<SEC-DOCUMENT>0001193125-22-044477.txt : 20220420
<SEC-HEADER>0001193125-22-044477.hdr.sgml : 20220420
<ACCEPTANCE-DATETIME>20220216172600
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-044477
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	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:		8887770102

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH INCOME FUND II INC
		DATE OF NAME CHANGE:	19980421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Simpson Thacher&nbsp;&amp; Bartlett <SMALL>LLP</SMALL></B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5"> <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:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W<SMALL>ASHINGTON</SMALL>, D.C. 20001</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1.00pt solid #000000" align="left">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom" COLSPAN="5"> <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:0pt; 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> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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<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">Direct Dial Number</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; 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="bottom" 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">February 16, 2022 </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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Karen Rossotto </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:12pt;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 High Income Fund II Inc. (the &#147;Fund&#148;</B>) <U> </U></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>File Nos. <FONT STYLE="white-space:nowrap">811-08709;</FONT> <FONT STYLE="white-space:nowrap">333-261721</FONT></U></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Rossotto: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Western
Asset High Income Fund II Inc. (the &#147;Fund&#148;), we transmit for filing the Fund&#146;s responses to comments received by letter from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on
January&nbsp;18, 2022 relating to the above-referenced registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> originally filed with the Commission on December&nbsp;17, 2021, pursuant to the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), and the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) (the &#147;Registration Statement&#148;), through the Commission&#146;s electronic data gathering, analysis and retrieval (&#147;EDGAR&#148;)
system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For convenience of reference, the comments of the Staff have been reproduced herein. We have discussed the Staff&#146;s comments
with representatives of the Fund. The Fund&#146;s responses to the Staff&#146;s comments are set out immediately under the reproduced comment. Please note that all page numbers in the Fund&#146;s 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="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General </B></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"><B>1.</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></B><B><I>We note that portions of the Registration Statement are incomplete. We may have additional
comments on such portions when you complete them in a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment, on disclosures made in response to this letter, on information supplied supplementally, or on exhibits added in any
amendments.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund acknowledges that the Staff may have additional comments. </P>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>2.</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></B><B><I>Please update numbers and dates throughout the Registration Statement as needed.</I></B><B>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund confirms it will update numbers and dates as applicable throughout the Registration Statement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>3.</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></B><B><I>The Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT> for the period ended
October</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;31, 2021, indicates you had significant investment exposures to certain industries, including &#147;Hotels, Restaurants</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Leisure&#148; (12.8%
of Net Assets) and &#147;Oil, Gas</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;&amp; Consumable Fuels&#148; (26.4%) that may be uniquely impacted by economic, environmental, social, or health-related factors. To the extent that you anticipate
continued significant exposures to these or similar sectors, please consider the need for more tailored strategy disclosure describing any sector specific analyses or considerations made as well as enhanced sector specific risk
disclosure.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In light of the Staff&#146;s comment, the Fund will include additional disclosure regarding
its investments in these industries and the related risks thereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cover </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</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>In Investment Strategies, please disclose how the Fund defines &#147;high-yield debt securities&#148; and
disclose here these investments are otherwise known as &#147;junk&#148;. As these investments are considered speculative, please provide here, prominently and bolded, a cross-reference to the prospectus discussion of the risks associated with these
specific investments. As the Fund will invest &#147;up to 35% of its total assets in debt securities of issuers located in emerging market countries,&#148; which are also considered speculative, please provide a similar cross-reference for these
investments. See Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Item 1.1.j.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, the Fund will add the requested disclosure. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</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>In Leverage please disclose the actual amount of leverage in dollars and percentage terms as of the
Prospectus date.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Fund will add the requested disclosure. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Summary </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Investment Objectives and Strategies </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</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>On page 2, in the penultimate paragraph, the disclosure indicates the Fund will invest in convertible
securities. If the Fund will invest in contingent convertible securities, please disclose so and include appropriate risk disclosure.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Fund will add the requested disclosure. </P>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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:4%; font-size:10pt; font-family:Times New Roman"><B><I>Risks related to the Fund </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</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>On page 9, with respect to Foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> Investment Risk,
please state in correspondence what percentage of its portfolio the Fund typically invests in China, including the types of companies (for example, industry or ownership) and how the Fund invests (for example, Stock Connect or the New York Stock
Exchange). Given current events, please consider the need for more specific risk disclosure if the allocation will be material to the portfolio as a whole. See ADI <FONT STYLE="white-space:nowrap">2020-11</FONT> Registered Funds&#146; Risk
Disclosure Regarding Investments in Emerging Markets (&#147;ADI <FONT STYLE="white-space:nowrap">2020-11&#148;),</FONT> at</I></B><B><I>
</I></B><B><I><U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">https://www.sec.gov/investment/accounting-and-disclosure-information/principal-</FONT></FONT> risks/registered-funds-risk-disclosure.</U></I></B>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Additionally, if the Fund will facilitate investment in Chinese companies through exchange-listed companies that
use variable interest entity structures (VIEs), please disclose so. Such disclosure should provide, at a minimum, a brief explanation of what a VIE is and the extent to which the Fund invests in issuers that use them, the material risks associated
with such investments, including legality concerns, and the impact on the Fund if the risk occurs. See, e.g., Chair Gary Gensler, Statement on Investment Protection Related to Recent Developments in China (July 30, 2021). </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund confirms that approximately 1.22% of its portfolio is invested in China. These investments include corporate Chinese debt securities.
