<SEC-DOCUMENT>0001193125-20-157424.txt : 20200720
<SEC-HEADER>0001193125-20-157424.hdr.sgml : 20200720
<ACCEPTANCE-DATETIME>20200601172102
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-157424
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AllianzGI Convertible & Income Fund
		CENTRAL INDEX KEY:			0001214935
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AGIC Convertible & Income Fund
		DATE OF NAME CHANGE:	20100825

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICHOLAS APPLEGATE CONVERTIBLE & INCOME FUND
		DATE OF NAME CHANGE:	20030121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICHOLAS APPLEGATE CONVERTIBLE INCOME FUND
		DATE OF NAME CHANGE:	20030121
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>SEC Response Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ROWSPAN="4">


<IMG SRC="g849075sp1.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom" ROWSPAN="4">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="4"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ROPES&nbsp;&amp; GRAY&nbsp;LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PRUDENTIAL TOWER</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800 BOYLSTON STREET</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BOSTON, MA 02199-3600</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">WWW.ROPESGRAY.COM</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="75%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">June 1, 2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Angela&nbsp;C.&nbsp;Jaimes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">T: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-951-7591</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Angela.Jaimes@ropesgray.com</TD></TR>
</TABLE> <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: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, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Mr.&nbsp;David&nbsp;L. Orlic, Esq. </P> <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">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">AllianzGI Convertible&nbsp;&amp; Income Fund (File Nos. <FONT STYLE="white-space:nowrap">333-234500</FONT> and <FONT
STYLE="white-space:nowrap">811-21284)</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>and </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">AllianzGI Convertible&nbsp;&amp; Income Fund II (File Nos. <FONT STYLE="white-space:nowrap">333-234504</FONT> and <FONT
STYLE="white-space:nowrap">811-21338)</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Orlic: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am writing on behalf of AllianzGI Convertible&nbsp;&amp; Income Fund and AllianzGI Convertible&nbsp;&amp; Income Fund II (together, the &#147;Trusts&#148;)
to respond to the comments by the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148; or, the &#147;SEC&#148;) on (i)&nbsp;the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT>
(the &#147;<U>NCV Registration Statement</U>&#148;) relating to an offering (the &#147;<U>NCV Offering</U>&#148;) of common shares of beneficial interest by AllianzGI Convertible&nbsp;&amp; Income Fund (&#147;<U>NCV</U>&#148;) and (ii)&nbsp;the
Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-2</FONT> (the &#147;<U>NCZ Registration Statement</U>&#148; and, together with the NCV Registration Statement, the &#147;<U>Registration Statements</U>&#148;) relating to an
offering (the &#147;<U>NCZ Offering</U>&#148; and, together with the NCV Offering, the &#147;<U>Offerings</U>&#148;) of common shares of beneficial interest by AllianzGI Convertible&nbsp;&amp; Income Fund II (&#147;<U>NCZ</U>&#148; and, together
with NCV, the &#147;<U>Funds</U>&#148;) to be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registration Statements were filed with the SEC on
November&nbsp;4, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following sets forth the Staff&#146;s comments and the Funds&#146; responses thereto. The responses will be reflected, to the
extent applicable, in <FONT STYLE="white-space:nowrap">pre-effective</FONT> effective amendments to the Registration Statements (collectively, the &#147;<U><FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendments</U>&#148;) to be filed on or
shortly after the date hereof. Capitalized terms not otherwise defined herein have the meanings given in the Registration Statements. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We note that the Funds invest in convertible securities. If the Funds invest or expect to
invest in contingent convertible securities (&#147;CoCos&#148;), consider what disclosure is appropriate. The type and location of disclosure will depend on, among other things, the extent to which the Funds invest in CoCos, and the characteristics
of the CoCos (<I>e.g.</I>, the credit quality, the conversion triggers). If CoCos are or will be a principal investment, please provide a description and appropriate risk disclosure. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: As noted in the &#147;Convertible Securities&#148; subsection in the &#147;Prospectus Summary&#148; and &#147;Portfolio
Contents&#148; sections in each Fund&#146;s prospectus, the Funds invest in only those CoCos that are generally convertible at the option of the security holder. The Funds do not invest in convertible securities that convert upon the occurrence of
an external trigger event, such as the failure of the issuer to satisfy certain capitalization criteria. Considering the characteristics of the types of CoCos in which the Funds may invest, the Funds believe the existing disclosure, specifically the
investment strategy disclosure regarding CoCos, is appropriate. </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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: Given the recently reported erosion of traditional lender protections and the rise of <FONT
