<SEC-DOCUMENT>0000898432-21-000290.txt : 20210722
<SEC-HEADER>0000898432-21-000290.hdr.sgml : 20210722
<ACCEPTANCE-DATETIME>20210406170337
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000898432-21-000290
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Neuberger Berman Next Generation Connectivity Fund Inc.
		CENTRAL INDEX KEY:			0001843181
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
		BUSINESS PHONE:		212-476-9000

	MAIL ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Neuberger Berman 5G Connectivity Fund Inc.
		DATE OF NAME CHANGE:	20210128
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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            <div style="font-family: Arial; font-size: 8pt; font-weight: bold;">K&amp;L GATES LLP</div>
            <div style="font-family: Arial; font-size: 8pt;">1601 K STREET, N.W.<br>
              WASHINGTON, DC 20006-1600</div>
            <div style="font-family: Arial; font-size: 8pt;">T&#160; 202.778.9000&#160; &#160; F 202.778.9100&#160; &#160; klgates.com</div>
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    <div style="text-align: center;">April 6, 2021</div>
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    <div style="font-weight: bold;"><u>FILED VIA EDGAR</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Ms. Karen Rossotto</div>
    <div style="text-align: justify;">Division of Investment Management</div>
    <div style="text-align: justify;">Securities and Exchange Commission</div>
    <div>100 F Street, NE</div>
    <div>Washington, DC 20549</div>
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          <td style="width: 36pt; vertical-align: top; align: right;">Re:</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Neuberger Berman Next Generation Connectivity Fund Inc.&#160;(the &#8220;Fund&#8221;)</div>
            <div> <u>File Nos. 811-23635; 333-252699</u></div>
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    <div style="text-align: justify; margin-left: 72pt;"><br>
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    <div>Dear Ms. Rossotto:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">On behalf of the Fund, we submit this letter in response to comments received via email on March 5, 2021, from the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the &#8220;SEC&#8221;) regarding
      the Fund&#8217;s registration statement (the &#8220;Registration Statement&#8221;) on Form N-2, which was filed with the Securities and Exchange Commission on February 3, 2021. The Fund filed Pre-Effective Amendment No. 1 (the &#8220;Amendment&#8221;), which reflects changes made
      in response to your comments and certain other changes.&#160; Each of your comments is repeated below, followed by the Fund&#8217;s response. Unless otherwise stated herein, defined terms have the same meaning as used by the Fund in the Amendment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>General</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 1</u></font>: We note that portions of the Registration Statement are incomplete. We may have additional comments on such portions when you complete them
      in a pre-effective amendment, on disclosures made in response to this letter, on information supplied supplementally, or on exhibits added in any amendments.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund acknowledges the Staff&#8217;s comment.</div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;"><u>Registration Statement Cover</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 2</u></font>: Please check the appropriate boxes to indicate the nature of the Fund.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has made the requested change.</div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
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    <div style="text-align: justify;">Ms. Karen Rossotto</div>
    <div>Securities and Exchange Commission</div>
    <div>April 6, 2021</div>
    <div>Page 2</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>Prospectus Cover</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 3</u></font>: Your Prospectus Cover is several pages long and repeats, sometimes verbatim, information that is contained in the Summary. Please truncate
      your cover disclosure to focus on, and introduce investors to, the most important aspects of the Fund and the Offering. The Summary and subsequent disclosures may then provide investors with additional information in a layered way, using
      cross-references where appropriate. Please revise as appropriate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:<font style="font-weight: bold;">&#160;</font>The Fund has revised certain disclosure, which has reduced the length of the Prospectus Cover. The
      Fund believes that the Prospectus Cover appropriately discloses important aspects of the Fund and the Offering and is consistent with the length and complexity of the prospectus covers used by other closed-end funds in connection with their initial
      public offerings. The Fund also notes that the Prospectus Cover will appear shorter once the document is typeset.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 4</u></font>: On page ii of the Cover, in Investment Objectives, the disclosure states &#8220;The Fund&#8217;s investment objectives are to provide total return and
      income.&#8221; As the Fund will invest 80% of its total assets in equity securities, and the term &#8220;total return&#8221; encompasses the Fund&#8217;s receipt of income from dividends or other sources, please explain to us supplementally the purpose of including &#8220;and
      income&#8221; in the Fund&#8217;s objective. Alternatively, please delete &#8220;and income&#8221; from the Fund&#8217;s objective.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">The Fund&#8217;s investment objectives are to provide <font style="color: #FF0000;"><strike>total return </strike></font><font style="color: #0000FF;"><u>capital appreciation</u></font><u>&#160;</u>and



      income.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 5</u></font>: In the following paragraph on page ii, Investment Strategy, the disclosure states:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 5.75pt; margin-left: 36pt;">Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities&#8230;that <font style="font-style: italic;">offer exposure to </font>the
      use, development and enhancement of the mobile internet through the fifth generation mobile network (&#8220;5G&#8221;) <font style="font-style: italic;">and future generations of network connectivity and technology </font>(collectively, &#8220;5G Companies&#8221;). For
      purposes of this policy, the Fund considers 5G Companies <font style="font-style: italic;">to include </font>companies that are, in the Adviser&#8217;s&#8230;view, expected to generate <font style="font-style: italic;">a significant </font>amount of their
      growth potential and/or revenues from the development, advancement, use or sale of products, processes or services <font style="font-style: italic;">related to </font>5G <font style="font-style: italic;">or future generations of network
        connectivity and technology </font>[emphasis added].</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Regarding this disclosure, please address the following comments:</div>
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    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page 3</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: As a preliminary matter, please note that the Fund has changed its name to &#8220;Neuberger Berman Next Generation Connectivity Fund Inc.,&#8221; and
