<SEC-DOCUMENT>0001140361-22-038759.txt : 20230307
<SEC-HEADER>0001140361-22-038759.hdr.sgml : 20230307
<ACCEPTANCE-DATETIME>20221028101118
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-22-038759
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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            <div><img width="115" height="30" src="image01.jpg"></div>
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            <div>SIDLEY AUSTIN LLP</div>
            <div>787 SEVENTH AVENUE</div>
            <div>NEW YORK, NY 10019</div>
            <div>+1 212 839 5300</div>
            <div>+1 212 839 5599 FAX</div>
            <div>&#160;</div>
            <div>AMERICA&#160; &#8226;&#160; ASIA PACIFIC&#160; &#8226;&#160; EUROPE</div>
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          <td style="width: 32.66%; vertical-align: bottom;">
            <div>+1 212 839 8615</div>
            <div>JKEAN@SIDLEY.COM</div>
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    <div><br>
    </div>
    <div>U.S. Securities and Exchange Commission</div>
    <div>100 F Street, N.E.</div>
    <div>Washington, D.C. 20549</div>
    <div><br>
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z91c214b5596943e9b357d3c72ab1bd93">

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            <td style="width: 33.33%;">Attention: Kimberly Browning</td>
            <td style="width: 33.33%;">
              <div>&#160;</div>
            </td>
            <td style="width: 33.33%; text-align: center;">October 28, 2022</td>
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    </div>
    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
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            <div>Re:</div>
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          <td style="width: 96%; vertical-align: top;">
            <div><u>Japan Smaller Capitalization Fund, Inc.</u></div>
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          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">
            <div><u>Preliminary Proxy Statement on Schedule 14A</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">
            <div><u>Filed September 30, 2022</u></div>
          </td>
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          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">
            <div><u>File No. 811-05992</u></div>
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    <div><br>
    </div>
    <div>Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-indent: 20.2pt; margin-right: 5.95pt;">Set forth below is the response of Japan Smaller Capitalization Fund, Inc. (the &#8220;<font style="font-weight: bold; font-style: italic;">Fund</font>&#8221; or &#8220;<font style="font-weight: bold; font-style: italic;">JOF</font>&#8221;) to oral comments received from the staff of the Division of Investment Management (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) on October 13, 2022, with respect to the Fund&#8217;s preliminary proxy statement filed with the Commission on September 30, 2022 (the &#8220;<font style="font-weight: bold; font-style: italic;">Preliminary Proxy Statement</font>&#8221;). Concurrently with the submission of this letter, the Fund is filing a revised preliminary proxy statement (the &#8220;<font style="font-weight: bold; font-style: italic;">Revised Preliminary Proxy Statement</font>&#8221;).</div>
    <div><br>
    </div>
    <div style="text-indent: 20.2pt;">All references to page numbers and captions included in the responses correspond to Revised Preliminary Proxy Statement, unless otherwise specified. All capitalized terms not otherwise defined herein shall have the
      meaning assigned to them in the Revised Preliminary Proxy Statement.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Notice of the Annual Meeting of Shareholders (the &#8220;</u><font style="font-style: italic;"><u>Notice</u></font><u>&#8221;)</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1a34957673c14bbc98ec1013b64588f9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 2.75pt;"><br>
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          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please revise the description of Proposal Two to more fully describe the matter being voted upon by shareholders being mindful of Rule 14a-4(a)(3) and Rule 14a-9.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund has revised the description of Proposal Two to read &#8220;To approve a change to the compensation structure of the Fund so that at the Fund&#8217;s current asset level (and at asset levels below $325
      million) the Fund will pay a lower management fee, although if the Fund&#8217;s asset level goes above $325 million the Fund would pay a higher management fee&#8221;. This title will also be revised on the proxy card.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbbe1ca94a1e04f68b78900c4828345a2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include Proposal Three in the Revised Preliminary Proxy Statement with a title that fully describes the matter being voted upon by shareholders.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund has included Proposal Three in the Revised Preliminary Proxy Statement with the description of such proposal in the Notice and on the proxy card as follows: &#8220;To consider and vote upon a
      shareholder proposal to establish a special committee to investigate suitable alternatives to replace the Fund&#8217;s current investment manager, if properly presented at the Meeting.&#8221;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z41f18e9f08c643abb5e59727a49335d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include the Board&#8217;s recommendations on how shareholders should vote on the agenda items in the Notice of the Meeting.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund has revised the Notice in the Revised Preliminary Proxy Statement to include the Board&#8217;s voting recommendations on each item in the agenda.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt;">Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div><br>
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        <div>Page <font class="BRPFPageNumber">2</font></div>
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    </div>
    <div style="font-weight: bold;"><u>Proposal One (Election of Directors)</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z55ec3dc76ae24df3be1c3b6bebc7d2a0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please indicate at the beginning of the Proposal which directors are independent.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: A statement regarding the independence of directors was provided in the Preliminary Proxy Statement.&#160; However, the Fund has added this language to the beginning of Proposal One in the Revised
