<SEC-DOCUMENT>0001193125-23-150630.txt : 20241206
<SEC-HEADER>0001193125-23-150630.hdr.sgml : 20241206
<ACCEPTANCE-DATETIME>20230522171426
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-150630
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET MANAGED MUNICIPALS FUND INC.
		CENTRAL INDEX KEY:			0000886043
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		888-777-0102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANAGED MUNICIPALS PORTFOLIO INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center">Simpson Thacher &amp; Bartlett <SMALL>LLP</SMALL></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">900 G S<SMALL>TREET</SMALL>, NW</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W<SMALL>ASHINGTON</SMALL>, D.C. 20001</P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>TELEPHONE</SMALL>: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">+1-202-636-5500</FONT></FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><SMALL>FACSIMILE</SMALL>: <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">+1-202-636-5502</FONT></FONT></FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct Dial Number</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(202) <FONT
STYLE="white-space:nowrap">636-5806</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">E-mail</FONT> Address</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ryan.brizek@stblaw.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;22, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rebecca Marquigny </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange
Commission </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">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Western Asset Managed Municipals Fund Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on </U><U>Form <FONT STYLE="white-space:nowrap">N-14</FONT></U><U>, File No.</U><U></U><U><FONT
STYLE="white-space:nowrap">&nbsp;333-270683</FONT></U> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Marquigny: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On behalf of Western Asset Managed Municipals Fund Inc. (&#147;MMU&#148;), we are providing the following responses to comments received by
telephone from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on May&nbsp;16, 2023 relating to <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment no. 1 to the above-referenced
registration statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> originally filed with the Commission on May&nbsp;11, 2023 (the &#147;Registration Statement&#148;) and the corresponding comment response letter addressed to your attention
originally filed with the Commission on May&nbsp;11, 2023 (the &#147;Comment Response Letter&#148;), through the Commission&#146;s electronic data gathering, analysis and retrieval (&#147;EDGAR&#148;) system. We are also submitting for filing by
electronic transmission <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment no. 2 to MMU&#146;s Registration Statement filed on Form <FONT STYLE="white-space:nowrap">N-14</FONT> under the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For convenience of reference, the comments of the Staff have been reproduced herein. Please note that all page numbers in our responses are
references to the page numbers of the Registration Statement. All capitalized terms used but not defined in this letter have the meanings given to them in the Registration Statement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Regarding the response to comment 3 in the Comment Response Letter, please supplementally confirm that
all of the outstanding variable rate demand preferred stock (&#147;VRDPS&#148;) have the same terms (i.e., interest rates, floor caps, etc.). Please also confirm that in Legg Mason Partners Fund Advisor, LLC&#146;s (&#147;LMPFA&#148;) view, the
credit quality of the combined fund will not be worse than the credit quality of either Western Asset Municipal Partners Fund Inc. (&#147;MNP&#148;) or Western Asset Intermediate Muni Fund Inc. (&#147;SBI&#148;, together with MNP, the &#147;Target
Funds&#148; and together with MNP and MMU, the &#147;Funds&#148;) individually. In this regard, please explain why you believe exchanging the outstanding VRDPS in a diversified fund for similar securities in a
<FONT STYLE="white-space:nowrap">non-diversified</FONT> fund is not a material difference. </I></B></P></TD></TR></TABLE>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 22, 2023</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Funds confirm that the outstanding VRDPS for each of MMU, MNP and SBI have the same
terms, other than with respect to their maturity dates and with respect to the per share liquidation preference, which is $25,000 for MMU and SBI and $50,000 for MNP. LMPFA confirms that it believes the overall credit quality of MNP following the
closing of the Mergers would not be impacted as a result of the merger of MNP into MMU and SBI into MMU (each, a &#147;Merger&#148; and collectively, the &#147;Mergers&#148;). MMU anticipates that following the Mergers, it will continue to be able
to make dividend payments on the outstanding VRDPS, repay expenses related to the outstanding VRDPS and meet all other credit obligations that could be viewed as impacting MMU&#146;s credit quality. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As stated in the Registration Statement and in the Comment Response Letter, following the Mergers, there will not be any material repositioning
of assets and no other material impacts on MMU&#146;s portfolio. The securities in which each Target Fund may invest are permissible for investment under MMU&#146;s investment objectives and strategies and therefore, MMU does not expect any
significant portfolio turnover in connection with the Mergers. As a result, MMU does not believe that its status as a <FONT STYLE="white-space:nowrap">non-diversified</FONT> fund is a material difference with respect to the VRDPS that the Target
Funds&#146; VRDPS holders will hold post-Mergers. Such VRDPS holders will continue to receive the dividend payments they are entitled to receive from the Target Funds for the term of the VRDPS. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Following up to the response to comment 5 in the Comment Response Letter, the Staff notes that at the
time of the Mergers, the terms of the outstanding VRDPS will be incomplete. The remaining unpaid amortized expenses attributable to the outstanding VRDPS will have to be accelerated and their cost will need to be factored into the terms of the
