<SEC-DOCUMENT>0001137439-21-001027.txt : 20220427
<SEC-HEADER>0001137439-21-001027.hdr.sgml : 20220427
<ACCEPTANCE-DATETIME>20211015154400
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001137439-21-001027
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN LTD DURATION INCOME TRUST
		CENTRAL INDEX KEY:			0001233087
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906
		BUSINESS PHONE:		650-312-2000

	MAIL ADDRESS:	
		STREET 1:		ONE FRANKLIN PARKWAY
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403-1906

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN TEMPLETON LTD DURATION INCOME TRUST
		DATE OF NAME CHANGE:	20060111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN TEMPLETON LIMITED DURATION INCOME TRUST
		DATE OF NAME CHANGE:	20030718

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN TEMPLETON STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	20030515
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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  <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">October 15, 2021</div>
  <div style="font-size: 12pt; font-weight: bold;"><u>VIA EDGAR</u></div>
  <div><br>
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  <div style="font-size: 12pt;">U.S. Securities and Exchange Commission</div>
  <div style="font-size: 12pt;">Division of Investment Management</div>
  <div style="font-size: 12pt;">100 F Street, N.E.</div>
  <div style="font-size: 12pt;">Washington, D.C.&#160; 20549-9303</div>
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          <div style="font-size: 12pt;">Attention:</div>
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          <div style="font-size: 12pt;">Ms. Christina DiAngelo Fettig</div>
        </td>
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        <td style="width: 16.17%; vertical-align: top;">&#160;</td>
        <td style="width: 83.83%; vertical-align: top;">
          <div style="font-size: 12pt;">Mr. Holly Hunter-Ceci</div>
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          <div style="font-size: 12pt;">Re:</div>
        </td>
        <td style="width: 83.83%; vertical-align: top;">
          <div style="font-size: 12pt;">Franklin Limited Duration Income Trust (the &#8220;Fund&#8221;)</div>
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        <td style="width: 16.17%; vertical-align: top;">&#160;</td>
        <td style="width: 83.83%; vertical-align: top;">
          <div style="font-size: 12pt;">File No. 333-259206; 811-21357</div>
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  <div style="font-size: 12pt;">Dear Ms. Fettig and Ms. Hunter-Ceci:</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Set forth below are the Fund&#8217;s responses to the comments conveyed telephonically by Ms. Fettig on September 22, 2021 and
    via letter by Ms. Hunter-Ceci on September 28, 2021, to Fund&#8217;s counsel with regard to the Fund&#8217;s registration statement on Form N-2 (the &#8220;Registration Statement&#8221;).&#160;
    The Registration Statement was filed with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) on August 31, 2021 under the Securities Act of 1933 (the &#8220;Securities Act&#8221;).</div>
  <div style="text-indent: 36pt; font-size: 12pt;">Below we have included your comments (in bold) and the Fund&#8217;s response to each comment.&#160; These responses will be incorporated into a
    post-effective amendment to the Registration Statement.&#160; Capitalized terms not otherwise defined in this letter have the meanings assigned to such terms in the Registration Statement.</div>
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          <div style="font-size: 12pt; font-weight: bold;">Disclosure Comments on the Registration Statement</div>
          <div>&#160;</div>
        </td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">1.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Please confirm that all missing
            information and all exhibits will be filed in a pre-effective amendment to the registration statement. We may have additional comments on such portions when you complete them in the pre-effective amendment, on disclosures made in response to
            this letter, or on information supplied supplementally.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>:&#160; All necessary information and exhibits will be
            filed in one or more pre-effective amendments to be filed.</div>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
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        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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          <div style="font-size: 12pt;">2.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><font style="font-weight: bold;"><u>Comment</u></font><font style="font-weight: bold;">:</font>&#160;<font style="font-weight: bold;">Please advise us if you have submitted or expect to submit any
              exemptive applications or no-action requests in connection with your registration statement.</font></div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: The Fund has not submitted, and does not currently
            plan to submit, any exemptive applications or no-action requests in connection with the Registration Statement, but reserves the right to do so in the future should the Fund deem it appropriate based on its then-current facts and circumstances.</div>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">3.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Cover Page.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: We note your statement on page 4 that you are incorporating by reference &#8220;the documents listed below.&#8221; However, that reference is unclear. If you intend to incorporate previously filed
            documents, please separate the documents that are incorporated by reference into a captioned and bulleted list for clarity. In addition, please ensure that the bulleted list includes all of the documents that are being incorporated by reference
