<SEC-DOCUMENT>0001193125-20-282292.txt : 20210114
<SEC-HEADER>0001193125-20-282292.hdr.sgml : 20210114
<ACCEPTANCE-DATETIME>20201030131830
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-282292
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137390
		IRS NUMBER:				510409117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD QUALITY FUND, INC.
		CENTRAL INDEX KEY:			0000890196
		IRS NUMBER:				223170744
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD QUALITY FUND INC
		DATE OF NAME CHANGE:	20061026

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD QUALITY FUND INC
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS FUND, INC.
		CENTRAL INDEX KEY:			0001034665
		IRS NUMBER:				223508039
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIHOLDINGS FUND INC
		DATE OF NAME CHANGE:	20061026

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS FUND INC
		DATE OF NAME CHANGE:	19970226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST II
		CENTRAL INDEX KEY:			0001176194
		IRS NUMBER:				010722216
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>BLACKROCK</TITLE>
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<IMG SRC="g80142willkie.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">787 Seventh Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">New&nbsp;York,&nbsp;NY&nbsp;10019-6099</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Tel: 212 728 8000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Fax: 212 728 8111</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October&nbsp;30, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Samantha A. Brutlag </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Grzeskiewicz&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Manion </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deborah O&#146;Neal &nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registration Statements on Form <FONT STYLE="white-space:nowrap">N-14</FONT> of </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock New York Municipal Income Trust (Securities Act File <FONT STYLE="white-space:nowrap">No.&nbsp;333-240306)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock MuniHoldings Fund, Inc. (Securities Act File <FONT STYLE="white-space:nowrap">No.&nbsp;333-241481)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BlackRock Municipal Income Trust II (Securities Act File <FONT STYLE="white-space:nowrap">No.&nbsp;333-244305)</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>BlackRock MuniYield Quality Fund, Inc. (Securities Act File No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;333-248768)</FONT></U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mses. Brutlag and O&#146;Neal and Messrs. Grzeskiewicz and Manion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of each of BlackRock New York Municipal Income Trust (&#147;<U>BNY</U>&#148;), BlackRock MuniHoldings Fund, Inc. (&#147;<U>MHD</U>&#148;), BlackRock
Municipal Income Trust II (&#147;<U>BLE</U>&#148;) and BlackRock MuniYield Quality Fund, Inc. (&#147;<U>MQY</U>&#148; and collectively with BNY, MHD and BLE, the &#147;<U>Registrants</U>&#148;), this letter responds to the accounting comments
provided by the staff of the Division of Investment Management (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) to the undersigned by telephone on (i)&nbsp;August&nbsp;28, 2020 regarding
the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> filed by BNY with the Commission on August&nbsp;3, 2020 (the &#147;<U>BNY Registration Statement</U>&#148;), the Registration Statement on Form <FONT
STYLE="white-space:nowrap">N-14</FONT> filed by MHD with the Commission on August&nbsp;6, 2020 (the &#147;<U>MHD Registration Statement</U>&#148;) and the Registration on Form <FONT STYLE="white-space:nowrap">N-14</FONT> filed by BLE with the
Commission on August&nbsp;11, 2020 (the &#147;<U>BLE Registration Statement</U>&#148;) and (ii)&nbsp;September&nbsp;22, 2020 regarding the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> filed by MQY with the Commission
on September&nbsp;11, 2020 (the &#147;<U>MQY Registration Statement</U>&#148; and collectively with the BNY Registration Statement, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EW</SMALL>
Y<SMALL>ORK&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>W<SMALL>ASHINGTON&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>H<SMALL>OUSTON&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>P<SMALL>ALO</SMALL> A<SMALL>LTO&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>S<SMALL>AN</SMALL>
F<SMALL>RANCISCO&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>C<SMALL>HICAGO&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>P<SMALL>ARIS&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>L<SMALL>ONDON&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>F<SMALL>RANKFURT&nbsp;&nbsp;&nbsp;&nbsp;
</SMALL>B<SMALL>RUSSELS&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>M<SMALL>ILAN&nbsp;&nbsp;&nbsp;&nbsp;</SMALL>R<SMALL>OME</SMALL> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the MHD Registration Statement and the BLE Registration Statement, the &#147;<U>Registration Statements</U>&#148;). This letter also responds to the disclosure comments provided by the Staff to
the undersigned by telephone on September&nbsp;2, 2020 regarding the BNY Registration Statement, on September&nbsp;3, 2020 regarding the MHD Registration Statement and on September&nbsp;10, 2020 regarding the BLE Registration Statement. On
October&nbsp;9, 2020, the Staff indicated to the undersigned by telephone that the Staff did not have disclosure comments to the MQY Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comments are summarized below in italicized text. We have discussed the Staff&#146;s comments with representatives of the Registrants. Each