STYLE="white-space:nowrap">so-called</FONT> &#147;covenant-lite loans,&#148; please describe such loans if the Fund may invest in them. Also, disclose the risks of such loans. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Funds will add the below disclosure under &#147;Portfolio Contents&#148; and have made a conforming revision to each
Fund&#146;s Prospectus Summary: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;Covenant-Lite&#148; Obligations. The Fund may invest in, or obtain exposure to, obligations that may
be &#147;covenant-lite,&#148; which means such obligations lack, or possess fewer, financial covenants that protect lenders than other obligations. Covenant-lite agreements may feature incurrence covenants, as opposed to the more restrictive
maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes
certain actions (e.g., issuing additional debt, paying a dividend or making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow
the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Funds will also add the
below disclosure under &#147;Principal Risks of the Fund&#148; and have made a conforming revision to each Fund&#146;s Prospectus Summary: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>&#147;Covenant-Lite&#148; Obligations Risk </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms
that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in
activities that would otherwise be difficult or impossible under a covenant-heavy loan </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>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Market Price of Shares, page 12 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We note disclosure that each Fund&#146;s &#147;net asset value will be reduced immediately
following an offering by any sales load and/or commissions and the amount of offering expenses paid or reimbursed by the Fund in connection with such offering.&#148; Please advise how the offering will reduce the Fund&#146;s net asset value if
shareholders will pay these fees. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The referenced sentence will be removed. The fees and expenses
imposed on shareholders in connection with the offerings are detailed under &#147;Summary of Fund Expenses&#148; and &#147;Plan of Distribution.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Leverage Risk, page 18 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: Please disclose that, because the fees received by the Investment Manager are also based on
assets attributable to the use of leverage, the Investment Manager may have a conflict of interest in determining whether to use or increase the use of leverage. If true, please also disclose that the Investment Manager will: (a)&nbsp;base its
decision regarding whether and how much leverage to use on its assessment of whether such use of leverage is in the best interests of the respective Fund and (b)&nbsp;seek to manage that potential conflict by periodically reviewing performance and
use of leverage with the Board of Trustees. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The disclosure under &#147;Use of Leverage&#148; will be
revised as follows (additions underlined): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Because the fees received by the Investment Manager are based on the total managed assets of
the Fund (including any assets attributable to any Preferred Shares or other forms of leverage of the Fund that may be outstanding), the Investment Manager has a financial incentive for the Fund to use certain forms of leverage (e.g., preferred
shares, securities loans, reverse repurchase agreements and other borrowings), which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. <U>The Fund&#146;s Board of
Trustees considers periodically whether the Fund&#146;s use of leverage continues to be appropriate and in the best interest of the Fund under current market conditions. The Trustees also consider the Investment Manager&#146;s representations that
it will use leverage for the Fund solely as it determines to be in the best interest of the Fund in light of the potential conflict of interest.</U> </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>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary of Fund Expenses, page 34 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We note disclosure that each Fund&#146;s expense table &#147;is intended to assist investors in
understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering.&#148; Please advise how the expenses under the &#147;Annual Expenses&#148; section of the
table are a result of the offering. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The referenced disclosure will be revised as follows (additions
underlined): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in
Common Shares of the Fund would bear, directly or indirectly, as a result of <U>purchasing shares in</U> an offering <U>as contemplated herein</U>. </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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We note the disclosure in footnote 3. Please confirm supplementally that the values
representing &#147;Dividend Reinvestment Plan (&#147;DRIP&#148;) Fees&#148; include all of the described DRIP expenses in addition to brokerage commissions. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Funds confirm supplementally that the applicable values include all related dividend reinvestment plan fees and expenses
described in the Registration Statements in addition to brokerage commissions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Bank Loans, page 52 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: Please address how the expected discontinuation of LIBOR could affect each Fund&#146;s
investments, including (1)&nbsp;the impact on the liquidity of Fund investments with a variable or floating rate based on LIBOR that do not include a fall-back provision addressing the discontinuation of LIBOR, and (2)&nbsp;the impact of the