      revised and enhanced its investment strategy disclosure accordingly. As a result, the Staff&#8217;s comments in this section are no longer directly applicable.&#160; Below are the Fund&#8217;s current investment strategy, marked against the strategy included in the
      Registration Statement, and separate responses to each of the comment subparts.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;"><font style="color: #000000;">Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities issued by U.S. and non-U.S. companies, in any market
        capitalization range, that </font><font style="color: #FF0000;"><strike>offer exposure to </strike></font><font style="color: #008100;"><strike>the use, development and enhancement of the mobile internet </strike></font><font style="color: #FF0000;"><strike>through </strike></font><font style="color: #008100;"><strike>the fifth generation mobile network </strike></font><font style="color: #FF0000;"><strike>(&#8220;5G&#8221;) and future generations of</strike></font><font style="color: #000000;"><strike>&#160;</strike></font><font style="color: #FF0000;"><strike>network connectivity and technology (collectively, &#8220;5G Companies&#8221;). For purposes of this policy, the Fund considers 5G Companies to include companies that</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #000000;">are, in the Adviser&#8217;s (defined below) view, </font><font style="color: #0000FF;"><u>focused on and</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">expected
        to </font><font style="color: #FF0000;"><strike>generate a significant amount of their</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #0000FF;"><u>benefit from </u></font><font style="color: #008100;"><u>the use,
          development and enhancement of the mobile internet </u></font><font style="color: #0000FF;"><u>and mobile network connectivity and technology (&#8220;NextGen Companies&#8221;). The Fund considers NextGen Companies to be companies that, in the Adviser&#8217;s
          view, demonstrate</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">growth potential </font><font style="color: #FF0000;"><strike>and/or revenues</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #000000;">from the development, advancement, use or sale of products, processes or services related to </font><font style="color: #FF0000;"><strike>5G or</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #008100;"><u>the fifth generation mobile network </u></font><font style="color: #0000FF;"><u>and</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">future generations of </font><font style="color: #0000FF;"><u>mobile</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">network connectivity and technology.</font></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zea053414097945ddb70f8b5b1c405ae4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 63pt;">a.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Please clarify in the disclosure the meaning of the phrase &#8220;offer exposure to&#8221;. In doing so, the disclosure should indicate that these securities are of companies with principal business activities
                economically tied to 5G.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: In the course of revising its investment strategy, the Fund has deleted the abovementioned disclosure.</div>
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      <table cellspacing="0" cellpadding="0" id="z859e13c5ebd24613aa90670369b2860d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 63pt;">b.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">As the Fund&#8217;s name refers specifically to &#8220;5G Connectivity&#8221;, please delete the reference to &#8220;future generations of network connectivity and technology&#8221; from the 80% test. Alternatively, please include
                disclosure indicating that companies relying on the future generations of network connectivity have similar economic characteristics to those whose growth and revenue are connected to 5G.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: In the course of revising its investment strategy, the Fund has deleted the abovementioned disclosure.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z22e5e0985136422fa9755955f1eee57f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 63pt; font-style: italic;">c.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Regarding the disclosure &#8220;the Fund considers 5G Companies <font style="font-style: italic;">to include </font>companies&#8221;, please replace the phrase &#8220;to include&#8221; with &#8220;to be&#8221;.</div>
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    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page 4</div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund&#8217;s current investment strategy, provided above, includes the requested disclosure.</div>
    </div>
    <div><br>
    </div>
    <div>
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              <div style="margin-left: 63pt; font-style: normal;">d.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">In the disclosure, please define &#8220;significant&#8221; objectively. For example, would significant be equivalent to at least 50% of a company&#8217;s revenue or profit? Or equivalent to a company devoting 50% of its assets
                to 5G? Please revise the disclosure to clarify what standard will be applied to determine the amount of growth and/or revenues would be needed to meet this requirement.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: In the course of revising its investment strategy, the Fund has deleted the abovementioned disclosure.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z793333d546184e02ba83f6e91e7182d0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 63pt;">e.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Please clarify in the disclosure the phrase &#8220;related to 5G&#8221; to indicate how a company&#8217;s growth and/or primary source of revenue is directly connected to 5G.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund believes that the revised disclosure, provided above, appropriately describes its revised investment strategy, including what the
      Fund would consider a NextGen Company.&#160; The current strategy does not seek to categorize a NextGen Company based on its primary source of revenue or specific growth metric.&#160; Moreover, given the broad range of uses for mobile network connectivity and
      technology and the speed of development in the market, the Fund believes it appropriate to maintain flexibility and not to rely on very rigid or limited perspectives on how to evaluate connections.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 6</u></font>: The first full paragraph on page iii, <font style="font-style: italic;">Investment Strategy</font>&#160;<font style="font-style: italic;">(continued)</font>,
      contains the following disclosure:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">The Adviser systematically and explicitly includes material Environmental, Social and Governance (&#8220;ESG&#8221;) risks and opportunities in investment analysis and investment decisions for all securities to
      help identify high quality securities. The Adviser conducts ongoing proprietary ESG research, including proactive engagement on ESG issues. The Adviser assesses all securities in relation to their exposure to and the management of material ESG risks.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.75pt;">This exact disclosure is repeated two other times in the Prospectus with no context or explanation of relevance to the Fund and its investment strategy. It is unclear what ESG