Registrant&#146;s responses to the applicable comments of the Staff are set out immediately under the restated comment. Please note that we have not independently verified information provided by the Registrants. To the extent that a comment to a
Registration Statement applies to the other Registration Statements, any revisions made in response to such comment will be made in all Registration Statements to which the comment applies. Each Registrant anticipates filing these changes in a <FONT
STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment (each, an &#147;<U>Amendment</U>&#148;) to the Registrant&#146;s Registration Statement. Unless otherwise indicated, defined terms used herein have the meanings set forth in the applicable
Registration Statement and page numbers are those of the applicable Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Accounting Staff Comments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>All Registration Statements </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;1</U>: <I> </I></P></TD>
<TD><I>Please provide the Staff with the</I> <I>Consent of Independent Registered Public Accounting Firm prior to seeking effectiveness of each Registration Statement and provide the name of each Registrant&#146;s auditor in the applicable
Registration Statement.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Consent of Independent Registered Public Accounting Firm will be filed as an exhibit to, and the name of each Registrant&#146;s auditor will be provided in, the Amendment to each Registration Statement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;2</U>: <I> </I></P></TD>
<TD><I>Please confirm whether the audited financial statements for the July</I><I></I><I>&nbsp;31, 2020 and August</I><I></I><I>&nbsp;31, 2020 fiscal year-ends will be included in the Amendments.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Amendments to each Registration Statement will reflect the inclusion of the July&nbsp;31, 2020 and August&nbsp;31, 2020 audited financial statements, as applicable. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>BNY Registration Statement </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;3</U>: <I> </I></P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers</I>. <I>The expense ratios of BSE and BFY for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ended February</I><I></I><I>&nbsp;29, 2020, as disclosed on page iv, have decreased
significantly as compared to the financial highlights for BSE and BFY for their previous fiscal years. Please explain supplementally the reason(s) for such decreases.</I> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;2&nbsp;- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response:</U> </P></TD>
<TD>The Registrant has updated the expense ratios for BSE and BFY for the <FONT STYLE="white-space:nowrap">12-month</FONT> period ended August&nbsp;31, 2020 as disclosed in each Fund&#146;s financial highlights for such period. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;4</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Expense Table for Common Shareholders. Please confirm that these are the current fees and expenses of each Fund.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Registrant confirms that the fee and expense information included in the above-referenced subsection are the current fees and expenses of each Fund based on the twelve months<I> </I>ending on the Fund&#146;s most recent fiscal year ended
July&nbsp;31, 2020 or August&nbsp;31, 2020, as applicable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;5</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Expense Table for Common Shareholders</I>. <I>With respect to the Fee Waiver Agreement described in footnote 4 on page 13, please confirm that amounts waived pursuant to this agreement were less than 1
basis point since there are no waived amounts disclosed in the fee table.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>BNY confirms that amounts waived pursuant to the Fee Waiver Agreement described in footnote 4 to the fee table were less than 1 basis point. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;6</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Information About the Common Shares of the Funds&#151;Performance Information. Please provide the average annual total returns for the Funds.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Funds&#146; average annual total returns will be included in the Amendment to the BNY Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;7</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Capitalization Table; Statement of Additional Information&#151;Pro Forma Financial Statements.</I> <I>Please explain why the information in the aforementioned subsections has been provided as of
April</I><I></I><I>&nbsp;30, 2020 and not, for example, as of the most recent semi-annual fiscal period for each Fund.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The information in the above-referenced subsections has been updated as of August&nbsp;31, 2020 so that the information for the pro forma Combined Fund is calculated as of a recent date that is consistent across the Funds. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;8</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Capitalization Table</I>. <I>The pro forma common shares outstanding in the table for the capitalization of BSE and BNY as of April</I><I></I><I>&nbsp;30, 2020 and pro forma capitalization of the Combined
Fund assuming only the BSE Reorganization is consummated do not appear to add up, which affects the NAV per share of the Combined Fund. Please confirm or revise these numbers as needed.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The above-referenced capitalization table will be revised in the Amendment to the BNY Registration Statement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;3&nbsp;- </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>MHD Registration Statement </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;9</U>: <I> </I></P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. The total expense ratios for MHD (2.15%) and MUS (2.41%) disclosed in the response to the question &#147;How will the Reorganizations affect the fees and expenses of the Funds?&#148; on page iv