The Fund confirms that it will not facilitate investment in Chinese companies through exchange-listed companies that use VIEs. As the Fund&#146;s exposure to China is not material to the portfolio as a whole, the Fund believes that its disclosure
regarding its investments in Chinese securities is adequate. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</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>On page 12, the disclosure includes &#147;Smaller Company Risk&#148;. Please disclose in Investment
Objectives and Strategies the market cap of the companies the Fund invests in.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund confirms that it can
invest in companies with any market cap. The Fund will disclose this in the &#147;Investment Objectives and Strategies&#148; section of the Prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Fund&#146;s Investments </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</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>Currently your disclosure focuses on the types of investments the Fund may make, but does not explain the
investment criteria, data, and analyses you consider when making investment decisions, or the portfolio construction parameters that apply. Please revise the disclosure here or in Subadviser Philosophy to address the investment and portfolio
construction process in greater detail.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Fund will add the requested
disclosure. </P>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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"><B><U>Description of Shares </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</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>On page 50, in the second sentence of the second paragraph in Preferred Shares, the disclosure states
&#147;The Fund currently expects to issue leverage, which may include Preferred Stock</I></B><B><I>&#133;</I></B><B><I>immediately after the leverage is issued [emphasis added].&#148; On the Prospectus Cover in Leverage, the disclosure states
&#147;Currently, the Fund has no intention to issue notes or debt securities or Preferred Stock.&#148; Please reconcile this inconsistency.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Fund will revise this disclosure to reconcile this inconsistency. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Certain Provisions in the Charter and Bylaws </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</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>We note your Board will be divided into three classes, with Directors serving &#147;until their
successors are elected and qualify.&#148; Disclose here the standard for electing directors and what would happen in a contested election if neither nominee received the requisite threshold. Clarify what you mean by &#147;qualify&#148;.</I></B>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For both contested and uncontested elections, each Director of the Fund must be elected by a majority of votes entitled
to be cast. Each Director holds office for the term for which he or she is elected and until his or her successor is elected and qualified. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The term &#147;qualify&#148; is used in the Maryland General Corporation Law (the &#147;MGCL&#148;) to describe when a director qualifies to be
seated as a director. The MGCL specifically authorizes director qualifications in the charter or bylaws. To qualify as a nominee for election as a Director and to be elected as a Director, the Fund&#146;s Bylaws require that an individual, at the
time of nomination, must meet certain qualification requirements. However, a qualification requirement may be waived if a majority of the Board of Directors then in office determine by resolution that the failure to satisfy such requirement will not
present undue conflicts or impede the ability of the individual to discharge the duties of a Director or the free flow of information among Directors or between the Fund&#146;s investment adviser and the Board of Directors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any Director nominated for <FONT STYLE="white-space:nowrap">re-election</FONT> who fails to receive the requisite vote for <FONT
STYLE="white-space:nowrap">re-election</FONT> at an annual meeting of shareholders, and whose successor has neither been elected nor qualified, will holdover and will continue to be considered &#147;elected&#148; by shareholders for purposes of
applicable law, including Maryland law and the 1940 Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund notes that the Commission staff has expressed the opinion that under
&#147;the regulatory structure intended by Congress . . . investment companies are incorporated and operate pursuant to state law subject to certain requirements imposed by the [1940] Act.&#148;<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>
This opinion is derived from the views of the U.S. Supreme Court, which has stated that federal regulation of investment companies is similar to federal regulation of corporate </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" 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">John Nuveen&nbsp;&amp; Co. Incorporated, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (Nov. 18,
1986) (&#147;<I>Nuveen</I>&#148;). </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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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:4%; font-size:10pt; font-family:Times New Roman">directors in that &#147;congressional legislation is generally enacted against the background
of existing state law.&#148;<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> In the context of directors of investment companies, the well-established position of the U.S. Supreme Court provides that the 1940 Act does &#147;not require that
federal law displace state laws governing the powers of directors unless the state laws permit action prohibited by the [1940 Act], or unless &#145;their application would be inconsistent with the federal policy underlying the cause of