      &#8220;risks and opportunities&#8221; the Adviser is including in its analysis when determining what securities to buy to achieve the Fund&#8217;s objective. In addition, as written, this disclosure is too generic to inform investors about how the Adviser, in making
      its assessments with respect to material ESG risks, actually measures and analyzes companies. Please respond in accordance with the following:</div>
    <div><br>
    </div>
    <div>
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              <div style="margin-left: 63pt;">a.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">If ESG considerations are a part of the Fund&#8217;s principal strategy, please revise this disclosure to clarify how these considerations are applied specifically to the <br>
              </div>
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    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page 5</div>
    </div>
    <div>
      <div><br>
      </div>
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                <div style="margin-left: 63pt;"><br>
                </div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">Fund and the data and metrics the Adviser uses to evaluate a company&#8217;s ESG desirability. In addition, please explain what ESG &#8220;risks and opportunities&#8221; are and how they are considered in the context of the
                  Fund&#8217;s focus on 5G technology.</div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund believes that the disclosure of the ESG considerations provides an appropriate level of detail to explain in general terms how the
      consideration of ESG factors is part of the Adviser&#8217;s investment analysis and process related to all securities and therefore is important in explaining how the Adviser will implement the Fund&#8217;s principal investment strategy.&#160; The Fund also believes
      that additional disclosure regarding one specific factor or metric versus any other factor or metric used by the Adviser in making investments for the Fund could be potentially misleading since it would suggest undue importance to that factor or
      metric versus others in the investment process.&#160; Moreover, the Fund does not seek to invest a certain percentage of its assets in issuers that meet specific ESG goals, nor does the Fund screen out certain types of investments based solely on ESG
      factors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Adviser has a long-standing belief that material ESG factors are an important driver of long-term investment returns from both an opportunity and a risk-mitigation perspective.&#160; Risks related to
      ESG issues can have a measurable effect on a company&#8217;s performance.&#160; For example, the revenues and profits of a business can be materially harmed by incidents and issues such as those related to climate change, unfair employment practices and weak
      corporate governance standards that fails to appropriately align management and shareholder interests.&#160; This is true whether or not the business is focused on 5G or other mobile internet and mobile network technology or connectivity.&#160; Accordingly, by
      seeking to identify companies that it believes demonstrate a positive focus on social and environmental themes while also integrating strong governance factors, the Adviser believes that exposure to such risks can be mitigated.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Fund notes that a recent speech by Governor Lael Brainard of the Federal Reserve Board of Governors supports this belief.&#160; Specifically, Governor Brainard, stated:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Financial institutions that do not put in place frameworks to measure, monitor, and manage climate-related risks could face outsized losses on climate-sensitive assets caused by
      environmental shifts, by a disorderly transition to a low-carbon economy, or by a combination of both. Conversely, robust risk management, scenario analysis, and forward planning can help ensure financial institutions are resilient to climate-related
      risks and well-positioned to support the transition to a more sustainable economy.<sup>1</sup></div>
    <div style="text-align: justify; text-indent: 36pt;">Additionally, the Fund notes that SEC Commissioner Allison Herren Lee has recently expressed similar sentiments noting that:</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> ________________________</div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="font-family: 'Times New Roman', Times, serif;"><sup>1</sup>&#160; &#8220;The Role of Financial Institutions in Tackling the Challenges of Climate Change.&#8221; (Feb 18, 2021).</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
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    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Ms. Karen Rossotto</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Securities and Exchange Commission</div>
      <div style="font-family: 'Times New Roman', Times, serif;">April 6, 2021</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Page 6</div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#8230;ESG risks and metrics now often underpin traditional investment analyses designed to maximize risk-adjusted returns on investments of all types. They represent a core risk
      management strategy for portfolio construction.<sup>2</sup></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc302782a3f1149a9840ed842d0da1019" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 81pt; vertical-align: top; align: right;">
              <div style="margin-left: 63pt;">b.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">If ESG evaluation of potential investments is not a principal strategy of the Fund, please delete this disclosure as its inclusion in the Prospectus is potentially misleading. <font style="font-style: italic;">See </font>Gen. Instr. Part A: <font style="font-style: italic;">The Prospectus </font>of Form N-2 (the prospectus should include only information needed to understand the fundamental characteristics of the Fund).</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has deleted the abovementioned disclosure from the Prospectus Cover, but has retained it elsewhere in the Prospectus.&#160; As noted
      above, consideration of ESG factors is part of the Adviser&#8217;s investment analysis and process related to all securities and, therefore, important to include in the Prospectus to explain how the Adviser implements the Fund&#8217;s principal investment
      strategy.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 7</u></font>: On page iii, in the penultimate paragraph of<font style="font-style: italic;"> Investment Strategy (continued)</font>, the disclosure states
      &#8220;the Fund may invest in securities of U.S. and foreign (non-U.S.) companies.&#8221; Please disclose here and in the Prospectus Summary that the Fund&#8217;s non-U.S. investments include those in emerging markets.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; &#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">The Fund may invest in securities of U.S. and foreign (non-U.S.) companies</font><font style="color: #0000FF;"><u>, including companies located in
          emerging markets,</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">of any market capitalization.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 8</u></font>: Also in this paragraph, the disclosure indicates that the Fund may invest in convertible securities. Please confirm supplementally whether