appear to be only 1 basis point less than the gross expense numbers. Please confirm these numbers.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Registrant has updated the total expense ratio for MUS to 2.36% which reflects a 6 basis point decrease from the gross expense ratio. The Registrant confirms the expense ratios for MHD are correct. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;10</U>: <I> </I></P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers</I>. <I>Please confirm the accuracy of the &#147;with voluntary waivers&#148; expense ratio for MUS disclosed on page iv because it is not consistent with MUS&#146;s financial highlights for the
fiscal year ended April</I><I></I><I>&nbsp;30, 2020.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>:<B> </B> </P></TD>
<TD>The Registrant has updated the &#147;with voluntary waivers&#148; expense ratio for MUS. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;11</U>: <I> </I></P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. Please confirm the accuracy of the &#147;without voluntary waivers&#148; expense ratios for MUS and MHD on page iv because these ratios are not consistent with such Funds&#146; financial highlights
for the fiscal year ended April</I><I></I><I>&nbsp;30, 2020.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Registrant has updated the &#147;without voluntary waivers&#148; expense ratios for MUS and MHD. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;12</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Synopsis&#151;Comparative Expense Information. Please confirm that these are the current fees and expenses of each Fund.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Registrant confirms that the fee and expense information included in the above-referenced subsection are the current fees and expenses of each Fund based on the twelve months<I> </I>ending August&nbsp;31, 2020 for each Fund.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;13</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Synopsis&#151;Comparative Expense Information</I>. <I>Please confirm the total expense ratios of MHD (2.15%) and MUS (2.41%) for the fiscal year ended April</I><I></I><I>&nbsp;30, 2020.</I>
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>:<B> </B> </P></TD>
<TD>The Registrant has updated the total expense ratios for MHD and MUS. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;14</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Synopsis&#151;Comparative Expense Information</I>. <I>In the fee table for the pro forma Combined Fund of BAF into the Acquiring Fund, the fee waiver line item on page 14 indicates that 2 basis points of
fees were waived, whereas footnote 5 indicates that the Combined Fund Contractual Waiver will be 1 basis point. Please reconcile the line item to the footnote or explain the difference.</I> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;4&nbsp;- </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The fee table in the Amendment will reflect 2 basis point of fees waived for each of the <I>pro forma</I> Combined Fund of BAF into the Acquiring Fund and the <I>pro forma</I> Combined Fund of all Target Funds into the Acquiring Fund. These 2
basis points are comprised of 2 basis point of fees waived pursuant to the Contractual Advisory Fee Waiver, representing 1 basis point waiver on the managed assets of the Combined Fund, which results in a 2 basis point waiver on net assets. Footnote
4 to the fee table, which describes the Fee Waiver Agreement, will be added to the line item for &#147;Fee Waivers and/or Expense Reimbursements.&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;15</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Synopsis&#151;Comparative Expense Information</I>. <I>Depending on the response to Comment No.</I><I></I><I>&nbsp;14 above, the expense example for the pro forma Combined Fund of BAF into MHD should be
the same as the expense example for MHD because the Funds have the same net expense ratios. Also, the expense example for the pro forma Combined Fund of all Target Funds into MHD should be lower in each year than the expense example for the pro
forma Combined Fund of BAF into MHD because the pro forma Combined Fund of all Target Funds into MHD has a lower net expense ratio. Please revise the expense examples as appropriate or explain the reason for such differences.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Registrant has revised the expense examples as appropriate. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;16</U>: <I> </I></P></TD>
<TD><I>Statement of Additional Information&#151;Pro Forma Financial Statements. Please confirm and provide, as applicable, the open items in the pro forma financial statements.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The open information in the pro forma financial statements will be confirmed and provided, as applicable, in the Amendment to the MHD Registration Statement. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>BLE Registration Statement </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;17</U>:<I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Expense Table for Common Shareholders. Please confirm that these are the current fees and expenses of each Fund.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Registrant confirms that the fee and expense information included in the above-referenced subsection are the current fees and expenses of each Fund based on the Fund&#146;s most recent fiscal year ended April&nbsp;30, 2020, July&nbsp;31,