Mergers. If such cost will be factored into the calculation of each Target Fund&#146;s net asset value (&#147;NAV&#148;), disclose this as a consequence to common stockholders by reducing the NAV upon which their common shares will be valued in the
Mergers. Otherwise, disclose how such accelerated amortized expenses attributable to the outstanding VRDPS will be accounted for in the Mergers. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Each Target Fund&#146;s outstanding VRDPS have direct issuance costs that are amortized over the stated term of such VRDPS. These costs are
factored into each Target Fund&#146;s NAV on a daily basis. The deferred expenses of the outstanding VRDPS are reflected as direct deductions from the carrying value of the associated liabilities on each Target Fund&#146;s balance sheet today. These
deferred expenses will not be accelerated at the time of the Mergers because they will be carried over onto MMU&#146;s balance sheet following the issuance of new VRDPS of MMU to replace the VRDPS of each Target Fund. These replacement VRDPS will
have the same terms as each Target Fund&#146;s VRDPS, so the expenses related to such VRDPS will continue to be amortized over the term of the VRDPS governing documents. As these deferred expenses are being carried over to MMU&#146;s balance sheet,
each Target Fund&#146;s NAV would not be materially impacted by the Mergers as a result of the continuation of the VRDPS. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to
the Staff&#146;s comment, MMU confirms that it will revise its disclosure to clarify the above. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Regarding the response to comment 18 in the Comment Response Letter, please add disclosure to the <FONT
STYLE="white-space:nowrap">N-14</FONT> in the section entitled &#147;Common Questions About the Proposed Merger&#151;Who do we expect to vote on the Mergers?&#148; stating what &#147;together as a class&#148; means for stockholders.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">MMU confirms it will add disclosure to the above section stating what &#147;together as a class&#148; means for
stockholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 22, 2023</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Following up to the response to comment 24 in the Comment Response Letter, with respect to your response
to part (b), clarify how you became comfortable that the new VRDPS distribution could be done privately and will not require registration under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), including the approximate number
of stockholders and information regarding their status as accredited investors. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Funds confirm that each of
MMU, MNP and SBI have four current holders of its VRDPS. Each holder is an institutional investor that clearly qualifies as an accredited investor. Because the current holders of VRDPS for MNP and SBI are the only investors receiving the new shares
of MMU&#146;s VRDPS to replace their current holdings, the Funds confirm that the VRDPS offering is exempt from registration under the Securities Act by virtue of qualifying as an exempt private placement to sophisticated investors pursuant to
Section&nbsp;4(a)(2) of the Securities Act. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Following up to the response to comment 24 in the Comment Response Letter, with respect to your response
to part (c), the Staff takes note of your statement that you believe the VRDPS holders will not be adversely affected. Please (1)&nbsp;confirm that each Fund&#146;s Board of Directors reached a similar conclusion; (2)&nbsp;address the economic
substance prong of the Staff&#146;s questions, including the change from a diversified to a <FONT STYLE="white-space:nowrap">non-diversified</FONT> fund from a risk perspective as it relates to your conclusion; (3)&nbsp;more completely address the
text of Section&nbsp;18(a)(2)(D) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) related to &#147;adversely affecting such securities or of any action requiring a vote of security holders as in section
80a&#150;13(a);&#148; and (4)&nbsp;tell the Staff of any <FONT STYLE="white-space:nowrap">no-action</FONT> letters or other formal staff guidance you are relying on to support your view that the VRDPS holders should not vote separately pursuant to
Section&nbsp;18 of the 1940 Act. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(1) The Funds confirm that each Fund&#146;s Board of Directors reached the
conclusion that the Target Funds&#146; VRDPS holders will not be adversely affected by the Mergers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(2) Given that each of the Target
Funds and MMU have similar investment portfolios, the Funds do not believe the risk profile related to any of the Funds will materially change as a result of the Mergers. MMU, MNP and SBI all invest in municipal obligations and are subject to
substantially similar risks, as identified in the &#147;Risk Factors&#148; section of the Registration Statement. The Funds have historically included substantially similar risk factors to consider in their respective Annual Shareholder Reports as
well. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As previously discussed, there is no expectation that there will be a material portfolio repositioning as a result of the Mergers
and as such, MMU does not believe Target Fund stockholders are being negatively impacted from an economic or risk-related perspective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In
light of the foregoing, following the Mergers, MMU will continue to be able to meet its obligations to all if its VRDPS holders, including those that are currently VRDPS holders of the Target Funds, in accordance with the governing documents of the
VRDPS and the requirements of the 1940 Act. As a result, the Target Funds do not anticipate having an issue obtaining the consents of their VRDPS holders to the Mergers in accordance with their governing documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(3) Section&nbsp;18(a)(2)(D) of the 1940 Act requires holders of senior securities to vote separately as a class on any plan of reorganization
that adversely affects such securities or of any action requiring a vote of security holders as in section 80a&#150;13(a) (in this instance, specifically, as it relates to <FONT STYLE="white-space:nowrap">sub-classification</FONT> from a diversified