      the Company intends to invest in contingent convertible securities (&#8220;CoCos&#8221;) and, if so, the anticipated amount of the investment. If the Company expects to invest in CoCos, the Company should consider what, if any, disclosure is appropriate. If
      CoCos will be a principal investment strategy of the Company, please describe them and add appropriate risk disclosure.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund does not intend to invest in contingent convertible securities as part of its principal investment strategy; however, the Fund may
      invest in such securities.&#160; As such, the Fund has added appropriate disclosure to its statement of additional information (&#8220;SAI&#8221;).</div>
    <div><br>
    </div>
    <div>________________________<br>
    </div>
    <div>
      <div><sup>2</sup> &#8220;Keynote Remarks at PLI&#8217;s 52nd Annual Institute on Securities Regulation.&#8221; (Nov. 5, 2020).</div>
    </div>
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    </div>
    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page 7</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 9</u></font>: In the last paragraph on page iii, in Use of Leverage, the disclosure indicates that the Fund currently does not intend to issue debt
      securities or preferred shares, but that it may do so. Please confirm supplementally that the Fund will not issue these types of securities for one year following the effectiveness of the Registration Statement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund confirms that it will not issue debt securities or preferred stock for one year following the effectiveness of the Registration
      Statement.</div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>Prospectus</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-style: italic; font-weight: bold;"><u>Prospectus Summary</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 10</u></font>: On page 2, in<font style="font-style: italic;"> Eligible Tender Offer</font>, the disclosure states &#8220;In anticipation of an Eligible Tender
      Offer or the Termination Date (such period of time, the &#8220;wind-down period&#8221;), the Fund may begin liquidating all or a portion of the Fund&#8217;s portfolio&#8230; .&#8221; Is there an anticipated period of time before the Eligible Tender Offer or Termination Date that
      the wind-down period is expected to begin? If so, disclose.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #FF0000;"><strike>In anticipation of</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #0000FF;"><u>The Fund currently expects that
          beginning approximately one year before</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">an Eligible Tender Offer or the</font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">Termination Date (such
        period of time, the &#8220;wind-down period&#8221;), the Fund may begin liquidating all or a portion of the Fund&#8217;s portfolio, may deviate from its investment policies and may not achieve its investment objectives.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 11</u></font>: In the first full paragraph on page 5, in <font style="font-style: italic;">Investment Strategies</font>, the disclosure states &#8220;The Fund
      may invest up to 20% of its total assets in equity securities issued by companies that are not 5G companies, as well as in debt securities from any type of issuer and credit rating. If the Fund&#8217;s investment in debt securities will include those rated
      below investment grade, please disclose so and indicate that these securities are known as &#8220;junk&#8221;.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160;&#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">The Fund may invest up to 20% of its total assets in equity securities issued by companies that are not </font><font style="color: #FF0000;"><strike>5G</strike></font><font style="color: #0000FF;">&#160;</font><font style="color: #0000FF;"><u>NextGen</u></font><font style="color: #000000;"> Companies, as well as in debt securities from any type of issuer and credit rating</font><font style="color: #0000FF;"><u>, including</u></font><font style="color: #000000;"><u>&#160;</u></font><font style="color: #0000FF;"><u>non-investment grade securities (commonly referred to as &#8220;junk&#8221; or &#8220;high yield&#8221; securities)</u></font>.</div>
    <div><br>
    </div>
    <div><br>
    </div>
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    </div>
    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page 8</div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 12</u></font>: Also in <font style="font-style: italic;">Investment Strategies</font>, in the following paragraph on page 5, in the fourth line, the
      disclosure references &#8220;risk-adjusted returns&#8221;. Please explain in the disclosure the meaning of the term risk-adjusted.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has added the following disclosure:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">The Fund&#8217;s risk-adjusted return potential factors in the expected amount of investment risk the Fund may be exposed to from its investments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 13</u></font>: In this same paragraph on page 5, the disclosure states that the Fund may distribute return of capital to stockholders in order to maintain
      a level distribution. The disclosure states &#8220;A return of capital distribution may involve a return of a Common Stockholder&#8217;s original investment.&#8221;&#160; Please also disclose, in a simple and understandable manner, what a return of capital&#8217;s impact is on
      shareholders. In doing so, please disclose that while distributions that represent a return of capital will generally not be taxable to shareholders, but rather these distributions may reduce a shareholder&#8217;s cost basis, which could result in
      shareholders having to pay higher taxes in the future when shares are sold, even when shares are sold at a loss from the original investment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160;&#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">A return of capital</font><font style="color: #000000;"><u>&#160;</u></font><font style="color: #0000FF;"><u>is a</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">distribution </font><font style="color: #FF0000;"><strike>may involve</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #0000FF;"><u>by the Fund that exceeds</u></font><font style="color: #000000;"><u>&#160;</u></font><font style="color: #0000FF;"><u>the Fund&#8217;s current and accumulated earnings and profits and which</u></font><font style="color: #000000;"><u>&#160;</u></font><font style="color: #0000FF;"><u>represents</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">a return of a Common Stockholder&#8217;s original investment</font><font style="color: #0000FF;">.</font><font style="color: #000000;">&#160;</font><font style="color: #0000FF;"><u>To the extent a distribution paid by the Fund
          represents a return of capital, a Common Stockholder's cost basis in Fund shares will be reduced, which will</u></font><font style="color: #000000;"><u>&#160;</u></font><font style="color: #0000FF;"><u>increase a capital gain or reduce a capital loss
