nbsp;</B>Please confirm that &#147;Total Expenses
Incurred&#148; in the expense examples include estimated offering expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The
Fund confirms that &#147;Total Expenses Incurred&#148; in the expense examples include estimated offering expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I>Risk Factors and Special
Considerations </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(5)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;In light of
the Fund&#146;s ability to invest in fixed-income securities, please add risk factor disclosure addressing how the expected&nbsp;discontinuation&nbsp;of&nbsp;the London Inter-bank Offered Rate (&#147;LIBOR&#148;)&nbsp;could affect the Fund&#146;s
investments, including (1)&nbsp;the impact on the liquidity of Fund investments with a variable or floating rate based on&nbsp;LIBOR&nbsp;that do not include a fallback provision addressing the&nbsp;discontinuation&nbsp;of&nbsp;LIBOR, and
(2)&nbsp;the impact of the transition to a successor to&nbsp;LIBOR&nbsp;on Fund investments with a variable or floating rate based on LIBOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Amendment will include the risk disclosure regarding the expected discontinuation of
LIBOR set out in Appendix A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Prospectus Supplements</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>(6)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;On page
<FONT STYLE="white-space:nowrap">R-11</FONT> of the form of prospectus supplement for offerings of rights to purchase common stock, there is disclosure indicating that Mr.&nbsp;Mario&nbsp;J. Gabelli and his affiliated entities may sell or otherwise
transfer some or all of the rights initially issued to them. Given Mr.&nbsp;Gabelli&#146;s status as a director of the Fund and a control person of the Fund&#146;s investment adviser, please confirm that these resales will be registered under the
Securities Act of 1933, as amended (the &#147;1933 Act&#148;), or explain why such registration is not necessary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 7, 2019 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Fund confirms that any resales by
Mr.&nbsp;Gabelli, to the extent he retains his status as director of the Fund and control person of the Fund&#146;s investment adviser, will be registered under the 1933 Act or otherwise made pursuant to an applicable exemption from registration
under Rule 144 under the 1933 Act.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Any questions or comments regarding this letter should be directed to the undersigned at (202) <FONT
STYLE="white-space:nowrap">303-1275</FONT> or Bissie K. Bonner at (212) <FONT STYLE="white-space:nowrap">728-8955.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>/s/ James G. Silk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">James G. Silk </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Bruce N. Alpert, The Gabelli Equity Trust Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Agnes Mullady, The Gabelli Equity Trust Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman">Andrea R. Mango, Esq., The Gabelli Equity Trust Inc. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 7, 2019 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Appendix A</U> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LIBOR Risk </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">According to various reports, certain
financial institutions, commencing as early as 2005 and throughout the global financial crisis, routinely made artificially low submissions in the LIBOR setting process. Since the LIBOR scandal came to light, several financial institutions have been
fined significant amounts by various financial regulators in connection with allegations of manipulation of LIBOR rates. Other financial institutions in various countries are being investigated for similar actions. These developments may have
adversely affected the interest rates on securities whose interest payments were determined by reference to LIBOR. Any future similar developments could, in turn, reduce the value of such securities owned by the Fund. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. In August
2017, the Federal Reserve Board requested public comment on a proposal by the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, to produce three new reference rates intended to serve as alternatives to LIBOR.
These alternative rates are based on overnight repurchase agreement transactions secured by U.S. Treasury Securities. In December 2017, following consideration of public comments, the Federal Reserve Board concluded that the public would benefit if
the Federal Reserve Bank of New York published the three proposed reference rates as alternatives to LIBOR (the &#147;Federal Reserve Board Notice&#148;). The Federal Reserve Bank of New York published these alternative rates in April 2018. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate. Abandonment of or modifications
to LIBOR could lead to significant short-term and long-term uncertainty and market instability. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The market transition away from&nbsp;LIBOR&nbsp;and other
current reference rates to alternative reference rates is complex and could have a range of adverse impacts on the Fund&#146;s investment program, financial condition and results of operations. Among other negative consequences, this transition
could: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; " COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:">Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products,
including any&nbsp;LIBOR-linked securities, loans and derivatives in which the Fund may invest; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; " COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:">Require extensive negotiations of and/or amendments to agreements and other documentation governing&nbsp;LIBOR-linked
investments products; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; " COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:">Lead to disputes, litigation or other actions with counterparties or portfolio companies regarding the interpretation
and enforceability of &#147;fall back&#148; provisions that provide for an alternative reference rate in the event of LIBOR&#146;s unavailability; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:SYMBOL; " COLOR="#000000">&#183;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:">Cause the Fund to incur additional costs in relation to any of the above factors. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The risks associated with the above factors are heightened with respect to investments in&nbsp;LIBOR-based products that do not include a fall back provision
that addresses how interest rates will be determined if&nbsp;LIBOR&nbsp;stops being published. Other important factors include the pace of the transition, the specific terms of alternative reference rates accepted in the market, the depth of the
market for investments based on alternative reference rates, and the Advisors&#146; ability to develop appropriate investment and compliance systems capable of addressing alternative reference rates. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