2020 or August&nbsp;31, 2020, as applicable. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;18</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Expense Table for Common Shareholders. Please confirm that the amounts waived pursuant to the Fee Waiver Agreement described in footnote 4 and that Acquired Fund Fees and Expenses were each less than 1
basis point, given that these items are not disclosed in the fee table.</I> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;5&nbsp;- </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>BLE confirms that the amounts waived pursuant to the Fee Waiver Agreement described in footnote 4 and that Acquired Fund Fees and Expenses were each less than 1 basis point. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;19</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Capitalization Table</I>. <I>The figure under &#147;Adjustments&#148; in the table for the capitalization of each Fund as of April</I><I></I><I>&nbsp;30, 2020 and pro forma capitalization of the Combined
Fund assuming all Reorganizations are consummated should be negative. Please revise this capitalization table accordingly.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The requested change will be made in the Amendment to the BLE Registration Statement. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>MQY Registration Statement </I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;20</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Expense Table for Common Shareholders. Please consider updating the fee table as of July</I><I></I><I>&nbsp;31, 2020. </I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The fee table in the Amendment to the MQY Registration Statement will be updated as of August&nbsp;31, 2020. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;21</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Capitalization Table</I>; <I>Statement of Additional Information&#151;Pro Forma Financial Statements. Please consider updating the information in the above-referenced sections as of
July</I><I></I><I>&nbsp;31, 2020 or another recent date. </I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The information in the above-referenced sections in the Amendment to the MQY Registration Statement will be updated as of August&nbsp;31, 2020. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;22</U>: </P></TD>
<TD><I>Please confirm </I><I>supplementally</I><I> that no portfolio repositioning will occur in connection with the Reorganizations</I><I>.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>MQY confirms that it is not anticipated that any portfolio repositioning will occur in connection with the Reorganizations. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Disclosure Staff Comments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>BNY Registration
Statement </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;23</U>: <I> </I></P></TD>
<TD><I>Please consider adding disclosure regarding the effects of the global coronavirus pandemic <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> on New York municipalities.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BNY respectfully submits that Appendix A to the Statement of Additional Information, which is cross-referenced in the risk factor for &#147;Risk Factors
and Special Considerations Relating to New York Municipal Bonds&#148; in the Joint Proxy Statement/Prospectus and which will be updated in the Amendment to the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;6&nbsp;- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
BNY Registration Statement, includes a discussion of the effects of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on New York municipalities. In addition, the risk factors for &#147;Risks
Associated with Recent Market Events&#148; and &#147;Market Disruption and Geopolitical Risk&#148; in the Joint Proxy Statement/Prospectus also address the effects of <FONT STYLE="white-space:nowrap">COVID-19,</FONT> including the effects on
municipal bond markets. Accordingly, apart from the aforementioned updates to Appendix A to the Statement of Additional Information in the Amendment to the BNY Registration Statement, BNY does not believe that additional disclosure regarding the
effects of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on New York municipalities is required. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;24</U>: <I> </I></P></TD>
<TD><I>Facing Sheet. In the table for the calculation of registration fee under the Securities Act of 1933, please update the amount of shares being registered and proposed maximum offering price per unit.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The<I> </I>amount of shares being registered and proposed maximum offering price per unit will be updated in the Amendment to the BNY Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;25</U>: </P></TD>
<TD><I>Please explain why the BNY Registration Statement does not also register the preferred shares of BNY to be issued in the Reorganizations.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The preferred shares of each Fund, including BNY, are issued in private placements and are not registered under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), or any state securities laws. Accordingly, the
Funds&#146; preferred shares are offered and sold only to persons reasonably believed to be &#147;qualified institutional buyers&#148; in accordance with Rule 144A under the Securities Act and are subject to certain transfer restrictions. Because
the preferred shares of BNY to be issued in the Reorganizations will be privately issued to preferred shareholders of BFY and BSE who are reasonably believed to be &#147;qualified institutional buyers,&#148; such preferred shares are not required to
be registered under the Securities Act and, accordingly, the BNY Registration Statement does not register such preferred shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;26</U>: <I> </I></P></TD>