          upon sale of those</u></font><font style="color: #000000;"><u>&#160;</u></font><font style="color: #0000FF;"><u>shares</u></font><font style="color: #000000;"><u>.</u></font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 14</u></font>: In the third paragraph on page 5, the disclosure in the first line states &#8220;The Fund may initially write put and call options, the notional
      amount of which the Fund currently intends would be approximately 10% to 40% of the Fund&#8217;s total assets&#8230; . Please explain in the disclosure the concept of "notional" amount in plain English.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has added the following disclosure:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">The notional amount represents the economic exposure provided by the put and call options and represents the shares included in the put and call options multiplied by the exercise
      price.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 15</u></font>: On page 6, in the carry-over paragraph, in Leverage, the disclosure references short sales. Please explain briefly in the disclosure here
      what short sales are. Please also </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Ms. Karen Rossotto</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Securities and Exchange Commission</div>
      <div style="font-family: 'Times New Roman', Times, serif;">April 6, 2021</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Page 9</div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify;">confirm supplementally that the costs associated with short sales will be included in &#8220;Other Expenses&#8221; in the fee table on page 34.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; &#160; The Fund confirms that the costs associated with short sales will be included in &#8220;Other Expenses&#8221; in the fee table. In response to the
      Staff&#8217;s comment, the Fund has added the following disclosure at the beginning of &#8220;Short Sale Risk&#8221; under &#8220;Special Risk Considerations&#8221; and has included a cross reference this risk disclosure after the abovementioned reference to short sales in the
      Leverage disclosure.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">To effect a short sale, the Fund borrows a security from or through a brokerage firm to make delivery to the buyer. The Fund is then obliged to replace the borrowed security by
      purchasing it at the market price at the time of replacement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 16</u></font>: On pages 7 and 8, in <font style="font-style: italic;">Distributions on Common Stock</font>, please revise the disclosure to clarify the
      distinction between the Level Rate Distribution Policy and Managed Distribution Policy.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">The Fund has exemptive relief from the Securities and Exchange Commission (&#8220;SEC&#8221;) to permit </font><font style="color: #0000FF;"><u>it to pay
          long-term capital gain more frequently than is currently allowed under the 1940 Act, which would allow </u></font><font style="color: #000000;">it to adopt a managed distribution policy (&#8220;Managed Distribution Policy&#8221;). Pursuant to a Managed
        Distribution Policy, the Fund could make regular cash distributions to Common Stockholders, at a fixed rate per share of Common Stock or at a fixed percentage of its NAV, that may include periodic distributions of net long- and short-term capital
        gains or, in certain instances, return of capital.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">If the Board determines to </font><font style="color: #0000FF;"><u>rely on the exemptive relief and</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">adopt a Managed Distribution Policy, the Fund would terminate its Level-Rate Distribution Policy.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 17</u></font>: On page 16, in <font style="font-style: italic;">Special Risk Considerations, Private Companies and Pre-IPO Investments</font>, the
      disclosure indicates that the Fund&#8217;s investments in private companies include pre-IPO shares -- &#8220;companies that have not yet issued securities publicly in an initial public offering&#8230;.&#8221; Please disclose these investments in <font style="font-style: italic;">Investment Strategies</font>. Please also disclose the development stage of the Fund&#8217;s pre-IPO investments. For example, on page 64, the disclosure in the paragraph entitled <font style="font-style: italic;">Investments in Unseasoned
        Companies Risk</font> states:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 26.45pt; margin-left: 36pt;">Some of the companies in which the Fund may invest will be start-up companies, </div>
    <div style="text-align: justify; margin-right: 26.45pt; margin-left: 36pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Ms. Karen Rossotto</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Securities and Exchange Commission</div>
      <div style="font-family: 'Times New Roman', Times, serif;">April 6, 2021</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Page 10</div>
    </div>
    <div style="text-align: justify; margin-right: 26.45pt; margin-left: 36pt;"> <br>
    </div>
    <div style="text-align: justify; margin-right: 26.45pt; margin-left: 36pt;"> <br>
    </div>
    <div style="text-align: justify; margin-right: 26.45pt; margin-left: 36pt;">which may have insubstantial operational or earnings history or may have limited products, markets, financial resources or management depth. Some may also be emerging companies
      at the research and development stage with no products or technologies to market or approved for marketing.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If the Fund will invest in these early stage companies as a principal investment, please disclose these investments in <font style="font-style: italic;">Investment Strategies </font>and include appropriate risk
      disclosure in <font style="font-style: italic;">Special Risk Considerations</font>. If not, please move the risk disclosure for <font style="font-style: italic;">Unseasoned Companies </font>to the SAI.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160;&#160; The Fund&#8217;s strategy to invest in private companies is not limited to any particular stage of development but the Fund currently expects such
      investments would not include early stage companies and would instead focus on private companies that the Adviser believes would seek to make an initial public offering within two years of the Fund&#8217;s investment.&#160; Therefore, the Fund has added
      &#8220;pre-IPO securities&#8221; to its investment strategy but has deleted the abovementioned disclosure regarding <font style="font-style: italic;">Investments in Unseasoned Companies Risk</font>.&#160; Given its current expectations, the Fund believes that the
      Prospectus risk disclosure regarding pre-IPO securities in &#8220;<font style="font-style: italic;">Special</font>&#160;<font style="font-style: italic;">Risk Considerations -</font>&#160;<font style="font-style: italic;">Private Companies and Pre-IPO Investments
        Risk </font>is appropriate.&#160; The Fund will add the following statement to its investment strategy on pages 5 and 40.</div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">The Fund currently anticipates that any investments in pre-IPO securities would be in those issued by private companies that the Adviser believes may seek to conduct an initial
      public offering within two years of the Fund&#8217;s investments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 18</u></font>:<font style="font-weight: bold;">&#160;</font>On pages 26-27 in <font style="font-style: italic;">Special Risk Considerations</font>, the