transition to a successor to LIBOR of Fund investments with a variable or floating rate based on LIBOR. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>:
Currently, neither Fund has any senior loan investments with variable or floating rates based on LIBOR. The reference to LIBOR in the disclosure under &#147;Bank Loans&#148; serves only as an example of a floating base lending rate. However, the
Funds&#146; note supplementally that the following disclosure will be added under &#147;Interest Rate Risk&#148; in order to clarify potential risks associated with the discontinuation of LIBOR. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Actions by governmental entities may also impact certain instruments in which the Fund invests. For example, certain instruments in which the
Fund may invest rely in some fashion upon LIBOR. LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom&#146;s Financial Conduct Authority,
which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, and any potential effects of the transition away
from LIBOR on the Fund or on certain instruments in which the Fund invests are not known. The transition process may involve, among other things, increased </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>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
volatility or illiquidity in markets for instruments that currently rely on LIBOR, particularly insofar as the documentation governing such instruments does not include &#147;fall back&#148;
provisions addressing the transition from LIBOR. With respect to most LIBOR-based instruments in which the Fund may invest, the pricing and other terms governing the adoption of any successor rate are expected to limit or eliminate the direct effect
of the transition to a successor rate on the value of such instruments. However, uncertainty and volatility arising from the transition may result in a reduction in the value of certain LIBOR-based instruments held by the Fund or reduce the
effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Interest Rate Risk, page 64 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: Please consider whether the &#147;Interest Rate Risk&#148; disclosure can be updated.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The referenced disclosure will be revised as follows (deleted text in strikethrough): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">When interest rates are low relative to historic levels, the Fund may face elevated exposure to the risks associated with increases in interest
rates, including increases triggered by governments or central banking authorities. <STRIKE>For example, the Federal Reserve Board concluded its quantitative easing program and, in December 2015, raised continued to increase interest rates for the
first time since 2006, actions that may have placed the Fund at elevated risks associated with rising interest rates.</STRIKE> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Other Investment
Companies Risk, page 72 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We note disclosure related to other investment companies risk, please consider if acquired fund
fees and expenses should be disclosed in the Funds&#146; Registration Statements. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Funds confirm
supplementally that neither Fund had investments in other investment companies requiring acquired fund fees and expenses reporting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Distributions,
page 81 </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We note disclosure that &#147;the 1940 Act currently limits the number of times the Fund may
distribute long-term capital gains in any tax year.&#148; For clarity, please revise to reflect that the 1940 Act limits long-term capital gains to once a year. </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">-5- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The referenced disclosure for each Fund will be revised as follows (deleted text
in strikethrough and additions underlined): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The 1940 Act currently limits <STRIKE>the number of times </STRIKE>the Fund <STRIKE>may
distribute </STRIKE><U>to one, or in certain cases three</U>, long-term capital gain<STRIKE>s</STRIKE> <U>distributions</U> in any tax year, which may increase the variability of the Fund&#146;s distributions and result in certain distributions
being comprised more or less heavily than others of long-term capital gains eligible for favorable income tax rates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Tax Consequences, page 83
</U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: Please disclose that reinvested dividends will not be accompanied by a cash distribution with
which to pay any taxes due. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The disclosure under &#147;Tax Consequences&#148; will be revised as
follows (additions underlined): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and
distributions&#151;<I>i.e.</I>, automatic reinvestment in additional shares does not relieve shareholders of, or defer the need to pay, any income tax that may be payable (or that is required to be withheld) on Fund dividends and distributions,
<U>although the shareholder will not have received</U> cash at the time to satisfy such obligations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Conversion to
<FONT STYLE="white-space:nowrap">Open-End</FONT> Fund, page 96 </U></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" 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"><U>Comment</U>: Please disclose the following with respect to conversion: </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="4%">&nbsp;</TD>
<TD WIDTH="4%" 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">It may require changes in the management of a Fund&#146;s portfolio in order to meet the liquidity requirements
