<SEC-DOCUMENT>0000940394-18-000565.txt : 20180510
<SEC-HEADER>0000940394-18-000565.hdr.sgml : 20180510
<ACCEPTANCE-DATETIME>20180326153340
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000940394-18-000565
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
		CENTRAL INDEX KEY:			0001322435
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="evlogo_105.jpg" ALT="logo" STYLE="height: 38px; width: 150px">&#9;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5in">Eaton Vance Management</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5in">Two International Place</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5in">Boston, MA 02110</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5in">(617) 482-8260</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5in">www.eatonvance.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">March 26, 2018</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><I>VIA EDGAR</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Lisa Larkin</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0">Securities and Exchange Commission (the &#8220;SEC&#8221;)</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 1.9pt 0 0">100 F. Street, N.E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.55pt 0 0; text-indent: -36.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 6.55pt; font: 12pt Cambria, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Re:</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 6.55pt; font: 12pt Cambria, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Eaton Vance Tax Managed Global Buy Write Opportunities Fund (the &#8220;Fund&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Cambria, Times, Serif; padding-right: 6.55pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Cambria, Times, Serif; padding-right: 6.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;&nbsp;(File No. 81121745)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Ms. Larkin:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.1pt">This letter responds to comments provided telephonically
by you to the undersigned on October 27, 2017, regarding the registration statement of the Fund on Form N-2 filed with the Securities
and Exchange Commission (&#8220;SEC&#8221;) on September 28, 2017 (Accession No. 0000940394-17-001882) (the &#8220;Filing&#8221;).
The comments and the Fund's responses are set forth below.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Registration Statement</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt">1.</TD><TD><U>Comment</U>: Please describe in the Prospectus the specific criteria the Fund uses to determine that an issuer is economically
tied to a country. If the Fund relies exclusively on place of organization or location, please explain how being organized or located
in a country satisfies the economically-tied test.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: The Fund has updated
the disclosure to state: &#8220;An issuer will be considered to be located outside of the United States if it is domiciled in,
derives a significant portion of its revenues from, or its primary trading venue is outside the U.S.&#8221;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10.5pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><U>Comment</U>: Under &#8220;INVESTMENT OBJECTIVE,
POLICIES AND RISKS&#8221; there is a sentence that reads &#8220;[t]he Fund may invest a portion of its assets in stocks of mid-capitalization
companies. Please clarify supplementally what capitalization sizes the Fund will invest in and how much it will invest in them.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: The stocks held by the
Fund are generally large cap stocks that are included in major indexes such as the S&amp;P 500 and Nasdaq 100. However, at any
time, one or more of these stocks could be characterized as a mid-capitalization stock due to market movement, the actions of index
vendors or corporate actions. The Fund does not seek to acquire mid-capitalization stocks and does not expect to hold more than
a small percentage of them at any one time.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Under &#8220;INVESTMENT OBJECTIVE, POLICIES AND RISKS&#8221;
there is a reference to options that are &#8220;European style.&#8221; Please clarify supplementally how options that are &#8220;European
style&#8221; differ from regular options.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: A &#8220;European style&#8221;
option may be exercised only at the expiration date of the option; whereas, an &#8220;American style&#8221; option may be exercised
at any time before the expiration date.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Under &#8220;INVESTMENT SELECTION STRATEGIES&#8221;
there is a reference to &#8220;'tax-loss harvesting.&#8221; Please provide in the Prospectus a brief parenthetical statement explaining
&#8220;tax-loss harvesting.&#8221;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: The following statement
has been added after ''tax-loss harvesting&#8221;: <FONT STYLE="letter-spacing: -0.1pt">&#8220;</FONT>(i.e., periodically selling
positions that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund)&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="evlogo_106.jpg" ALT="" STYLE="width: 3px; height: 2px"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: As the terms of each offering are not yet finalized,
please provide an undertaking that the Fund will file an unqualified legality opinion and related consent of counsel, consistent
with the views set forth in Staff Legal Bulletin No. 19. Please file both the unqualified legality opinion and consent of counsel
as exhibits with the next Post-Effective Amendment.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><U>Response</U>: The Fund so confirms, and will submit
to be filed with the next Post-Effective Amendment a legality opinion and consent of counsel, as requested.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="padding-right: 23.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please file as an exhibit
to the registration statement the form-of prospectus supplement that will be used by the Fund when offering its common shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.55pt 0 0.5in"><U>Response</U>: A form-of prospectus supplement to
be used in connection with the offering of the Fund's common shares will be filed along with the Fund's registration statement.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="padding-right: 6.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Under &#8220;DISTRIBUTIONS&#8221;
there is a sentence that reads &#8220;[t]he Fund may distribute more than its net investment income and net realized capital gains
and, therefore, a distribution may include a return of capital.&#8221; Please add a plain English definition of &#8220;return of
capital.&#8221;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.6pt 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 6.6pt 0 0.5in; text-indent: 0in"><U>Response</U>: <FONT STYLE="letter-spacing: -0.2pt">The
Fund has added the following disclosure: &ldquo;A return of capital is treated as a non-dividend distribution for tax purposes and is
not subject to current tax. A return of capital reduces a shareholder&#8217;s tax cost basis in Fund shares.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.6pt 0 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please confirm that the Fund is not issuing preferred
shares within one year. If the Fund is issuing preferred shares within one year, this must be contemplated in the fee table.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><U>Response</U>: The Fund is not issuing preferred shares
within one year.&#9;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Footnote 2 to the Summary of Fund Expenses states that
&#8220;[t]he Adviser will pay the expenses of the Offering (other than the applicable commissions).&#8221; Please confirm the Adviser
pays the offering cost and if the Adviser can recoup such cost.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><U>Response</U>: <FONT STYLE="letter-spacing: -0.2pt">The
Fund confirms the Adviser is responsible for the offering cost related to the offering of common shares (other than the applicable
commissions), as described in the Fund&#8217;s prospectus. The Adviser cannot recoup such cost.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.</FONT></TD><TD STYLE="padding-right: 12.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: The Fee Table under
&#8220;Summary of Fund Expenses&#8221; indicates &#8220;None&#8221; with regard to Dividend Reinvestment Plan Fees. Please update
the Fee Table to indicate the $5.00 service charge consistent with footnote 3.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: The Fee Table has been
updated accordingly.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.</FONT></TD><TD STYLE="padding-right: 5.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: The Fund may engage in
total return swaps. When the Fund does engage in total return swaps, an appropriate amount of segregated assets must be set aside.