            since the end of the fiscal year covered by the annual report. <font style="font-style: italic;">See </font>Item F.3.(a)(1)-(3) of Form N-2.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response:</u> This reference has been revised to clarify the
            filings that are incorporated by reference into the Registration Statement.</div>
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        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">4.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Market Disruption and Geopolitical Risk, pages 17 and
            66.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Significant market events have
            occurred as a result of the COVID-19 pandemic since the Fund&#8217;s previously-filed registration statement on Form N-2. Please consider whether the Fund&#8217;s disclosures, including risk disclosures, should be revised based on how these events may
            affect the Fund and its investments. If the Fund believes that no additional disclosure is warranted, please explain supplementally why not.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Revised as requested.</div>
          <div>&#160;</div>
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        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">5.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Anti-Takeover Provisions risk, pages 20 and 78.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: In the &#8220;Anti-Takeover Provisions&#8221;
            risk, the date of the Fund&#8217;s Declaration is disclosed as June 19, 2003. However, page 77 of the prospectus states that the Fund&#8217;s Declaration was amended effective January 21, 2021. Please reconcile.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>:&#160; The Fund believes the disclosure was accurate as
            the reference to the date June 19, 2003 was qualified &#8220;as amended.&#8221; The reference to the Declaration of Trust has been revised to reflect the particular date of the amendment relating to the Anti-Takeover provisions.</div>
          <div>&#160;</div>
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          <div style="font-size: 12pt;">6.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Leverage section on page 21.</div>
        </td>
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          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Under &#8220;Leverage&#8221; on page 21,
            please supplementally confirm the Fund&#8217;s current leverage ratio in correspondence, including that it does not exceed the limits set forth in Section 18 of the 1940 Act.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response:</u> The Fund confirms that its leverage ratio is
            consistent with the borrowing limits set forth in Section 18 of the Investment Company Act of 1940, as amended.</div>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">7.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Share Repurchase Program section on page 22.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Under &#8220;Share Repurchase Program&#8221;
            on page 22, please confirm the accuracy of the amount of shares repurchased by the Fund.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: The Fund confirms that the amount of shares
            repurchased by the Fund is accurate.</div>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">8.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Anti-Takeover and Other Provisions on page 78.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Please disclose the date of the
            Declaration&#8217;s most recent amendment.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;">Response: Revised as requested.</div>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">9.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Marketplace Loans and Marketplace Lending Instruments
            objectives and strategies, pages 9-11.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: We note that the Fund may invest
            up to 25% of its total investments in Marketplace Loans and Marketplace Lending Instruments. However, as of a recent date less than 5% of Fund assets were allocated to these loans and instruments. Please review your disclosure to ensure that it
            focuses on principal investment strategies and risks and revise as appropriate.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response:</u> The Fund expects that its investment allocation to
            marketplace loans and marketplace lending instruments may increase in the future such that it is appropriate for this asset class to be listed as having a limit of up to 25% of total assets. The Fund anticipates that the proceeds of its
            currently proposed securities offering may be used, in part, to increase its allocation to marketplace loans and marketplace lending instruments.</div>
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        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">10.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Bank Loans and Loan Participations section in
            prospectus and statement of additional information.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: The &#8220;Bank Loans and
            Participations&#8221; discussion states that bank loans may pay interest based on LIBOR. Throughout the prospectus, prospectus supplements, and statement of additional information (&#8220;SAI&#8221;), as applicable, please consider revising the disclosure to
            describe the transition from LIBOR and any associated risks.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Revised as requested.</div>
        </td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">11.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Other Investment Companies section on page 49.</div>