action.&#146;&#148;<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the MGCL, in the case of a failure to elect
directors at the designated time, such as in a contested election where no nominee receives the requisite vote threshold for election, the incumbent directors will hold over and continue to serve as directors until their successors are duly elected
and qualify.<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> If a holdover Director was previously elected by the Fund&#146;s shareholders, such a person continues to have been &#147;elected&#148; by shareholders for purposes of Maryland law,
which expressly allows such Director to hold over. Under the 1940 Act, Section&nbsp;16(a) sets forth certain provisions related to the election of directors and the filling of vacancies.<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Consistent with the aforementioned Congressional objective and the Supreme Court&#146;s holding in <I>Burks v. Lasker</I>, the federal
appellate court with jurisdiction over Maryland, the state in which the Fund is incorporated, has held that &#147;state laws that do not directly conflict with the [1940 Act] or its policies are not displaced by the [1940 Act], . . . and the use of
holdover directors does not create such a conflict. . . . [T]he use of holdovers, authorized by Maryland law, does not directly conflict with federal law. Nor does their use violate policies of the [1940 Act].&#148;<SUP
STYLE="font-size:85%; vertical-align:top">6</SUP> The federal appellate court in <I>Badlands</I> further explained that &#147;[t]he election of the two incumbents here at a prior shareholder meeting satisfies the plain language of [Section 16(a)].
Shareholders, not corporate insiders, are responsible for their presence on the board even though they are now holding over.&#148;<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> As such, the Fund believes that the concept of holdover
Directors as outlined in the Fund&#146;s Charter and Bylaws is permissible under both Maryland law and the 1940 Act. </P> <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="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</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 Burks v. Lasker</I>, 441 U.S. 471, 478 (1979). </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</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>Burks v. Lasker</I>, 441 U.S. at 479(quoting <I>Johnson v. Railway Express Agency</I>, 421 U.S. 454, 465
(1975)). In <I>Burks v. Lasker</I>, the court held that federal courts should apply state law governing the authority of independent directors to discontinue derivatives suits to the extent such law is consistent with the policies of the 1940 Act
and the Investment Advisers Act of 1940. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</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> MGCL &#167; <FONT STYLE="white-space:nowrap">2-405.</FONT> </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</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">Section&nbsp;16(a) of the 1940 Act provides, in relevant part, that &#147;[n]o person shall serve as a director
of a registered investment company unless elected to that office by the holders of the outstanding voting securities of such company, at an annual or a special meeting duly called for that purpose[.]&#148; Section&nbsp;16(a) also allows <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds to have classified boards, &#147;provided, that no class shall be elected for a shorter period than one year or for a longer period than five years and the term of office of at least one class shall
expire each year.&#148; </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</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>Badlands Trust Co. v. First Financial Fund, Inc.</I>, 65 Fed. App&#146;x. 876 (4th Cir. 2003)
(&#147;<I>Badlands</I>&#148;). As a matter of Maryland law, the court in <I>Badlands</I> also held that a corporation could alter voting requirements for the election of directors in its bylaws. <I>Badlands</I>; <I>Matson v. Alpert</I> (<I>In re
LandAmerica Fin. Group, Inc.</I>),<I> </I>470 B.R. 759 (Bankr. E.D.Va. 2012). </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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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">12.</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>On page 52, in the last paragraph, we note the defined term &#147;Continuing Director&#148; and the
description of how it will be used to lower the shareholder vote threshold required to approve actions. Please explain in correspondence:</I></B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</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>Your analysis of the legality of the overall arrangement under state law and the Investment Company
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">The Fund notes that the &#147;Continuing Director&#148; definition is and has been common for listed <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds for many decades. The Fund believes that the arrangement is permissible under both Maryland law and the 1940 Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Under the MGCL, the vote required to approve any matter may be set forth in the charter or, in certain cases, the bylaws of a corporation. The
threshold vote necessary to approve a matter may be increased or decreased from the statutory default provisions.<SUP STYLE="font-size:85%; vertical-align:top">8</SUP> However, the shareholder vote required to approve a charter amendment that
requires shareholder approval, a merger that requires shareholder approval, a dissolution, a transfer of all or substantially all of the corporation&#146;s assets, conversion into another form of entity, a statutory share exchange or a similar
transaction may not be reduced below the affirmative vote of a majority of the votes entitled to be cast on the matter.<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Continuing Director provisions set a higher voting threshold for certain matters, but reduce or eliminate the vote requirement if the Fund
