<SEC-DOCUMENT>0001137439-25-000041.txt : 20250313
<SEC-HEADER>0001137439-25-000041.hdr.sgml : 20250313
<ACCEPTANCE-DATETIME>20250205145019
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001137439-25-000041
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Income Opportunities Trust
		CENTRAL INDEX KEY:			0000835333
		ORGANIZATION NAME:           	
		IRS NUMBER:				133473972
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0530

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST/MA
		DATE OF NAME CHANGE:	19930721
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!-- Created by CompSci Resources, LLC on Wed Feb 05 17:50:28 UTC 2025 --><!doctype html><html>
 <head><meta content="text/html; charset=ASCII">
  <title></title>
 </head>
 <body style="font-family: Times New Roman; font-size: 12pt; width: 540.0pt;">
  <div>&#xa0;
  </div>
  <table style="font-size: 12pt; border-spacing: 0px; border-collapse: collapse;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <img src="image1.jpg" style="width: 165.75pt; height: 68.25pt;">
     </div>
    </td>
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font style="font-size: 10.0pt; color: #000000; font-weight: bold;">Stradley Ronon Stevens &amp; Young, LLP</font>
     </div>
     <div style="text-align: right;">
      <font style="font-size: 10.0pt; color: #000000;">2005 Market Street, Suite 2600</font>
     </div>
     <div style="text-align: right;">
      <font style="font-size: 10.0pt; color: #000000;">Philadelphia, PA&#xa0; 19103</font>
     </div>
     <div style="text-align: right;">
      <font style="font-size: 10.0pt; color: #000000;">Telephone&#xa0; 215.564.8000</font>
     </div>
     <div style="text-align: right;">
      <font style="font-size: 10.0pt; color: #000000;">Fax&#xa0; 215.564.8120</font>
     </div>
    </td>
   </tr>
  </table>
  <div>&#xa0;
  </div>
  <div style="text-align: center; font-size: 11pt;">&#xa0;
  </div>
  <div style="text-align: center;">
   <font style="font-size: 11.0pt; color: #000000;">February 5, 2025</font>
  </div>
  <div style="font-size: 11pt;">&#xa0;
  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000; font-weight: bold; text-decoration: underline;">Filed via EDGAR</font>
  </div>
  <div style="font-size: 11pt;">&#xa0;
  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000;">U.S. Securities and Exchange Commission</font>
  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000;">100 F Street, NE</font>
  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000;">Washington, DC 20549</font>
  </div>
  <div style="font-size: 11pt;">&#xa0;
  </div>
  <table style="font-size: 12pt; border-spacing: 0px; border-collapse: collapse;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Attention:</font>
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Mr. Asen Parachkevov</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Mr. David Manion </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">With a copy to:</font>
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Ms. Andrea Ottomanelli Magovern </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Ms. Jaea Hahn</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Ms. Catalina Jaime</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Re:</font>
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Invesco Municipal Income Opportunities Trust (the &#x201c;Fund&#x201d;)</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 95.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 455.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; text-decoration: underline;">File Nos. 333-283796 and 811-05597</font>
     </div>
    </td>
   </tr>
  </table>
  <div style="margin-left: 36pt; font-size: 11pt;">&#xa0;
  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000;">Dear Mr. Manion and Mr. Parachkevov:</font>
  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000;">&#xa0;</font>
  </div>
  <div style="text-align: justify;">
   <font style="font-size: 11.0pt; color: #000000;">On behalf of the Fund, below are the Fund&#x2019;s responses to the comments of the staff (the &#x201c;Staff&#x201d;) of the U.S. Securities and Exchange Commission (the &#x201c;SEC&#x201d;) that were conveyed telephonically by Mr. Manion to Mena Larmour on January 6, 2025 (shown herein under the caption &#x201c;Accounting Comments&#x201d;) and in written correspondence via email by Mr. Parachkevov to Mena Larmour on January 13, 2025 (shown herein under the caption &#x201c;Disclosure Comments&#x201d;) with regard to the Fund&#x2019;s shelf offering registration statement on Form N-2 (the &#x201c;Registration Statement&#x201d;).&#xa0; The Registration Statement was filed with the SEC on December 13, 2024. </font>
  </div>
  <div style="text-align: justify; font-size: 11pt;">&#xa0;
  </div>
  <div style="text-align: justify;">
   <font style="font-size: 11.0pt; color: #000000;">Concurrently with this letter, the Fund is filing Pre-Effective Amendment No. 1 to its Registration Statement, which reflects the disclosure changes discussed below.</font>
  </div>
  <div style="text-align: justify; font-size: 11pt;">&#xa0;
  </div>
  <div style="text-align: justify;">
   <font style="font-size: 11.0pt; color: #000000;">Each comment from the Staff is included below, followed by the Fund&#x2019;s response to the comment.&#xa0; Terms not defined herein shall have the meaning set forth for that term in the Registration Statement.</font>
  </div>
  <div style="text-align: justify; font-size: 11pt;">&#xa0;
  </div>