See generally Investment Company Act Release No. 10666 (Apr. 18, 1979). Please note that the Commission issued a proposed rule
and, prior to that, a concept release exploring issues relating to the use of derivatives by funds, including whether market practices
involving derivatives are consistent with the leverage provisions of the 1940 Act. See Investment Company Act Release No. 31933
(Dec. 11, 2015) and Investment Company Act Release No. 29776 (Aug. 31, 2011). Accordingly, please be aware that the Commission
or its staff could issue future guidance related to derivatives (such as total return swaps) and leverage, including guidance related
to coverage requirements, which could impact the manner in which the Funds operate.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><U>Response</U>: The Fund acknowledges this comment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.</FONT></TD><TD STYLE="padding-right: 10.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Under the disclosure
regarding the Fund's sub-adviser and pursuant to Item 9(1)(b)(3) of Form N-2, please state what the fee is as a percentage of average
net assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><U>Response</U>: The Fund does not pay the sub-adviser
fee directly, rather the sub-adviser is paid by the adviser a portion of the fee it receives from the Fund. The fee paid by the
Fund to the adviser is described in the prospectus as a percentage of average net assets. The total dollar amounts paid to the
sub-adviser by the adviser is disclosed in the Fund&#8217;s SAI. As the sub-advisory fees are paid by the adviser and not the Fund,
the Fund declines to make any changes in response to this comment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.</FONT></TD><TD STYLE="padding-right: 19.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Item 17(2)(b) of Form
N-2 requires a policy for call and put options. Please confirm whether disclosure regarding such policy is included in the Statement
of Additional Information or elsewhere. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: Item 17(2)(b) of Form
N-2 requires a description of &#8220;any&#8221; fundamental policy of the Fund with respect to writing put and call options. The
Fund does not have a fundamental policy with respect to writing put and call options.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; letter-spacing: -0.2pt">14.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><U>Comment</U>: <FONT STYLE="letter-spacing: -0.2pt">The
staff notes that the Fund is restricted from investing 25% or more of its total assets in any single industry or group of industries.
Further, the disclosure states that a large economic or market sector will not be construed as a group of industries. Please explain
the basis for determinations regarding sectors.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.6pt 0 0 0.5in; text-indent: 0in"><U>Response</U>: The Global Industry
Classification Standard (GICS) framework comprises 11 sectors and 68 industries. The Fund does not apply the 25% restriction to
the Fund&#8217;s holdings at the sector level, but at the narrower industry level. Accordingly, a sector will not be construed
as a group of industries to which the 25% restriction might apply.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 40.5pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/106% Times New Roman, Times, Serif; margin-top: 4.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.</FONT></TD><TD STYLE="padding-right: 23.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: Please ensure references
to Scott Eston as a Director of the Fund are removed in connection with his retirement, effective September 29, 2017.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0 0 40.5pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4.6pt 0 0 0.5in; text-indent: 0in"><U>Response</U>: References to Mr.
Eston have been removed except with respect to required disclosure relating to his compensation.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16.</FONT></TD><TD STYLE="padding-right: 13.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Comment</U>: In the &#8220;FINANCIAL
STATEMENTS&#8221; section of the Statement of Additional Information there is a reference to the SEC&#8217;s no-action letter of
June 20, 2016 related to an auditor independence issue arising under the loan rule. Please note that a subsequent letter issued
on September 22, 2017 extends the no-action relief, and this letter should be referenced as the source of the relief.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.3pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0in"><U>Response</U>: The Fund has made changes
consistent with the Staff&#8217;s comment.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 13.5pt; text-align: justify">If you have any questions or
comments concerning the foregoing, please contact the undersigned at (617) 672-8445.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 0.5in; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in">Very truly yours,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 3.5in">/s/ Scott E. Habeeb</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 0 3.5in">Scott E. Habeeb</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.35pt 0.5pt 0 3.5in">Vice President</P>


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