applicable to <FONT STYLE="white-space:nowrap">open-end</FONT> 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" 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">It could affect the Funds&#146; ability to meet their respective investment objectives or to use investment
policies and techniques that are more appropriate for a fixed portfolio than one subject to constant demands for redemption and inflows of cash; 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="4%">&nbsp;</TD>
<TD WIDTH="4%" 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">Whether the Funds contemplate charging sales or redemption fees upon conversion to an <FONT
STYLE="white-space:nowrap">open-end</FONT> fund and whether redemptions will be made in cash or securities. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The following disclosure will be incorporated under &#147;Repurchase of Common Shares; Conversion to <FONT
STYLE="white-space:nowrap">Open-End</FONT> Fund&#148;: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In addition, if the Fund were to convert to an
<FONT STYLE="white-space:nowrap">open-end</FONT> company, it would likely have to significantly reduce any leverage it is then employing and would generally not be allowed to hold more than 15% of its net assets in illiquid securities, either or
both of which may necessitate a substantial repositioning of the Fund&#146;s investment portfolio, which may in turn generate substantial transaction costs, which would be borne by Common Shareholders, and may adversely affect Fund performance and
Fund dividends. Shareholders of an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company may require the company to redeem their shares on any business day (except in certain circumstances as authorized by or under the 1940 Act) at
their net asset value, less such redemption charge, if any, as might be in effect at the time of redemption. In </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">-6- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
order to avoid maintaining large cash positions or liquidating favorable investments to meet redemptions, <FONT STYLE="white-space:nowrap">open-end</FONT> companies typically engage in a
continuous offering of their shares. <FONT STYLE="white-space:nowrap">Open-end</FONT> companies are thus subject to periodic asset <FONT STYLE="white-space:nowrap">in-flows</FONT> and <FONT STYLE="white-space:nowrap">out-flows</FONT> that can
complicate portfolio management. If the Fund converts to <FONT STYLE="white-space:nowrap">open-end</FONT> status, it may impose ongoing distribution and service fees on its shares, may impose sales charges on sales of new shares and may reserve the
right to redeem shares <FONT STYLE="white-space:nowrap">in-kind.</FONT> If the Fund converts to <FONT STYLE="white-space:nowrap">open-end</FONT> status, it would most likely offer shares pursuant to a new registration statement, which will contain
information regarding these and other arrangements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Statement of Additional Information </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Investment Restrictions, page 39 </U></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 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"><U>Comment</U>: We note disclosure related to each Fund&#146;s investment restrictions that &#147;all
limitations applicable to the Fund&#146;s investments (as stated above and elsewhere in this Statement of Additional Information) apply only at the time a transaction is entered into.&#148; Please revise this disclosure to address borrowing
limitations. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The referenced disclosure for each Fund will be revised as follows (additions underlined):
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated, all limitations applicable to the Fund&#146;s investments (as stated above and elsewhere in this Statement of
Additional Information) apply only at the time a transaction is entered into. <U>Limitations with respect to borrowing apply as set forth in Section</U><U></U><U>&nbsp;18 under the 1940 Act, including at the time of incurrence or at the time of a
dividend or distribution. </U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Legal Opinion </U></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 style = "page-break-inside:avoid">
<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"><U>Comment</U>: We would ask to see the applicable legal opinions before declaring the Registration Statements
effective. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Funds&#146; legal opinions will be filed as exhibits to a future <FONT
STYLE="white-space:nowrap">pre-effective</FONT> amendment to each Fund&#146;s registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call me (at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-951-7591)</FONT></FONT> or David C. Sullivan (at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-951-7362)</FONT></FONT> if you have any questions or require additional information. </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">Very&nbsp;truly&nbsp;yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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/ Angela C. Jaimes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Angela C. Jaimes</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">Thomas J. Fuccillo, Esq. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Craig Ruckman, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David C.
Sullivan, Esq. </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">-7- </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g849075sp1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g849075sp1.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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JTNGJR:=;*RE6$2@@C!!Q2*6Q9H * "@ H * "@ H * "@ H * "@#__9

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