<TD><I>Please confirm that the VMTP Shares of BNY will be redeemed in the Acquiring Fund VMTP Refinancings in accordance with their terms.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>BNY confirms that its VMTP Shares will be redeemed in the Acquiring Fund VMTP Refinancings in accordance with the optional redemption provision of the Statement of Preferences of BNY&#146;s VMTP Shares. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;27</U>: <I> </I></P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. </I><I>On page v, please consider whether to bold or italicize the disclosure stating that the &#147;Combined Fund is anticipated to retain a lower UNII balance after the Reorganizations than the
Acquiring Fund prior to the Reorganizations.&#148; </I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The above-referenced disclosure will be italicized in the Amendment to the BNY Registration Statement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;7&nbsp;- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 8 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;28</U>: </P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers</I>. <I>Please clarify the following sentence on page ix: &#147;Common shareholders of BSE and BFY will be subject to the terms and costs of the Acquiring Fund VRDP Shares after the consummation of
the Reorganizations.&#148;</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>BNY will revise the above-referenced sentence in the Amendment to read as follows: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="20%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">After the consummation of the Reorganizations, common shareholders of the Acquiring Fund, including former Target Fund common shareholders, will bear the leverage costs associated with the Acquiring Fund VRDP Shares and
will be subject to the terms of the Acquiring Fund VRDP Shares, including that the Acquiring Fund VRDP Shares will be senior in priority to the Acquiring Fund common shares as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Acquiring Fund. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;29</U>: </P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Summary&#151;Preferred Shares. On page 8, please include the discussion of the expenses of the Reorganizations that appears elsewhere in the Joint Proxy Statement/Prospectus (e.g., on pages 14-15 under
&#147;Expense Table for Common Shareholders&#148;) before or after the sentence that states that &#147;[n]one of the expenses of the Reorganizations are expected to be borne by the VMTP Holders or the VRDP Holders, as applicable, of the Funds.&#148;
</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>Rather than adding the requested disclosure in the above-referenced subsection discussing the preferred shares of the Funds in the Amendment to the BNY Registration Statement, BNY will add the requested disclosure in a new subsection entitled
&#147;Joint Proxy Statement/Prospectus&#151;Summary&#151;Expenses of the Reorganizations&#148; and include a cross-reference to such new subsection in the above-referenced subsection. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;30</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Expense Table for Common Shareholders. Please confirm whether the Investment Advisor is permitted to recapture waived fees and, if so, disclose the terms and conditions of the reimbursement.</I>
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>BNY submits that the Investment Advisor is not permitted to recapture waived fees under the terms of the Fee Waiver Agreement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;31</U>: </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Joint Proxy Statement/Prospectus&#151;Risk Factors and Special Considerations&#151;Risks Related to the Reorganizations&#151;Expenses. Please
consider italicizing the following text on page 16: &#147;. . . the realization of these reduced expenses will </I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;8&nbsp;- </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 9 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
<I>not affect common shareholders of the Funds proportionately, and may take longer than expected to be realized or may not be realized at all.&#148;</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The requested change will be made in the Amendment to the BNY Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;32</U>: </P></TD>
<TD><I>Please file the proxy cards and the opinion of counsel regarding the legality of shares being issued in the Reorganizations with the Amendment to the BNY Registration Statement.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The requested documents were provided to the Staff in draft form via email on October&nbsp;21, 2020 and will be filed as exhibits to the Amendment to the BNY Registration Statement. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>MHD Registration Statement </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;33</U>: </P></TD>
<TD><I>Please file the proxy cards with the Amendment to the MHD Registration Statement.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The proxy cards were provided to the Staff in draft form via email on October&nbsp;21, 2020 and will be filed as an exhibit to the Amendment to the MHD Registration Statement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;34</U>: </P></TD>
<TD><I>Please confirm whether the Reorganizations are subject to Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">MHD submits that the solicitations of Target Fund common shareholders meet the definition of a &#147;Rule <FONT STYLE="white-space:nowrap">13e-3</FONT>