        </td>
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        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Please update the discussion in
            &#8220;Other Investment Companies&#8221; to reflect the Commission&#8217;s adoption of Rule 12d1-4 under the Investment Company Act of 1940 (&#8220;1940 Act&#8221;).</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Revised as requested.</div>
        </td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">12.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>:&#160; Page 60, Developing Countries and Emerging Markets.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: In &#8220;Developing Countries and
            Emerging Markets,&#8221; please tailor the disclosure regarding emerging market risks to the Fund&#8217;s emerging market investments. See Registered Funds&#8217; Risk Disclosure Regarding Investments in Emerging Markets, at <u>https://www.sec.gov/investment/accounting-and-disclosure-information/principalrisks/registered-funds-risk-disclosure</u>.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Revised as requested.</div>
        </td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">13.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Please file the amended
            Declaration and Bylaws as exhibits to the Fund's pre-effective amendment. We may have further comments.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: The Fund will file its amended Declaration and
            Bylaws as exhibits to a pre-effective amendment to the Registration Statement.</div>
        </td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">14.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>: Statement of Additional Information table of contents.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Please note that SAI&#8217;s table of
            contents appears twice.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: The table of contents appears twice in order to
            comply with the requirement of Rule 411(e) under the Securities Act to identify the specific location of information within a document being incorporated by reference.</div>
        </td>
      </tr>
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        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
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          <div style="font-size: 12pt;"><u>Text:</u> Borrowing section on page 46 of the Statement of
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          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Under &#8220;Borrowing,&#8221; please update
            this discussion to reflect the adoption of Rule 18f-4 under the 1940 Act, including any impact it may have on the Fund&#8217;s use of leverage and its related policies and procedures.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Revised as requested.</div>
          <div>&#160;</div>
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      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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      <tr>
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          <div style="font-size: 12pt;"><u>Text</u>: Portfolio Transactions and Brokerage section of
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          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Under &#8220;Portfolio Transactions and
            Brokerage,&#8221; please update the name of the NASD to its current name, FINRA.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Revised as requested.</div>
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      </tr>
      <tr>
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      </tr>
      <tr>
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          <div style="font-size: 12pt;">17.</div>
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          <div style="font-size: 12pt;"><u>Text</u>: Part C, exhibits.</div>
        </td>
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  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Rule 411 under the Securities Act
            and Rule 0-4 under the 1940 Act require the hyperlinking to any exhibits filed with the registration statement and to any other information incorporated by reference in a registration statement, including previously filed exhibits, if publicly
            available on EDGAR. Please add appropriate hyperlinks to your next filing with the Commission; we note that some hyperlinks are missing.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: Hyperlinks will be added as requested to each
            future pre-effective amendment.&#160; Until the Registrant files the auditor&#8217;s consent, a hyperlink to the annual report that contains the auditor&#8217;s report on the financial statements will not be included in the Registration Statement.</div>
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      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
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          <div style="font-size: 12pt;">18.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>: Please confirm that the legal
            opinion (to be filed by amendment) will be consistent with Staff Legal Bulletin 19 (Oct. 14, 2011), at <u>https://www.sec.gov/corpfin/staff-legalbulletin-19-legality-and-tax-opinions-registered-offerings</u>.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: The legal opinion to be filed in a future
            pre-effective amendment to the Registration Statement will be consistent with Staff Legal Bulletin 19.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 95.11%; vertical-align: top;" colspan="2">
          <div style="font-size: 12pt; font-weight: bold;">Accounting Comments on the Registration Statement</div>
        </td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