  <table style="font-size: 12pt; border-spacing: 0px; border-collapse: collapse; width: 100%;">
   <tr style="height: 0px; font-size: 0px;">
    <td style="width: 27.95pt;">
    </td>
    <td style="width: 512.05pt;">
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-weight: bold; text-decoration: underline;">Accounting Comments</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify; margin-left: 8.25pt; margin-right: 15.95pt; font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; text-decoration: underline;">Global Comment:</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify; margin-left: 8.25pt; margin-right: 15.95pt; font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">1.</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:  Please add the name of the Fund&#x2019;s independent registered public accounting firm, where appropriate. Please also provide the consent of the Fund&#x2019;s independent registered public accounting firm.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">&#xa0;</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify; margin-left: 8.25pt; margin-right: 15.95pt;">
      <font style="font-size: 11.0pt; color: #000000;">&#xa0;</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:  The Fund confirms that the information will be updated as requested and that the consent of the Fund&#x2019;s independent registered public accounting firm will be filed in a subsequent pre-effective amendment.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; text-decoration: underline;">Prospectus Comment:</font>
     </div>
    </td>
   </tr>
  </table>
  <div class="footer" style="page-break-after: always;">
    <hr>

  </div>
  <table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 11pt; color: rgb(0, 0, 0);">
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0px; width: 94.82%; text-align: justify;">


      <font style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Summary of Fund Expenses, p. 6</font>
     </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0px; width: 94.82%; text-align: justify;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">


      <font style="color: rgb(0, 0, 0);">1.</font>
     </td>
    <td style="padding: 0px; width: 94.82%; text-align: justify;">


      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Comment</font><font style="color: rgb(0, 0, 0);">:  In the fee table, we note the amount of &#x201c;Other expenses&#x201d; differs from the amount included in the Fund&#x2019;s August 31, 2024 Semi-Annual Report by about 24 basis points. Please supplementally explain the reason for this difference.</font>
     </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0px; width: 94.82%; text-align: justify;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0px; width: 94.82%; text-align: justify;">


      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Response</font><font style="color: rgb(0, 0, 0);">:  The Fund notes that &#x201c;Other expenses&#x201d; were restated to reflect current fees, by excluding the interest expenses and legal fees associated with the preferred shares of the Fund that were redeemed on April 30, 2024, and to exclude the extraordinary expenses associated with the costs of the Fund&#x2019;s proxy statement in connection with its special shareholder meeting held in 2024, which involved seeking shareholder approval for several non-routine items (amending or removing fundamental restrictions to modernize such restrictions, which the Fund is not expecting to incur moving forward).</font>
     </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0px; width: 94.82%; text-align: justify;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); font-weight: bold; text-decoration: underline;">Statement of Additional Information Comment:</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Financial Statements, p. S-50</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">


      <font style="color: rgb(0, 0, 0);">1.</font>
     </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Comment</font><font style="color: rgb(0, 0, 0);">:  Please incorporate by reference to the Fund&#x2019;s most recent semi-annual report.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Response</font><font style="color: rgb(0, 0, 0);">:  The Fund has revised disclosure as requested.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td colspan="2" style="padding: 0px; text-align: justify;">



      <font style="color: rgb(0, 0, 0); font-weight: bold; text-decoration: underline;">Disclosure Comment<br></font>
     &#xa0;
     </td>
   </tr>

   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); font-weight: bold; text-decoration: underline;">Prospectus Comments:</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">General</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">