transaction&#148; (as defined in Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> under the Exchange Act) because such solicitations fall within the transaction described in Rule <FONT STYLE="white-space:nowrap">13e-3(a)(3)(i)(C)</FONT> (i.e., a
solicitation subject to Regulation 14A of a proxy of common shareholders by the relevant Target Fund in connection with a reorganization of the Target Fund into MHD, the Target Fund&#146;s affiliate) and have the reasonable likelihood of producing
the effects described in Rule <FONT STYLE="white-space:nowrap">13e-3(a)(3)(ii)</FONT> (i.e., the Reorganizations are reasonably likely to cause the common shares of the Target Funds, which are listed on the New York Stock Exchange (the
&#147;<U>NYSE</U>&#148;), to no longer be listed on the NYSE or any other national securities exchange). However, the solicitations of Target Fund common shareholders would fall within the exception in Rule
<FONT STYLE="white-space:nowrap">13e-3(g)(2)</FONT> because, in the Reorganizations, each common shareholder of a Target Fund will receive common shares of MHD with substantially the same rights as the common shares of the Target Fund and the common
shares of MHD are registered pursuant to Section&nbsp;12(b) of the Exchange Act and are listed on the NYSE. Following the Reorganizations, the common shareholders of the Target Funds, as common shareholders of MHD, will be in the same positon from
an Exchange </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;9&nbsp;- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 10 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
Act perspective as they were prior to the Reorganizations.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> Accordingly, Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> does not apply
with respect to the transactions in the Reorganizations involving the common shares of the Target Funds. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">MHD further submits that the solicitations of the Target Fund preferred shareholders do not meet the definition of a <FONT STYLE="white-space:nowrap">&#147;Rule&nbsp;13e-3</FONT> transaction.&#148; While such
solicitations involve the type of transaction described in Rule <FONT STYLE="white-space:nowrap">13e-3(a)(3)(i)(C)</FONT> for the same reason as the solicitations of the common shareholders discussed above, the preferred shares of the Target Funds
are privately issued (as discussed in more detail in the response to Comment No.&nbsp;33 below) and are not subject to Section&nbsp;12(g) or 15(d) of the Exchange Act or listed on a national securities exchange or authorized to be quoted in an
inter-dealer quotation system of a registered national securities association. In the Reorganizations, preferred shareholders of the Target Funds will receive preferred shares of MHD that are privately issued, unlisted and unregistered under the
Exchange Act; therefore, the preferred shareholders of the Target Funds will be in the same position as they were prior to the Reorganizations from an Exchange Act perspective. Accordingly, the transactions involving the preferred shares of the
Target Funds do not have a reasonable likelihood or a purpose of producing, direct or indirectly, any of the effects described in Rule <FONT STYLE="white-space:nowrap">13e-3(a)(3)(ii).</FONT> As a result, the solicitations of the Target Fund
preferred shareholders do not meet the definition of a &#147;Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction.&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">For the reasons set out above, MHD confirms that Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> does not apply to the solicitations of the common and preferred shareholders in connection with the Reorganizations.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;35</U>: </P></TD>
<TD><I>Facing Sheet. In the table for the calculation of registration fee under the Securities Act of 1933, please update the amount of shares being registered and proposed maximum offering price per unit.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The<I> </I>amount of shares being registered and proposed maximum offering price per unit will be updated in the Amendment to the MHD Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;36</U>: </P></TD>
<TD><I>Please confirm whether a separate proxy statement will be issued to the preferred shareholders of the Funds. </I> </TD></TR></TABLE>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>See</I> Going Private Transactions by Public Companies or Their Affiliates, 44 Fed. Reg. 46736, 46738 (Aug.
8, 1979) (&#147;Second, Rule <FONT STYLE="white-space:nowrap">13e-3(g)(2)</FONT> provides an exception for transactions, including recapitalizations, in which, <I>inter alia, </I>security holders are offered only an equity security which is either
common stock or has essentially the same<I> </I>attributes as the equity security which is the subject of the Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction. The Commission believes that such transactions are also outside the purpose
of Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> since <I>all holders of that class of security are on an equal footing and are permitted to maintain an equivalent or enhanced equity interest</I>.&#148; (emphasis added)). </P></TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;10&nbsp;- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 11 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U> </P></TD>
<TD>MHD confirms that a separate proxy statement will be issued to the preferred shareholders of the Funds in order to solicit their votes on the applicable proposals. MHD notes that such proxy statement will be filed on Schedule 14A, not in a
registration statement on Form <FONT STYLE="white-space:nowrap">N-14.</FONT> The preferred shares of each Fund, including MHD, are issued in private placements and are not registered under the Securities Act or any state securities laws.