      Preliminary Proxy Statement.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2759f4909e8345d2b420e1188f257ab4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please update the director information table to reflect the headings provided in Item 22(b)(1) of Schedule 14A.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><font style="font-weight: bold;">&#160;</font><u>RESPONSE</u>: The Fund has revised the tables on pages 3-4 of the Revised Preliminary Proxy to match the headings provided in Item 22(b)(1) of Schedule 14A.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5c37cea58d88419b9abfadb594232084" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">6.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please discuss the qualifications of each director nominee in a format more clearly separated for each nominee.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund has revised this information on pages 4-5 of the Revised Preliminary Proxy into a format that more clearly separates the qualifications for each nominee.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z155a94f30ac148649a74a0919c8ee566" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">7.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please confirm that the Fund has provided the disclosure required under Item 407(h) of Regulation S-K.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund has provided disclosure responsive to Item 407(h) of Regulation S-K under heading &#8220;Leadership Structure and Oversight Responsibilities of the Board of Directors.&#8221;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0a0a6311a85843fd9514d7d37b22f7e4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">8.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please consider whether the disclosure &#8220;[t]he Nominating Committee takes the overall diversity of the Board into account when considering and evaluating potential director candidates&#8221; is sufficiently responsive
              to Item 407(c)(2)(vi) of Regulation S-K.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund has considered the Staff&#8217;s comment, and has revised the indicated sentence as follows: &#8220;Although the Board does not have a formal diversity policy, the Nominating Committee takes the overall
      diversity of the Board into account when considering and evaluating potential director candidates. The Board considers diversity in the broadest sense, including business experience, skills, individual characteristics, gender, ethnicity and age.&#8221;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5985f23e73194f7188bb31e91174c893" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">9.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please disclose whether the current nominees for director were originally identified as candidates to the Board in accordance with the Board&#8217;s diversity policy.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Board does not have a formal diversity policy as clarified above and in the Revised Preliminary Proxy Statement.</div>
    <div><br>
    </div>
    <div style="margin-right: 15.55pt; font-weight: bold;"><u>Proposal Two (Change to Management Fee)</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z027869eb58204efe9d7e37343cc541a2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">10.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please expand the discussion of Proposal Two to further explain to shareholders the totality of the matter being voted upon, including a comparison of the current management fees to the fees resulting from the
              changes proposed in the Management Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: In the Revised Preliminary Proxy, the discussion of Proposal Two has been expanded as requested by the Staff.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div><br>
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        <div>Page <font class="BRPFPageNumber">3</font></div>
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    </div>
    <table cellspacing="0" cellpadding="0" id="z95da37c67fd440ef83a4cf6aed8fff60" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 19.5pt; vertical-align: top;">11.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please further expand upon the Board&#8217;s considerations in proposing the revised Management Contract, including whether independent counsel was consulted and the source of information that was evaluated, and the
              material factors considered.&#160; In addition, consider disclosing whether adverse factors were considered</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund has revised this section on pages 15-16 of the Revised Preliminary Proxy to further expand on the Board&#8217;s considerations in proposing the revised Management Contract, including the material
      factors considered and its prior consultation with independent counsel.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zebcc9295f9014a29870ebdfc3b4c903f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">12.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include a discussion of the potential benefits to the Manager that may result from the revised Management Contract.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund has revised the disclosure to include a discussion of the potential benefits to the Manager, namely that at asset levels above $325 million the Fund would pay a higher management fee to the
      Manager.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za4f7409fe16c47efbca4d34182760b7b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">13.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;"> Please disclose whether alternative investment managers were considered. If not, please explain why such alternatives were not considered.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Directors review competitor fee and performance information on an ongoing and annual basis pursuant to the requirements of Section 15(c) of the Investment Company Act (&#8220;<font style="font-weight: bold; font-style: italic;">Section 15(c)</font>&#8221;), although the Directors did not consider alternative investment managers at the time of the Board&#8217;s approval of the amended Management Contract due to the fact that the amended Management Contract