      <font style="color: rgb(0, 0, 0);">1.</font>
     </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Comment</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;We note that the Registration Statement contains bracketed disclosures (</font><font style="color: rgb(0, 0, 0); font-style: italic;">e.g.</font><font style="color: rgb(0, 0, 0);">, fee table). We may have comments on such portions when you complete them in any pre-effective amendment, on disclosures made in response to this letter, on information supplied supplementally, or on exhibits filed in any pre-effective amendment. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Response</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;The Fund acknowledges the Staff&#x2019;s comment. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">


      <font style="color: rgb(0, 0, 0);">2.</font>
     </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Comment</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;Where a comment is made regarding disclosure in one location, it is applicable to all similar disclosure appearing elsewhere in the Registration Statement. Please make all conforming changes.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Response</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;The Fund acknowledges the Staff&#x2019;s comment and will make such changes, as applicable. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">


      <font style="color: rgb(0, 0, 0);">3.</font>
     </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Comment</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;Please advise us if you expect to submit any exemptive application(s) or no-action request(s) in connection with the Registration Statement. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Response</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;The Fund confirms that it has not, and does not expect to, submit any exemptive applications or no-action requests in connection with the Registration Statement. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">


      <font style="color: rgb(0, 0, 0);">4.</font>
     </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Comment</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;Please confirm the Fund does not intend to issue preferred shares within a year from the effective date of the Registration Statement.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">&#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0px; width: 5.18%; text-align: justify;">&#xa0;</td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="color: rgb(0, 0, 0); text-decoration: underline;">Response</font><font style="color: rgb(0, 0, 0);">:&#xa0;&#xa0;As of the date of this letter, the Fund does not have a present intention to issue preferred shares within a year from the effective date of the Registration Statement.&#xa0;&#xa0;The Fund notes the disclosure regarding preferred shares under the section &#x201c;Use of Leverage &#x2013; Preferred Shares&#x201d; and &#x201c;Description of Capital Structure &#x2013; Preferred Shares&#x201d; in the Registration Statement and the &#x201c;Preferred Shares Risk&#x201d; in the Fund&#x2019;s annual shareholder report that is incorporated by reference. If the Fund were to issue preferred shares, additional information specific to&#xa0;any such preferred shares, when issued, will be disclosed in a prospectus supplement.</font>
     </div>
    </td>
   </tr>
  </table>
  <div class="footer" style="page-break-after: always;">
    <hr>

  </div>
  <table style="font-size: 12pt; border-spacing: 0px; border-collapse: collapse; width: 100%;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Cover Page</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">5.</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;Please include a cross-reference to the prospectus discussion regarding the risks associated with a leveraged capital structure. See Item 1.1.j of Form N-2 and Guidelines to Form N-2, Guide 6.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund has revised the disclosure as requested. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Prospectus Summary</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Use of Proceeds, p. 1</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">6.</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;We note the disclosure that states the net proceeds will be invested by the Fund within three to six months after an offering.&#xa0;&#xa0;If longer than 3 months, the reasons for any expected delay should be stated.&#xa0;&#xa0;Please reconcile this disclosure with the &#x201c;Use of Proceeds&#x201d; section below on page 7 which suggests net proceeds will be invested within 30 days.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund confirms that the net proceeds will be invested by the Fund within three to six months after an offering and has updated the disclosure accordingly. The Fund has also added disclosure regarding the reasons for any expected delay. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Investment Objective and Policies, p. 2</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">7.</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;We note that the disclosure in the sub-section refers to the Fund&#x2019;s most recent annual report on Form N-CSR, which is incorporated by reference into the Registration. Please hyperlink to the form and make conforming changes where the disclosure references to documents that are incorporated by reference (</font><font style="font-size: 11.0pt; color: #000000; font-style: italic;">e.g.</font><font style="font-size: 11.0pt; color: #000000;"> &#x201c;Special Risk Considerations&#x201d; on p. 4).</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top; height: 12.15pt;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund has revised the disclosure to include hyperlinks as requested. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Summary of Taxation, p. 4</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">8.</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;Since the Fund's name includes "Municipal," please briefly discuss whether the Fund's distributions are subject to federal and state or local taxation.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund has revised the disclosure as requested. </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Management of the Fund</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">9.</font>
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The sub-section discussing the Fund&#x2019;s Sub-Advisory Agreement states that &#x201c;Invesco has entered into a Sub-Advisory Agreement with certain affiliates to serve as sub-advisers to the Fund, pursuant to which these affiliated sub-advisers may be appointed by Invesco from time to time to provide discretionary investment management services, investment advice, and/or order execution services to the Fund.&#x201d;&#xa0;&#xa0;In your response, please explain whether shareholder approval is obtained each time that the Fund engages a new sub-adviser to provide investment management services and/or advice to the Fund, as required by Section 15(a) of the 1940 Act.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 94.82%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;Invesco Advisers, Inc. (&#x201c;Invesco&#x201d;) has entered into a Master Intergroup Sub-Advisory Contract (the &#x201c;Sub-Advisory Contract&#x201d;) with certain of its affiliates (the &#x201c;Sub-Advisers&#x201d;), which authorizes Invesco to delegate certain of its rights, duties and obligations under the investment advisory agreement between Invesco and the Fund to one or more Sub-Advisers. The Sub-Advisory Contract was initially approved by the sole initial shareholder of the Fund and its continuance is annually considered by the Fund&#x2019;s Board of Trustees (the Sub-Advisory Contract was most recently renewed by the Board of Trustees on June 12, 2024 as disclosed in the Fund&#x2019;s semi-annual report to shareholders for the period ended August 31, 2024). Therefore, the Sub-Advisory Contract has been approved and renewed as required by Section 15(a) and shareholder approval will not be sought </font>
     </div>
    </td>
   </tr>
  </table>
  <div class="footer" style="page-break-after: always;">
    <hr>