obtains the requisite Continuing Director approval. As noted, if a shareholder vote is required by Maryland law (which would be the case for most charter amendments, mergers in which the Fund is not the successor and dissolutions), Continuing
Director approval reduces the vote required under Maryland law to a majority of the votes entitled to be cast on the matter, which is the minimum vote permissible under Maryland law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">With respect to the 1940 Act, as explained in greater detail above, the U.S. Supreme Court has held that federal law does not displace state
law unless state law permits an action prohibited by federal law or is inconsistent with the policy </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</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> MGCL &#167;&#167; <FONT STYLE="white-space:nowrap">2-104(b)</FONT> and <FONT
STYLE="white-space:nowrap">2-506.</FONT> </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</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> MGCL &#167; <FONT STYLE="white-space:nowrap">2-104(b)(5).</FONT>
</P></TD></TR></TABLE>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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">
underlying a provision of federal law.<SUP STYLE="font-size:85%; vertical-align:top">10</SUP> Therefore, the Fund believes that state law controls in the context of the Continuing Director
provision of the Fund&#146;s charter. Since Maryland law allows for a company to both increase or lower the threshold for shareholder approval of certain matters (so long as the threshold is not reduced below the affirmative vote of a majority of
votes entitled to be cast on the matter), and the 1940 Act neither directly nor indirectly prohibits such arrangements, the Fund believes that the use of the Continuing Director arrangement is permissible. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">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>Whether any vote required under the Investment Company Act to be approved by a majority vote of
shareholders would be subject to an 80% approval threshold;</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 Fund confirms that certain votes required under
the 1940 Act to be approved by a &#147;majority of the outstanding voting securities&#148; of the Fund (as defined in the 1940 Act) are subject to an 80% approval threshold under Maryland law if the Continuing Directors do not approve the proposal
by the threshold required in the Fund&#146;s charter. The Fund notes that any shareholder vote threshold must comply with all applicable law, including both Maryland law and federal law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The 1940 Act requires a vote of a majority of the outstanding voting securities of the Fund to take certain actions, including converting the
Fund from a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> fund and certain mergers with affiliated funds.<SUP STYLE="font-size:85%; vertical-align:top">11</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Similarly, Maryland law allows a company to set shareholder vote thresholds in its charter, provided that such thresholds comply with certain
minimum requirements. Again, the Fund&#146;s charter includes a higher shareholder vote threshold as permitted by Maryland law, which is not prohibited by or inconsistent with the 1940 Act. Therefore, the Fund believes these Charter provisions
requiring an 80% shareholder approval threshold for certain actions are permissible under the same analysis set forth above. Even if these Continuing Director provisions were not in the Fund&#146;s Charter, the minimum shareholder voting
requirements for certain of these actions (such as mergers or charter amendments necessary to convert to an <FONT STYLE="white-space:nowrap">open-end</FONT> format) under Maryland law exceed the requirements of the 1940 Act. In these instances, the
Fund must obtain the necessary shareholder votes under both the 1940 Act (if any) and Maryland law to proceed with the transaction. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">10</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 Burks v. Lasker</I>, supra note 2. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">11</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> Section&nbsp;13(a)(1) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17a-8</FONT> under
the 1940 Act. </P></TD></TR></TABLE>

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<TD VALIGN="bottom">&nbsp;</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Moreover, such thresholds for the enumerated transactions are protective of the Fund and its
long-term shareholders. Such investors invest in the Fund for current income at rates that are supported by the Fund&#146;s <FONT STYLE="white-space:nowrap">closed-end</FONT> structure, which allows the Fund to pay higher monthly distributions than
would typically be possible for an <FONT STYLE="white-space:nowrap">open-end</FONT> fund with a similar strategy that must manage its liquidity profile to meet shareholder redemptions. The <FONT STYLE="white-space:nowrap">closed-end</FONT> structure
also allows the Fund to invest in less liquid and illiquid investments that would be inhibited or prohibited by Rule <FONT STYLE="white-space:nowrap">22e-4</FONT> under the 1940 Act, the liquidity risk management rule that applies to <FONT
STYLE="white-space:nowrap">open-end</FONT> funds. These provisions have been in the Fund&#146;s Charter since its inception in 1998 and disclosed in each of the Fund&#146;s registration statements. As such, investors expect the protection of these
Continuing Director provisions when investing in the Fund. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</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>Any instances where the voting threshold required for board approval, including thresholds required under
the Investment Company Act, would be altered by the use of the Continuing Director defined term; and</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 Fund is