          <div style="font-size: 12pt;">1.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="margin-right: 36pt; font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; The
            auditor&#8217;s consent still needs to be filed.</div>
          <div>&#160;</div>
          <div style="margin-right: 36pt; font-size: 12pt;"><u>Response</u>: The auditor&#8217;s consent will be
            filed in a future pre-effective amendment once all the disclosure comments are resolved.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">
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        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="margin-right: 36pt; font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Due to the
            registrant&#8217;s use of forward incorporation of future filings, confirm in correspondence that an auditor&#8217;s consent will be included in future Form N-CSR filings of the Registrant.</div>
          <div>&#160;</div>
          <div style="margin-right: 36pt; font-size: 12pt;"><u>Response</u>: The Fund confirms that it will
            include an auditor&#8217;s consent in future Form N-CSR filings as appropriate.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
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        <td style="width: 87.59%; vertical-align: top;">
          <div style="margin-right: 36pt; font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Due to the
            registrant&#8217;s use of forward incorporation of future filings, confirm in correspondence that future Form N-CSR filings will include the information required by Item 24, Instruction 4(h) of Form N-2.</div>
          <div>&#160;</div>
          <div style="margin-right: 36pt; font-size: 12pt;"><u>Response</u>: The Fund confirms that it will
            include the information required by Item 24, Instruction 4(h) of Form N-2 in future Form N-CSR filings as appropriate.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
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        <td style="width: 87.59%; vertical-align: top;">
          <div style="margin-right: 36pt; font-size: 12pt;"><u>Text</u>:&#160; Page 5, the last sentence of first
            full paragraph states:</div>
          <div style="margin-right: 36pt; font-size: 12pt;"> <br>
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        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" 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>
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  <div><br>
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  <table cellspacing="0" cellpadding="0" id="z7f65497e64a245c1b73469b386faac73" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
        <td style="width: 7.52%; vertical-align: top;">&#160;</td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Also incorporate by reference
            the semiannual report for the fiscal period ended June 30, 2021.</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: The Fund has revised the incorporation by reference
            to indicate that the annual and semi-annual shareholder reports are incorporated by reference into the Statement of Additional Information.</div>
        </td>
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        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
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        <td style="width: 87.59%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 4.89%; vertical-align: top;">&#160;</td>
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          <div style="font-size: 12pt;">5.</div>
        </td>
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          <div style="font-size: 12pt;"><u>Text</u>:&#160; The line in the expense table under Shareholder
            Transaction Expenses which states &#8220;Offering Expenses (as a percentage of offering price): 3.72%&#8221;</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Should the 3.72% be left blank?</div>
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        </td>
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      <tr>
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          <div style="font-size: 12pt;">6.</div>
        </td>
        <td style="width: 87.59%; vertical-align: top;">
          <div style="font-size: 12pt;"><u>Text</u>:&#160; Footnote 5 in the expense table states:</div>
          <div>&#160;</div>
          <div style="margin-left: 35.3pt; font-size: 12pt;">&#8220;Total Annual Fund Operating Expenses&#8221; differ from the ratio of expenses to average net assets shown in the Financial
              Highlights in the Fund&#8217;s most recent annual report, which reflect the operating expenses of the Fund and do not include &#8220;Acquired Fund Fees and Expenses.&#8221;</div>
          <div>&#160;</div>
          <div style="font-size: 12pt; font-weight: bold;"><u>Comment</u>:&#160; Is this footnote needed or can it be removed?</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>Response</u>: This footnote has been removed and the &#8220;Annual Fund Operating Expenses&#8221; table has been revised to reflect this change.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The Fund believes that it has fully responded to the Staff&#8217;s comments.&#160; If, however, you have any further questions or require further
    clarification of any response, please contact Kenneth L. Greenberg, Esq. at (215) 564-8149.</div>
  <div><br>
  </div>
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      <tr>
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        <td style="width: 50%; vertical-align: top;">
          <div style="font-size: 12pt;">Regards,</div>
          <div>&#160;</div>
          <div style="font-size: 12pt;"><u>/s/ Lori A. Weber</u></div>
          <div style="font-size: 12pt;">Lori A. Weber</div>
          <div style="font-size: 12pt;">Co-Secretary and Vice President</div>
        </td>
      </tr>

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