      disclosure in <font style="font-style: italic;">Foreign and Emerging Market Risk</font> references specifically the Greater China region. The following paragraph is entitled <font style="font-style: italic;">Risks of Investments in China A-shares
        through Stock Connect Programs.</font> Please disclose in <font style="font-style: italic;">Investment Strategies</font> the Fund&#8217;s investment in China as a principal strategy and China A-shares as a principal investment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund believes that any investments in China A-shares and in the Greater China region are appropriately addressed in its investment
      strategy, which provides that the Fund may invest in &#8220;securities of U.S. and foreign (non-U.S.) companies, including companies located in emerging markets&#8221; and that foreign securities &#8220;may be U.S. dollar-denominated or non-U.S. dollar-denominated.&#8221;
      Nonetheless, the Fund believes that investments in China-A shares and in the Greater China region have unique features that are appropriate to describe in its risk section.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 19</u></font>: On page 29, in <font style="font-style: italic;">Special Risk Considerations, Portfolio Turnover</font>, the disclosure states that the
      &#8220;Fund may engage in active and frequent trading.&#8221; If appropriate, please disclose active trading as a principal strategy of the Fund in<font style="font-style: italic;"> Investment Strategies</font>.</div>
    <div><br>
    </div>
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    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page 11</div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund has added the following disclosure in <font style="font-style: italic;">Investment Strategies</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">The Fund may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 20</u></font>: On page 31 and carrying over to page 32, in <font style="font-style: italic;">Special Risk Considerations</font> the disclosure includes a
      paragraph entitled <font style="font-style: italic;">Climate Change</font>. The paragraph describes the general business and property risks associated with global climate change, but also states the specific risk of loss from climate change
      affecting &#8220;the value of mortgage-backed securities, the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of corporate, municipal or mortgage-backed
      securities.&#8221; None of these investments are principal strategies of the Fund. Please move this disclosure to the SAI or delete.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has deleted the abovementioned disclosure.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 21</u></font>:&#160; On page 33, in <font style="font-style: italic;">Secondary Market for the Common Stock</font>, the disclosure states &#8220;Common Stock will
      not be issued pursuant to the distribution reinvestment plan at any time when Common Stock is trading at a lower price than the Fund&#8217;s NAV per share of Common Stock.&#8221; If Common Stock is not issued when the Fund is trading at a discount, how is the
      distribution reinvestment plan administered during this circumstance? Please disclose.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has deleted the abovementioned disclosure.&#160; The Fund generally will not issue new shares of common stock pursuant to its
      distribution reinvestment plan when its common stock is trading at a discount to its net asset value in the market. Instead, in those circumstances, the plan agent would effect the distribution reinvestment by obtaining shares of the Fund&#8217;s common
      stock in the secondary market.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 22</u></font>:&#160; Regarding the disclosure in the Prospectus Summary, we have the following comment. We generally encourage providing a prospectus summary
      where the length and complexity of the prospectus makes a summary useful, and believe a summary should only provide a brief overview of your business, the key aspects of the offering, and related risks. Here the summary is approximately 33 pages and
      includes 25 pages of detailed risk disclosure that are repeated later in the document. As written, we believe the summary risk disclosure is too lengthy and detailed for its purpose. Please revise as appropriate.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund has considered the Staff's request and has made certain revisions. The Fund believes that the remaining risk disclosure is
      appropriate for the Fund in light of the requirements of Form N-2 and standard industry practices for underwritten closed-end fund offerings, and the Fund believes it includes information that will help potential investors make informed decisions
      about whether to invest in the Fund.</div>
    <div><br>
    </div>
    <div><br>
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    <div><br>
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    </div>
    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page <font id="DSPFPageNumber">12</font></div>
      <div><br>
      </div>
      <div>
        <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
      </div>
      <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;"><u>Risks</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 23</u></font>: On page 60, in <font style="font-style: italic;">5G Companies and Emerging Technologies Investment Risk</font>, the disclosure states
      &#8220;there are few public companies for which 5G technologies represent an attributable and significant revenue or profit stream, and such technologies may not ultimately have a material effect on the economic returns of companies in which the Fund
      invests.&#8221; Please provide enhanced strategy and risk disclosure explaining the types of information and analyses the Adviser will use to determine a company has material exposure to 5G technologies while also addressing any limits to available
      information and analyses in greater detail.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: As mentioned above, the Fund has changed its name and revised its investment strategy and believes that the current investment strategy and
      risk disclosure address the types of factors that the Adviser will consider when identifying and evaluating potential Fund investments.&#160; The Fund&#8217;s investment strategy includes the following disclosure on pages ii, 4 and 39, which discusses five
      factors that that Adviser will use to identify NextGen Companies:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;">Through its fundamental research the Adviser will seek to identify companies with certain characteristics, including: (i) stock prices which appear undervalued relative to
      long-term cash flow growth potential; (ii) companies that are deemed industry leaders represented by high market share, pricing power, or superior technology and/or business models relative to peers or new entrants; (iii) companies that demonstrate
      potential for significant improvement in their businesses (<font style="font-style: italic;">e.g.</font>, top line growth greater than peers, margin expansion and/or increased cash flow generation); (iv) strong financial characteristics, including