not aware of any instances where a voting threshold required for board approval under the 1940 Act would be altered by the use of the Continuing Director defined term. Under Maryland law, the only potential effect of a Continuing Director vote would
be to reduce or eliminate the shareholder vote necessary to approve a matter that requires action by the shareholders under Maryland law or otherwise requires action by the shareholders under the Charter. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</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>Whether the Continuing Director definition alters a Director&#146;s voting rights or otherwise limits
his/her ability to serve fully as a board member.</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 Continuing Director definition does not alter a
Director&#146;s voting rights or otherwise limit the exercise of the Director&#146;s powers and duties. A director has the same duties under Maryland law and the same voting power (<I>i.e.,</I> one vote) on any matter brought to the Board for a vote
whether or not he or she is a Continuing Director. Moreover, the Continuing Director provisions apply equally to all Directors. In other words, no Director is excluded from being a Continuing Director if such Director meets the requirements to be a
Continuing Director under the Fund&#146;s Charter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Incorporation by Reference </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</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>On page 64, please include a link to the Fund&#146;s semi-annual report of
October</I></B><B><I></I></B><B><I>&nbsp;31, 2021.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund confirms that it will include a hyperlink to the
Fund&#146;s semi-annual report for the period ended October&nbsp;31, 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Supplement </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</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>On the Cover, if the last reported NAV per Share and the last reported sales price per Share on the NYSE
represents a discount, please disclose by how much.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Fund will add
the requested disclosure. </P>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</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>On page 8, in Description of the Rights Offering, Over-Subscription Privilege, please indicate
supplementally whether the Fund reserves the right to issue shares in the secondary over-subscription at a price below NAV. To the extent the Fund does not reserve such right, please indicate that shares issued in the secondary over-subscription
will be issued at a price at or above NAV. To the extent that the Fund does reserve such right, please explain to us supplementally how doing so would be consistent with Section&nbsp;23 of the Investment Company Act.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In an interpretative letter issued to the <I>Association of Publicly Traded Investment Funds</I> (Aug. 2, 1985) (&#147;<I>APTIF</I>&#148;), the
Staff stated its belief that, for purposes of Section&nbsp;23(b)(1) of the 1940 Act, a transferable rights offering made by a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund at a price below current net asset value (&#147;NAV&#148;) is
considered &#147;in connection with an offering to the holders of one or more classes of its capital stock&#148; if the offering meets the following requirements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the offering fully protects shareholders&#146; preemptive rights and does not discriminate among shareholders
(except for the possible <I>de minimis</I> effect of not offering fractional rights); </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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who
do not exercise such rights; </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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the ratio of the offering does not exceed one new share for each three rights held; and </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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the fund&#146;s directors make a good faith determination that the offering would result in a net benefit to
existing shareholders. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the second incoming letter for the <I>APTIF</I> letter, the applicant provided information on
whether oversubscription rights would be included in the transferable rights offerings made by <FONT STYLE="white-space:nowrap">closed-end</FONT> funds based on the requested interpretation. The applicant stated in relevant part that whether or not
an offering includes oversubscription rights should be left to management which can weigh the likely benefits of raising some amount of additional capital against the costs of administering such an arrangement. The applicant further stated that
whatever decision is made should not affect the fairness to shareholders of the transferable rights offering itself. Accordingly, the applicant requested that the Staff not condition any interpretive position or definition of a transferable rights
offering on the existence or <FONT STYLE="white-space:nowrap">non-existence</FONT> of an oversubscription privilege; rather, this option should be left to corporate management in the exercise of its determination of whether or not an offering would
result in a net benefit to existing shareholders. Informed by these representations from the applicant, the Staff&#146;s interpretation in the <I>APTIF</I> letter did not place any specific limits on an oversubscription privilege. </P>

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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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:4%; font-size:10pt; font-family:Times New Roman">In a letter responding to questions about the propriety of a transferable rights offering
dated January&nbsp;23, 1993 (the &#147;<I>Chief Counsel Letter</I>&#148;), the Chief Counsel of the Division of Investment Management confirmed that the conditions of the <I>APTIF</I> letter apply to transferable rights offerings. The <I>Chief