  </div>
  <table style="font-size: 12pt; border-spacing: 0px; border-collapse: collapse; width: 100%;">
   <tr style="height: 0px; font-size: 0px;">
    <td style="width: 28pt;">
    &#xa0;</td>
    <td style="width: 43.95pt;">
    &#xa0;</td>
    <td style="width: 468.05pt;">
    &#xa0;</td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">if Invesco engages a Sub-Adviser to provide services to the Fund.&#xa0;&#xa0;If the Board of Trustees were to not renew the Sub-Advisory Contract in the future, the Sub-Advisory Contract would be terminated and Invesco would not appoint a Sub-Adviser to provide services to the Fund.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Form N-CSR for year ended February 29, 2024 (incorporated by reference)</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Additional Information - Investment Objective, Policy and Strategies, pp. 30-37</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Zero coupon or Pay-in-Kind Securities Risk, p. 34</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">10.</font>
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;Please disclose that the interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund has revised the disclosure in the Fund&#x2019;s SAI accordingly and will include such disclosure in the &#x201c;Additional Information &#x2013; Investment Objective, Policies and Principal Risks of the Trust&#x201d; section of the Fund&#x2019;s next Form N-CSR filing.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Anti-Takeover and Other Provisions in the Fund&#x2019;s Governing Documents, pp. 19-21</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">11.</font>
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;In the second paragraph after the bullet points on page 21, please disclose that the Declaration of Trust requires that shareholders making the pre-suit demand on the Board undertake to reimburse the Fund for the expenses incurred by the Board and that any suit, claim or other action must be brought as a derivative claim irrespective of whether such claim involves a violation of shareholders' rights. Please clarify that these provisions do not apply to any claims arising under the federal securities laws.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund has revised the disclosure as requested. The Registrant also directs the staff to the following disclosure in that section:</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 8.14%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 86.68%;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">"Insofar as the federal securities laws supersede state law, these provisions do not apply to shareholder derivative claims that arise under the federal securities laws.&#x201d; </font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 8.14%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 86.68%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; text-decoration: underline;">Statement of Additional Information Comments:</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 8.14%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 86.68%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; font-weight: bold; font-style: italic;">Investment Restrictions, pp. S-15 &#x2013; S-17</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 8.14%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 86.68%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify;">
      <font style="font-size: 11.0pt; color: #000000;">12.</font>
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Comment</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;We note that the Fund&#x2019;s fundamental policy 8 states that the &#x201c;Trust will invest at least 80% of its net assets in Municipal Obligations, except during temporary defensive measures.&#x201d; We note that the Fund&#x2019;s name includes the term &#x201c;municipal,&#x201d; which suggests that the Fund&#x2019;s distributions are exempt from federal (and possibly state) income tax. Please confirm in your response that the Fund has adopted a fundamental policy that conforms to the requirements in Rule 35d-1(a)(3).&#xa0;&#xa0;In the text following the fundamental policies, please clarify, as applicable to the Fund, that Municipal Obligations are investments the income from which is exempt, as applicable, from federal income tax or from both federal and state income tax, or that at least 80% of the income that the Fund distributes will be exempt, as applicable from federal income tax or from both federal and state income tax.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 8.14%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 86.68%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">We also note that the disclosure references certain terms (Municipal Bonds, Municipal Notes and Municipal Commercial Paper) that do not have corresponding definitions. Please revise the disclosure to include definitions.</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 8.14%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 86.68%;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 5.18%;">
     <div style="text-align: justify; font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td colspan="2" style="padding: 0;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">Response</font><font style="font-size: 11.0pt; color: #000000;">:&#xa0;&#xa0;The Fund confirms that it has adopted a fundamental policy that conforms to the requirements in Rule 35d-1(a)(3). The Fund has clarified the disclosure regarding &#x201c;Municipal Obligations&#x201d; as requested and has revised the disclosure to include the definitions of the above referenced terms.</font>
     </div>
    </td>
   </tr>
  </table>
  <div style="margin-left: 36pt; font-size: 11pt;">&#xa0;
  </div>
  <div class="footer" style="page-break-after: always;">
    <hr>