      is substantially identical to the existing Management except for the change to the management fee structure, where the fee will be lower at the Fund&#8217;s existing asset level.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z98dea6e023a347b2a0e3a4fac54c3201" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">14.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please describe how the proposed changes to the Management Agreement will impact the Investment Advisory Agreement. If any changes are going to be made to the Investment Advisory Agreement, please explain why
              shareholders are not being asked to approve a revised Investment Advisory Agreement as well.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: There will be no changes to the Investment Advisory Agreement, which is now disclosed in the Revised Preliminary Proxy.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd5ba52a4cc01489086dd6451c7d91143" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">15.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include the full date of the most recent Board approval of the current Management Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The date of the most recent Board approval of the current Management Agreement was November 17, 2021. This date has been included in the Revised Preliminary Proxy at page 15. The most recent Management
      Agreement is available on EDGAR at the following link: <u>https://www.sec.gov/Archives/edgar/data/859796/000090514811001205/efc11-400_ex992g1.htm</u>.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z79eec886d2624ee4b008363672f24128" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">16.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include the date that the last management agreement and advisory agreement were approved by shareholders. Please refer to Item 22(c)(1)(i).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Revised Preliminary Proxy includes such dates on page 12.&#160; The Management Agreement with NAM-U.S.A. and the Investment Advisory Agreement were last approved by shareholders on November 13, 2001.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
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        <div><img width="115" height="30" src="image01.jpg"></div>
        <div><br>
        </div>
        <div>Page <font class="BRPFPageNumber">4</font></div>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z75c114e4592e49d08d49470b5e9db6fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">17.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include disclosure indicating that shareholders indirectly pay the fees under the Investment Advisory Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Revised Preliminary Proxy has been revised on page 13 to include this disclosure.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze6b7dccdbb944688a49d15f80f20e05d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">18.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include disclosure describing the fee that is paid from NAM-U.S.A. to NAM under the Investment Advisory Agreement and the use(s) of such fee.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund respectfully declines to include this disclosure, as there are no changes proposed to the Investment Advisory Agreement and such agreement is otherwise publicly available.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeac0a13a52dc4d2daf041be8582efbf1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">19.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please confirm that the limitation of liability of NAM-U.S.A under the Management Agreement complies with Section 17(i) of the Investment Company Act.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund confirms that the limitation of liability of NAM-U.S.A. complies with Section 17(i) of the Investment Company Act.&#160; In addition, the Revised Preliminary Proxy has been revised to conform this
      disclosure to the agreement.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z689074d395304c03bbc109c514dec650" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">20.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Pursuant to Item 22(a)(3)(i) of Schedule 14A, please disclose the name and address of the Fund&#8217;s administrator and principal underwriter.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Revised Preliminary Proxy has been revised on page 14 to include the name and address of the Fund&#8217;s administrator.&#160; The Fund is not currently offering shares and therefore does not currently have a
      principal underwriter.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze1bf60050d06458f92c980a4b10cae13" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">21.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please provide the disclosure required by Item 22(c)(10) of Schedule 14A, or confirm is not applicable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund confirms that the disclosure required by Item 22(c)(10) of Schedule 14A is not applicable.</div>
    <div><br>
    </div>
    <div style="margin-left: 5.9pt; font-weight: bold;"><u>Audit Fee Disclosures</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z6aaae2e1a721411e830025bb2c3cef27" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">22.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include disclosure responsive to Item 9(e)(5) of Schedule 14A.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Preliminary Proxy included a reference to the Audit Committee&#8217;s pre-approval policies and procedures under the heading &#8220;<font style="font-style: italic;">Board Committees&#8213;Audit Committee; Report of
        the Audit Committee</font>&#8221;. This Fund has added disclosure on page 20 of the Revised Preliminary Proxy, which reads &#8220;The pre-approval policy of the Audit Committee requires that all services provided by the independent registered public accounting
      firm to the Fund be pre-approved by the Audit Committee or one or more members of the Audit Committee designated by the Audit Committee.&#8221; The Fund confirms that no services provided by the accountant were approved by the Audit Committee pursuant to