Counsel Letter</I> stated that &#147;Section&nbsp;23(b) attempts to strike a balance between protecting existing shareholders against dilution and providing sufficient flexibility for <FONT STYLE="white-space:nowrap">closed-end</FONT> investment
companies to raise additional capital where the company is unable to raise sufficient capital by selling to shareholders alone. Accordingly, provided that [the] offering met the requirements listed [in the <I>APTIF</I> letter], it has complied with
the 1940 Act.&#148; With respect to the requirement that a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund&#146;s directors determine in good faith that the rights offering would result in a net benefit to existing shareholders, the <I>Chief
Counsel Letter</I> explained that this means that a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund&#146;s directors must conclude in good faith that <FONT STYLE="white-space:nowrap">non-exercising</FONT> shareholders will be compensated for
their dilution. The Staff recognized in the <I>Chief Counsel Letter</I> that there are benefits to <FONT STYLE="white-space:nowrap">non-exercising</FONT> shareholder in addition to selling their transferable rights and provided examples of how <FONT
STYLE="white-space:nowrap">non-exercising</FONT> shareholders may derive such benefits, including if the rights offering: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enables the fund&#146;s adviser to invest additional assets that earn a return that exceeds the dilution; and/or
</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 style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increases the company&#146;s total assets, which also may benefit existing shareholders by reducing expenses per
share due to the spreading of fixed expenses over a larger asset base. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In light of the foregoing, if a <FONT
STYLE="white-space:nowrap">closed-end</FONT> fund&#146;s directors make the determinations required by the <I>APTIF</I> letter, including the good faith determination that the offering would result in a net benefit to existing shareholders, then the
letters clearly would not prohibit the directors from making a decision to engage in a transferable rights offering at a price below NAV and with a ratio of less than 3:1 (e.g., 4:1 or 6:1) while also offering a secondary oversubscription privilege
that would not result in the proceeds from the offering exceeding a 3:1 ratio. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the Fund reserves the right to issue shares in
a secondary oversubscription at a price below NAV in a transferable rights offering in compliance with the guidance discussed above, which in all cases would not cause the proceeds from the rights offering to exceed a 3:1 ratio. The Fund notes that
it intends to disclose the percentage limit on the number of shares that could be issued in the secondary oversubscription privilege (if any), as indicated in the preliminary prospectus supplement, so that shareholders would be informed of the
magnitude of their potential dilution if they elect not to participate in the oversubscription. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>In addition, in this section or
where appropriate, please clarify that shareholders who choose not to exercise their full rights to purchase additional shares will permit shareholders who exercise the Over-Subscription Privilege to purchase additional shares at a discount without
furnishing additional rights or providing any compensation to the <FONT STYLE="white-space:nowrap">non-participating</FONT> shareholders for the dilution of their ownership percentage or voting rights. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Fund will revise its disclosure. </P>

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<TD VALIGN="top">Securities and Exchange Commission</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">February 16, 2022</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"><B>Statement of Additional Information </B></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">16.</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>On page 2, in the first paragraph, discussing concentration, the disclosure states the Fund&#146;s
concentration policy will be interpreted to permit investment without limit in &#147;securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions&#148; and
&#147;securities of foreign governments.&#148; Please note, the Fund should consider investment in private activity municipal debt securities, the principal and interest of which are derived principally from the assets and revenues of a <FONT
STYLE="white-space:nowrap">non-governmental</FONT> entity, when determining compliance with its concentration policy. In addition, as indicated at the end of this paragraph, investments in the sovereign debt of any single country are considered
investments in a single industry for concentration purposes.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Fund confirms that it will consider investments
in private activity municipal debt securities, the principal and interest of which are derived principally from the assets and revenues of a <FONT STYLE="white-space:nowrap">non-governmental</FONT> entity, when determining compliance with its
concentration policy. </P> <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;&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 call me at (202) <FONT STYLE="white-space:nowrap">636-5806</FONT> with any questions or further comments
regarding this submission or if you wish to discuss any of the above responses. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Ryan P. Brizek</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ryan P. Brizek</P></TD></TR>
</TABLE></DIV> <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">George Hoyt, Franklin Templeton </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; 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:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Debbie Sutter, Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
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