  </div>
  <div>
   <font style="font-size: 11.0pt; color: #000000;">Please direct questions or comments relating to the above to me at </font><font style="font-size: 11.0pt;">215-564-8014 </font><font style="font-size: 11.0pt; color: #000000;">or Jennifer Hillman at 215-564-8623.</font>
  </div>
  <div style="font-size: 11pt;">&#xa0;
  </div>
  <table style="font-size: 12pt; border-spacing: 0px; border-collapse: collapse;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Very truly yours,</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000; text-decoration: underline;">/s/ Mena Larmour&#xa0;&#xa0;</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="font-size: 11pt;">&#xa0;
     </div>
    </td>
    <td style="padding: 0; width: 275.4pt; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font style="font-size: 11.0pt; color: #000000;">Mena Larmour </font>
     </div>
    </td>
   </tr>
  </table>
  <div style="font-size: 11pt;">&#xa0;
  </div>
 </body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image1.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !; -T# 2(  A$! Q$!_\0
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M0OVA%&620#[W&<$\@X[<5U/P"U.?5_A!X:N;MVDF6W,!=NK"-V0'\E% "?M
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M *W'T#T ?5U?-_C3_D[_ ,+_ /7K'_Z+GKZ0KYO\:?\ )W_A?_KUC_\ 1<]
M'TA5;5+"UU73KFPU"!+BSN8VBEB<9#J1@@U9HH ^;_V=)KGP?\4/%_P^N)GD
MLX6>YM=Y[J5&?^!1NA/NM2?LU_\ )4_B=_U]G_T?-5OP[;?;/VOO$=S;<Q6>
MG+YQ'9C%"N/U_2JG[-?_ "5/XG?]?9_]'S4 ?1E5]0_X\+G_ *Y-_(U8JOJ'
M_'A<_P#7)OY&@#P+]C+_ )$[Q!_V$%_]%+7N.O:[8Z']@%^[*U_=QV,"J,EY
M'. ,>G!)/8 U\Q?LQ>![7Q3X=UJZN=7UZP>*[6()IM^]LK#RP<L%ZGGK7HFN
M_"(:5XL\)^(-(U+7]5ELM4A\^&_NS<A86)#2 MRNW@GVH ]MQQCM7R_JJO\
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MDGS13*/G@D'W77W'ZC([T ;]K<0W=K%<VLJ36\R"2.1&W*ZD9!![@BO/Y_\
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M%*GS*\=Y<*RGU!$E 'K-?*O[37@:\\.>)8/'_AH/#&\R273Q#FVN5(VS?1L
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D5U(P01W!%8_@;2[/1?"MCIVF0^19VX=(H]Q;:N]N,DDT ?_9

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