      growth, margins, and/or capital returns and historic valuations on metrics such as price to cash flow, price to earnings or price to book value; and (v) proven management track records.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;"><u>Management of the Fund</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 24</u></font>: On page 89, <font style="font-style: italic;">Management Agreement</font>, the disclosure states &#8220;A discussion regarding the basis for the
      approval of the management agreement by the Boards will be available in the Fund&#8217;s initial annual report to stockholders.&#8221; In place of &#8220;initial&#8221;, please provide the period covered by the report. See Item 9, Instruction 4, of Form N-2.</div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
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    </div>
    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page <font id="DSPFPageNumber">13</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">A discussion regarding the basis for the approval of the management agreement by the</font> Board<font style="color: #FF0000;"><strike>s</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #000000;">will be available in the Fund&#8217;s </font><font style="color: #FF0000;"><strike>initial </strike></font><font style="color: #000000;">annual report to stockholders</font><font style="color: #FF0000;">&#160;</font><font style="color: #0000FF;"><u>for the period ending October 31, 2021</u></font><font style="color: #0000FF;">.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-style: italic; font-weight: bold;"><u>Anti-Takeover and Provisions in the Articles of Incorporation</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 25</u></font>: The disclosure in this section uses lengthy paragraphs, embedded lists, and references to rules and statutory provisions that are not
      explained. As a result, the disclosure is difficult for investors to understand. Please revise to present this information in clear, concise and understandable language.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund has revised the format and presentation of the abovementioned disclosure to make it easier for investors to read and understand.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 26</u></font>:&#160; On page 99, in the carry-over paragraph, the disclosure indicates that &#8220;certain of the transactions described above may be prohibited by
      the 1940 Act.&#8221; Please explain the reference and why you believe it is appropriate to include such transactions in the Fund&#8217;s Articles.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund recognizes that certain transactions, <font style="font-style: italic;">e.g.</font>, transactions with large stockholders who are
      deemed &#8220;affiliates&#8221; due to their ownership levels, may, among other things, raise concerns under Section 17 of the 1940 Act. The intent of the abovementioned sentence was to disclose that there may be challenges and concerns with respect to certain
      transaction that may require SEC exemptive or no-action relief or warrant discussion with the SEC Staff before they could be implemented. The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;">The percentage vote required under these provisions is higher than that required under Maryland law or by the 1940 Act. The Board believes that the provisions of the Articles
      relating to such a higher vote <font style="color: #0000FF;"><u>threshold</u></font> are in the best interest of the Fund and its Common Stockholders. Even if agreed to by the Fund,<font style="color: #0070C0;">&#160;</font><font style="color: #0070C0;"><u>h</u></font><font style="color: #0000FF;"><u>owever</u></font><font style="color: #0070C0;"><u>,</u></font> certain of the transactions described above may be prohibited by the 1940 Act<font style="color: #0000FF;">&#160;</font><font style="color: #0000FF;"><u>unless
          exemptive or other relief is sought from the SEC</u></font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 27</u></font>: On page 99, we note your disclosure that the Articles require that, prior to bringing a derivative action, &#8220;a demand must first be made on
      the Board by stockholder(s) representing at least 5% of the shares&#8230;.&#8221; Please exclude an explicit carve-out from the 5% restrictions for claims under the </div>
    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
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      <div>
        <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Ms. Karen Rossotto</div>
        <div style="font-family: 'Times New Roman', Times, serif;">Securities and Exchange Commission</div>
        <div style="font-family: 'Times New Roman', Times, serif;">April 6, 2021</div>
        <div style="font-family: 'Times New Roman', Times, serif;">Page <font id="DSPFPageNumber">14</font></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><br>
        federal securities laws. In addition, please explain why the fee shifting provision and waiver of a jury trial would be appropriate for claims arising under the federal securities laws. See generally Section 14 of the Securities Act of 1933, as
        amended (the &#8220;Securities Act&#8221;).</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">The Articles also require</font><font style="color: #0000FF;"><u>, to the extent permitted by law, that</u></font><font style="color: #0000FF;">&#160;</font><font style="color: #000000;">prior to bringing a derivative action, a demand must first be made on the Board by stockholder(s) representing</font>&#160;<font style="color: #000000;">at least 5% of the shares of Fund&#8217;s capital stock outstanding, or five
        percent (5%) of the shares of the class or series of the Fund&#8217;s capital stock outstanding to which the action relates</font><font style="color: #0000FF;">, </font><font style="color: #0000FF;"><u>except that no ownership threshold applies with
          respect to claims brought under the federal securities laws</u></font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">With respect to the fee shifting provision, the Fund notes that the federal securities laws provide for fee-shifting in certain instances.&#160; For example, Section 11(e) of the
      Securities Act provides a mechanism for a court to require a party that brought a suit &#8220;without merit&#8221; may be required to pay the &#8220;costs of such suit, including reasonable attorney&#8217;s fees&#8221; where an action arises under the Securities Act.&#160; Similarly,
      the Private Securities Litigation Reform Act, subsection (c) on &#8220;Sanctions for Abusive Litigation&#8221; contains an entire framework that requires the court to make findings upon completion of an action, as to each party and each attorney&#8217;s compliance
      with Federal Rule of Civil Procedure 11(b), and mandatory sanctions for any violations, with a presumption that such sanction will include fees and costs.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">With respect to the </font>waiver provision<font style="color: #000000;">, the Fund notes that parties may, and regularly agree in advance to, waive trial by jury.&#160;
        Such waivers have been upheld in a wide variety of contexts and are appropriate for claims arising under the federal securities laws as well.&#160; In addition, the Fund notes that in securities cases, which frequently involve complex financial