Accordingly, the Funds&#146; preferred shares are offered and sold only to persons reasonably believed to be &#147;qualified institutional buyers&#148; in accordance with Rule 144A under the Securities Act and are subject to certain transfer
restrictions. Because the preferred shares of MHD to be issued in the Reorganizations will be privately issued to preferred shareholders of the Target Funds who are reasonably believed to be &#147;qualified institutional buyers,&#148; such preferred
shares are not required to be registered under the Securities Act. As a result, the MHD Registration Statement does not register such preferred shares nor is a separate registration statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT>
required to register such preferred shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;37</U>: </P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. On page ix, the comparison of the Funds&#146; 80% investment policies with respect to municipal bonds indicates that the interest paid by the municipal bonds in which MHD invests may be includable
in taxable income for purposes of the federal alternative minimum tax, whereas the 80% policies with respect to municipal bonds for BBK, MUH and MUS are silent on this point and the 80% policy with respect to municipal bonds for BAF indicates that
the interest will be exempt from the alternative minimum tax. Accordingly, please consider bolding the following parenthetical in the description of MHD&#146;s 80% policy with respect to municipal bonds: &#147;(except that the interest may be
includable in taxable income for purposes of the federal alternative minimum tax).&#148;</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The above-referenced parenthetical will be italicized in the Amendment to the MHD Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;38</U>: </P></TD>
<TD><I>Please confirm whether the holders of the Funds&#146; preferred shares will vote on the applicable proposals at the same meeting as the holders of the Funds&#146; common shares or at a separate meeting. </I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The Funds&#146; preferred shareholders will vote on the applicable proposals at the same meeting as the Funds&#146; common shareholders. MHD notes that the Notice of Joint Special Meeting of Shareholders includes the proposals applicable to both
preferred shareholders and common shareholders of each Fund. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;39</U>: </P></TD>
<TD><I>Please file the opinion of counsel regarding the legality of shares being issued in the Reorganizations and the tax opinion of counsel with the Amendment to the MHD Registration Statement.</I> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;11&nbsp;- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 12 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The requested documents were provided to the Staff in draft form via email on October&nbsp;21, 2020 and will be filed as exhibits to the Amendment to the BNY Registration Statement. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>BLE Registration Statement </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;40</U>:<I> </I></P></TD>
<TD><I>Facing Sheet. In the table for the calculation of registration fee under the Securities Act of 1933, please update the amount of shares being registered and proposed maximum offering price per unit.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The<I> </I>amount of shares being registered and proposed maximum offering price per unit will be updated in the Amendment to the BLE Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;41</U>: </P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. In the response to the question &#147;How will the Reorganizations affect the fees and expenses of the Funds?&#148;, please consider italicizing or bolding the parentheticals on page iv indicating
whether interest expense is included or excluded.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The above-referenced parentheticals will be italicized in the Amendment to the BLE Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;42</U>: </P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. In the response to the question &#147;How will the Reorganizations affect the fees and expenses of the Funds?&#148;, please consider moving up the discussion of the management fee rate of the
Combined Fund to page iv so it comes before the comparison of the Funds&#146; expenses.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>BLE respectfully submits that comparing the Total Expense Ratios of the Funds first in the response to the above-referenced question, before comparing the Funds&#146; contractual management fee rates, is intended to provide the full picture of
the effect of the Reorganizations on Fund expenses. On the other hand, a Fund&#146;s contractual management fee rate is only one component of the Fund&#146;s Total Expense Ratio and is not necessarily expected to be the primary point of comparison
of Fund expenses for common shareholders of the Funds considering the proposals to approve the applicable Reorganizations. For these reasons, BLE respectfully declines to make the requested change. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;43</U>: </P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. In the response to the question &#147;How will the Reorganizations affect the earnings, distributions and undistributed net income of the Funds?&#148;, please consider bolding or italicizing the
following sentence at the top of page vi: &#147;The Combined [Fund] may retain a lower UNII balance after the Reorganizations than the Acquiring Fund prior to the Reorganizations.&#148;</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The above-referenced sentence will be italicized in the Amendment to the BLE Registration Statement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;12&nbsp;- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 13 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;44</U>: <I> </I></P></TD>