to a <FONT STYLE="white-space:nowrap">non-diversified</FONT> investment company). As previously stated, MMU has determined, along with the Board of Directors of each Target Fund, that the Target Fund&#146;s VRDPS holders are not being adversely
affected by the Mergers. Each Target Fund&#146;s VRDPS holders will receive new shares of MMU&#146;s VRDPS with the same aggregate liquidation preference and identical terms as they had prior to the completion of the Mergers. In other words, the
current holders of MNP&#146;s and SBI&#146;s VRDPS are in the same position now as they will be when the Mergers are completed, other than holding VRDPS issued by the new combined fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 22, 2023</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Additionally, as it relates to the Target Funds currently operating as diversified management
investment companies and becoming part of a <FONT STYLE="white-space:nowrap">non-diversified</FONT> management investment company following the consummation of the Mergers, MMU confirms that it does not believe that the Target Funds&#146; VRDPS
holders will be adversely impacted by the diversification status of MMU. The Target Fund VRDPS holders will continue to receive a dividend in accordance with terms contained in the Articles Supplementary for such VRDPS and will maintain a
liquidation preference ahead of common stockholders in accordance with Section 18 of the 1940 Act, regardless of the manner in which MMU operates from a diversification perspective. As such, the change in diversification status will not adversely
affect the Target Funds&#146; VRDPS holders, and therefore, under Section 18(a)(2)(D), the Target Funds&#146; VRDPS holders are not entitled to vote on the Mergers as a separate class from the common stockholders of each Target Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(4) Each Fund confirms that it is not relying on any formal guidance from the Commission or specific
<FONT STYLE="white-space:nowrap">no-action</FONT> letters to reach its conclusion that the VRDPS holders are not required to vote separately on the Mergers under Section&nbsp;18(a)(2)(D). However, each Fund is also not aware of any formal guidance
from the Commission or positions that would require the Target Fund VRDPS holders to do so when each of the Funds has determined that the VRDPS holders are not being adversely affected as a result of the Mergers, as described above and in the
previous Comment Response Letter. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please tell us why the VRDPS holders are providing written consents to effect the Mergers. Is this
required by the Articles Supplementary, what consent threshold is required and how is the consent solicitation accomplished under the securities laws? </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Without conceding that the Target Funds are required to do so under Section&nbsp;18(a)(2)(D) of the 1940 Act, MMU and the Target Funds will
obtain written consents from the all of the VRDPS holders in order to effect the Mergers. As identified above, given the small amount of Target Fund VRDPS holders, it is more economically efficient to seek any approvals from VRDPS holders via a
written consent as opposed to a separate proxy solicitation. Section&nbsp;18(a)(2)(D) of the 1940 Act requires holders of senior securities to vote separately but does not specify the manner in which the holders of senior securities must vote (i.e.,
through a proxy solicitation or otherwise). Effectively, the Target Funds&#146; VRDPS holders are voting to approve the Mergers separate from the Target Funds&#146; common stockholders and if such a vote requirement obligation existed under
Section&nbsp;18(a)(2)(D) of the 1940 Act, it would be satisfied by the use of written consents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As explained in response to
Comment&nbsp;5, given the lack of formal guidance with respect to Section&nbsp;18(a)(2)(D) of the 1940 Act, each holder of the Target Funds&#146; VRDPS will be asked to provide a written consent approving their respective Merger. This process is
being done out of an abundance of caution, notwithstanding MMU&#146;s belief that the Target Funds&#146; VRDPS holders are not adversely affected as a result of the Mergers. These written consents are not required by the Articles Supplementary for
either MNP&#146;s VRDPS or SBI&#146;s VRDPS. Based on initial outreach to the VRDPS holders, MMU expects that at least a majority of the Target Fund VRDPS holders will consent to the Mergers. MMU confirms that the written consents will not involve
solicitation and that no VRDPS holder will be solicited within the meaning of <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-1(l)</FONT> of the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, MMU confirms that it will revise its disclosure to note that it will seek approval from the holders of
the VRDPS separately through written consent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">May 22, 2023</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Regarding the response to comment 38 in the Comment Response Letter, please confirm that MMU administers
its concentration policy by treating industrial development bonds as investments in the industry of the underlying project they finance. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">MMU confirms that it administers its concentration policy by treating industrial development bonds as investments in the industry of the
underlying project they finance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call me at (202) <FONT STYLE="white-space:nowrap">636-5806</FONT> or Debbie
Sutter at (202) <FONT STYLE="white-space:nowrap">636-5508</FONT> with any questions or further comments regarding this submission or if you wish to discuss any of the above responses. </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<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/ Ryan P. Brizek</P></TD></TR>
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<TD VALIGN="top">Ryan P. Brizek</TD></TR>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">George Hoyt, Franklin Templeton</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David W. Blass,
Simpson Thacher&nbsp;&amp; Bartlett LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Debbie Sutter, Simpson Thacher&nbsp;&amp; Bartlett LLP</P></TD></TR>
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 <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">5 </P>

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