        instruments, a bench trial may well be the preferred choice of all parties.&#160; Indeed, where complex business litigation claims do proceed to trial, such claims are frequently conducted as bench trials.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 28</u></font>: At the top of page 100, the disclosure states &#8220;The Articles provide for the exclusive forum in which certain types of litigation may be
      brought&#8230;.&#8221; Please name the forum(s) provided for in the exclusive forum provision.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has revised the abovementioned disclosure as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">The Articles provide </font><font style="color: #FF0000;"><strike>for</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #0000FF;"><u>that the federal or state courts in Maryland shall be </u></font><font style="color: #000000;">the exclusive forum in which certain types of litigation may be brought and further provide that any stockholder that files an action in
        breach of the forum selection requirement in the Articles is liable for all reasonable costs incurred in enforcing the forum selection requirement, including without limitation reasonable attorney&#8217;s fees, as determined by the Board.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><br>
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    </div>
    <div>
      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page <font id="DSPFPageNumber">15</font></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;"><u>Statement of Additional Information</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Comment 29</u></font>:&#160; On page 115, with respect to the Fund&#8217;s fundamental investment policies and limitations, #3 Industry Concentration, we have the following
      comments:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z57207eda6a5441d8afc06c1bb376c4b5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">a.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The disclosure states &#8220;that the Fund will invest greater than 25% of its total assets in companies <font style="font-style: italic;">operating</font> in one or more industries within the information
                technology and communication services groups of industries [emphasis added].&#8221; Please replace &#8220;operating in&#8221; with &#8220;conducting their principal business in&#8221;. Please make corresponding changes throughout the registration statement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund has made the requested change.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf5c41f9862bf4b82a2652e7cfd643e16" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 36pt;">b.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The disclosure indicates that the limitation on industry concentration does not apply to securities of other investment companies. Please note that the Fund and the Adviser may not ignore the investments of
                affiliated and unaffiliated underlying investment companies when determining whether the Fund is in compliance with its concentration policies. Please add disclosure to clarify that the Fund will consider the investments of its underlying
                investment companies when determining the Fund&#8217;s compliance with its concentration policies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>: The Fund believes that it is appropriate to exclude investment companies from the industry concentration policy as the Fund does not believe
      that investment companies represent any particular industry.&#160; In addition, the Fund is not aware of any regulatory requirement to &#8220;look-through&#8221; to the holdings of underlying investment companies when determining compliance with its own industry
      concentration policy.</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div>
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              <div style="margin-left: 36pt;">c.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Please also note that the concentration limitation applies to certain tax exempt securities. The Fund should look through a private activity municipal debt security whose principal and interest payments are
                derived principally from the assets and revenues of a nongovernmental entity in order to determine the industry to which the investments should be allocated when determining the fund&#8217;s compliance with its concentration policies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund notes the Staff&#8217;s comment. The Fund does not anticipate investing in private activity municipal debt securities.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z177d0f6eb38749be820dbb5d87ddfa2d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">d.</div>
            </td>
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              <div style="text-align: justify;">The penultimate sentence of the disclosure on concentration states &#8220;The Fund&#8217;s industry concentration policy does not preclude it from focusing investments in&#160;</div>
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      <div style="text-align: justify;">Ms. Karen Rossotto</div>
      <div>Securities and Exchange Commission</div>
      <div>April 6, 2021</div>
      <div>Page <font id="DSPFPageNumber">16</font></div>
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                <div style="text-align: justify;">issuers in a group of <font style="font-style: italic;">related industrial sector</font>s [emphasis added].&#8221; Please explain to us supplementally what this sentence means and its purpose in including it in
                  the fundamental restriction. Also, the phrase &#8220;industrial sectors&#8221; is confusing as the concentration limitation applies to industries but not sectors. Please omit the word &#8220;industrial&#8221; and clarify that this sentence refers to different
                  economic sectors.</div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:&#160; The Fund has revised the abovementioned disclosure as follows:</div>
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    <div style="text-align: justify; margin-right: 36pt; margin-left: 72pt;"><font style="color: #000000;">The Fund&#8217;s industry concentration policy </font><font style="color: #FF0000;"><strike>does not preclude it from focusing investments in issuers in a
          group of related industrial sectors. The policy also</strike></font><font style="color: #FF0000;">&#160;</font><font style="color: #000000;">will be interpreted</font><font style="color: #FF0000;">&#160;</font><font style="color: #000000;">to give broad
        authority to the Fund as to how to classify issuers within or among industries.</font></div>
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    <div style="text-align: center; text-indent: 36pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;">If you have any further comments or questions regarding the Fund&#8217;s responses, please contact me at (202) 778-9286 or jennifer.gonzalez@klgates.com.&#160; Thank you for your attention to this matter.</div>
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              <div>&#160;</div>
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                <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Sincerely,</div>
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif;"> <br>
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              <div style="text-align: left; font-family: 'Times New Roman',Times,serif;"><u>/s/ Jennifer R. Gonzalez</u></div>
              <div style="text-align: left; font-family: 'Times New Roman',Times,serif;">Jennifer R. Gonzalez</div>
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