<TD><I>Questions</I><I></I><I>&nbsp;&amp; Answers. </I><I>On page ix, the comparison of the Funds&#146; 80% investment policies with respect to municipal bonds indicates that the interest paid by the municipal bonds in which BLE invests may be
includable in taxable income for purposes of the federal alternative minimum tax. Please consider bolding the following parenthetical in the description of BLE&#146;s 80% policy with respect to municipal bonds: &#147;(except that the interest may be
subject to the alternative minimum tax).&#148;</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The above-referenced parenthetical will be italicized in the Amendment to the BLE Registration Statement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;45</U>:<I> </I></P></TD>
<TD><I>Please confirm whether the VMTP Shares of BBF to be issued in the VRDP Refinancing will be issued through a private placement and, if not, explain why a registration statement registering the VMTP Shares of BBF to be issued in the VRDP
Refinancing has not been filed with the Commission.</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The preferred shares of each Fund, including BBF, are issued in private placements and are not registered under the Securities Act or any state securities laws. Accordingly, the Funds&#146; preferred shares are offered and sold only to persons
reasonably believed to be &#147;qualified institutional buyers&#148; in accordance with Rule 144A under the Securities Act and are subject to certain transfer restrictions. Because the preferred shares of BBF to be issued in the VRDP Refinancing
will be privately issued to persons who are reasonably believed to be &#147;qualified institutional buyers,&#148; such preferred shares are not required to be registered under the Securities Act and, accordingly, no separate registration statement
has been or will be filed to register such preferred shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;46</U>: <I> </I></P></TD>
<TD><I>Joint Proxy Statement/Prospectus&#151;Risk Factors and Special Considerations&#151;Comparison of Risks. Please explain the differences in the Funds&#146; risks and consider doing so in a chart.</I> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Response</U> </P></TD>
<TD>BLE notes that the above-referenced subsection of the Joint Proxy Statement/Prospectus states that the Funds are subject to similar investment risks due to the similarities in the Funds&#146; investment objectives and investment strategies and
includes a discussion of the risks applicable to the Funds. This discussion also notes a difference in the risks applicable to the Funds (i.e., that BLE is not subject to <FONT STYLE="white-space:nowrap">non-diversification</FONT> risk because it is
diversified). Accordingly, BLE respectfully submits that the comparison of the Funds&#146; risks is sufficient in light of the similarities in the Funds&#146; investment objectives and investment strategies and presenting such comparison in a chart
would not enhance this comparison. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;47</U>: <I> </I></P></TD>
<TD> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Joint Proxy Statement/Prospectus&#151;Information About the Reorganizations&#151;Reasons for the Reorganizations. To the extent that a factor
considered by each </I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;13&nbsp;- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 30, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 14 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
<I>Board in the bullet point list on pages 47&#150;48 are negative, please consider rewording such factor so it is more clearly negative.</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U> </P></TD>
<TD>The above-referenced bullet point list is intended to be present the factors considered by each Board without stating the conclusion; the discussion that follows addresses the Board&#146;s conclusion (positive or negative) with respect to each
factor. BLE submits that certain factors may considered be positive by nature and are phrased as such in the bullet point list, whereas others factors could be positive or negative and are phrased in a neutral manner. For this reason, BLE
respectfully declines to make the requested change. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Comment No.</U><U></U><U>&nbsp;48</U>: <I> </I></P></TD>
<TD><I>Please provide the Staff with the opinion of counsel regarding the legality of shares being issued in the Reorganizations. </I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="17%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P></TD>
<TD>The legality opinion was provided to the Staff in draft form via email on October&nbsp;21, 2020 and will be filed as an exhibit to the Amendment to the BLE Registration Statement. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at (212) <FONT
STYLE="white-space:nowrap">728-8955</FONT> if you have comments or if you require additional information regarding the Registration Statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Respectfully submitted, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bissie K. Bonner</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bissie K. Bonner</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dean A. Caruvana, Esq., BlackRock, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Elliot J. Gluck, Esq., Willkie Farr&nbsp;&amp; Gallagher LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;14&nbsp;- </P>

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