      the &#8220;de minimis&#8221; exception to the pre-approval requirements in Reg S-X Rule 2-01(c)(7)(i)(C).</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5cc7f027531a4dc999c56d0ae860de20" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">23.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please include disclosure responsive to Item 9(e)(8) of Schedule 14A, or confirm this is not applicable.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Revised Preliminary Proxy has included this disclosure on page 20.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>General Matters</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z42f7ee2f7fae46e8afd9949a4a1a1521" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">24.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Confirm that the virtual Meeting will be held in compliance with the Staff Guidance for Conducting Shareholder Meetings in Light of COVID-19 Concerns (the &#8220;<font style="font-style: italic;">Virtual Meeting
                Guidance</font>&#8221;).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" class="BRPFPageHeader">
        <div><img width="115" height="30" src="image01.jpg"></div>
        <div><br>
        </div>
        <div>Page <font class="BRPFPageNumber">5</font></div>
      </div>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund confirms that the Meeting will be held in accordance with the Virtual Meeting Guidance. Specifically, shareholders will have the ability to vote at the meeting and ask questions during the
      meeting through the virtual platform, as described under the heading &#8220;Attending the Virtual Meeting&#8221; in the Preliminary Proxy Statement and the Revised Preliminary Proxy Statement. Shareholders will be provided a number for technical assistance if
      they experience difficulty accessing the Meeting through the virtual platform. A statement regarding the availability of technical assistance has been added on page 21 of the Revised Preliminary Proxy.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4be21aaa9ea6424bb55d5d0b665e15d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">25.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Confirm that a virtual Meeting is permissible under the Fund&#8217;s governing documents and applicable law.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund confirms that a virtual Meeting is permissible under the Fund&#8217;s governing documents and applicable law, which is Maryland law. Article II, Section 1 of the Fund&#8217;s Bylaws provides that annual
      meetings of shareholders will be held &#8220;on the date and at the time and place set by the Board of Directors&#8221;;&#160; further, Article II, Section 3 states that the Board of Directors may from time to time determine the place at which annual meetings and any
      special meeting will be held. Section 2-503 of the Maryland General Corporation Law provides that if a board of directors is authorized to determine the place of stockholder meetings, the board of directors may determine that the meeting be held
      partially or solely by means of remote communication.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z193b732fa9a44947a2f9ac1293f1a8ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">26.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">For Proposals Two and Three, describe the impact of each proposal failing to pass.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 25.35pt;"><u>RESPONSE</u>: The Fund has included additional disclosures in the Revised Preliminary Proxy to address this comment at pages 12 and 17.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zca2ab75223a149d28932c213ff38c364" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">27.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please expand the quorum and voting requirements as described to be consistent with Section 2(a)(42) of the Investment Company Act.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: For all items on the agenda of the Meeting, the quorum required is the presence of the holders of a majority of the outstanding shares of stock of the Fund entitled to vote at the Meeting. This is
      provided in Article II, Section 5 of the Fund&#8217;s Bylaws. The voting requirements described in the Revised Proxy Statement have been expanded on page 22 to clarify that, for Proposal 2, the Investment Company Act provides that a majority vote will
      require the lesser of (a) 67 percent or more of the shares present at the meeting, if the holders of more than 50 percent of the Fund&#8217;s outstanding shares are present or represented by proxy; or (b) more than 50 percent of the Fund&#8217;s outstanding
      shares.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8517dbbe72e94ae593b45e3cd20687b6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.75pt;"><br>
          </td>
          <td style="width: 19.5pt; vertical-align: top; font-weight: bold;">28.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Please revise the disclosure regarding the treatment of broker non-votes in the election of directors. Please refer to Rule 452 of the New York Stock Exchange.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 27pt;"><u>RESPONSE</u>: The Fund has revised the disclosure in the Revised Preliminary Proxy on page 22 to provide that brokers will have discretionary voting authority in the election of directors due to the Fund&#8217;s status as a
      registered investment company.</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-right: 2.5pt;">* * * * *</div>
    <div style="text-align: center; margin-right: 2.5pt;"> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" class="BRPFPageHeader">
        <div><img width="115" height="30" src="image01.jpg"></div>
        <div><br>
        </div>
        <div>Page <font class="BRPFPageNumber">6</font></div>
      </div>
    </div>
    <div>
      <div style="text-indent: 18pt; color: rgb(0, 0, 0);">Please do not hesitate to contact me at (212) 839-8615 if you have comments or if you require additional information regarding this matter.</div>
    </div>
    <div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z6e6223e7972b46e0b19c82efa0bdb51f" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Respectfully submitted,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">/s/ Jesse Kean</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Jesse Kean</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z3b1e9d3e2a7749d1ba36ad94bd6da1d3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">cc:</div>
          </td>
          <td style="width: 97%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">Neil Daniele</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 97%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">Amy Robles</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 97%; vertical-align: bottom;">
            <div style="color: rgb(0, 0, 0);">Melanie Malc</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
