<SEC-DOCUMENT>0001137439-21-000165.txt : 20211206
<SEC-HEADER>0001137439-21-000165.hdr.sgml : 20211206
<ACCEPTANCE-DATETIME>20210309124215
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001137439-21-000165
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON GLOBAL INCOME FUND
		CENTRAL INDEX KEY:			0000828803
		IRS NUMBER:				222864496
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPLETON GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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            <div>&#160;<img src="image00001.jpg"></div>
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            <div style="text-align: right; font-weight: bold;">Stradley Ronon Stevens &amp; Young, LLP</div>
            <div style="text-align: right;">2005 Market Street, Suite 2600</div>
            <div style="text-align: right;">Philadelphia, PA&#160; 19103</div>
            <div style="text-align: right;">Telephone&#160; 215.564.8000</div>
            <div style="text-align: right;">Fax&#160; 215.564.8120</div>
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    <div style="font-weight: bold;">E. Taylor Brody</div>
    <div>ebrody@stradley.com</div>
    <div>215-564-8071</div>
    <div><br>
    </div>
    <div style="text-align: center;">March 9, 2021</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Filed via EDGAR</u></div>
    <div>Ms. Karen L. Rossotto, Esq.</div>
    <div>U.S. Securities and Exchange Commission</div>
    <div>100 F Street, NE</div>
    <div>Washington, DC 20549</div>
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            <div style="font-weight: bold;">&#160;</div>
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            <div>Subject:</div>
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          <td style="width: 89.42%; vertical-align: top;">
            <div>Preliminary Proxy Statement for Templeton Global Income Fund (File No. 811-05459)</div>
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    <div>Dear Ms. Rossotto:</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-indent: 36pt;">On behalf of Templeton Global Income Fund (the &#8220;Fund&#8221;), submitted herewith under the EDGAR system, are the Fund&#8217;s responses to the comments of the staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the
      &#8220;SEC&#8221;) that you communicated to me on March 5, 2021 with regard to the Fund&#8217;s Preliminary Proxy Statement (the &#8220;Proxy Statement&#8221;).&#160; The Proxy Statement was filed with the SEC on February 24, 2021. The Proxy Statement relates to the Annual Meeting of
      Shareholders of the Fund which is scheduled to be held on May 7, 2021.</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-indent: 36pt;">Each comment from the Staff is summarized below, followed by the Fund&#8217;s response to the comment.&#160; Terms not defined herein shall have the meaning set forth for that term in the Proxy Statement.</div>
    <div style="font-size: 12pt;">&#160;</div>
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            <div style="margin-right: 13.7pt;">1.</div>
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            <div><u>Comment:</u> Please revise the Proxy Statement to accurately characterize Proposal 3 and distinguish Proposal 3&#8217;s requested action from the Board&#8217;s belief of the implications if approved.</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
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            <div>&#160;</div>
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            <div style="margin-right: 2.95pt;"><u>Response:</u> Proposal 3 was not submitted as a Rule 14a-8 shareholder proposal and is not required to be included in the Fund&#8217;s proxy statement. The Proxy Statement has been revised to objectively
              introduce Proposal 3 and identify the statements that describe the Board&#8217;s beliefs about Proposal 3.</div>
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            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
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            <div style="margin-right: 15.95pt;">2.</div>
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            <div style="margin-right: 15.95pt;"><u>Comment:</u> Please revise the references to Proposal 3 as &#8220;unlawful&#8221; to &#8220;potentially unlawful.&#8221; In addition, provide further explanation in the Proxy Statement and via correspondence how Proposal 3
              violates Delaware law and the Fund&#8217;s governing instruments.</div>
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          <td style="width: 5.12%; vertical-align: top;">&#160;</td>
          <td style="width: 94.88%; vertical-align: top;">&#160;</td>
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            <div><u>Response:</u></div>
            <div>&#160;</div>
            <div><font style="font-style: italic;">A.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Saba&#8217;s Proposed By-Law Amendment is Unlawful
                Under the Fund&#8217;s Governing Instruments.</font></div>
            <div>&#160;</div>
            <div>Article I, Section 4(d) of the Agreement and Declaration of Trust, as amended (the &#8220;Declaration&#8221;) of the Fund defines the Fund&#8217;s &#8220;By-Laws&#8221; as:</div>
            <div>&#160;</div>
            <div style="margin-right: 36pt; margin-left: 36pt;">By-Laws of the Trust, as amended or restated from time to time in accordance&#160; with&#160; Article VIII&#160; therein.&#160; Such By-Laws may contain any provision <font style="font-style: italic;">not&#160;
                inconsistent with </font>applicable law or<font style="font-style: italic;"> this Declaration of Trust, </font>relating to the<font style="font-style: italic;"> governance of the Trust</font>. (emphasis added).</div>
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      <div>U.S. Securities and Exchange Commission</div>
      <div>March 9, 2021</div>
      <div>Page 2</div>
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            <div>Similarly, the preamble to the By-Laws of the Fund states:&#160; &#8220;These By-Laws may contain any provision <font style="font-style: italic;">not inconsistent with</font> applicable law or <font style="font-style: italic;">the Declaration of
                Trust</font>, relating to the <font style="font-style: italic;">governance of the Trust</font>.&#8221;&#160; (emphasis added).&#160; Under the terms of both the Declaration and the By-Laws, therefore, any amendment to the By-Laws of the Trust must
              necessarily (1) relate to the governance of the Fund, and (2) not be inconsistent with the Declaration.&#160; Saba&#8217;s By-Law amendment to require mandatory tender offers does not meet either standard.</div>
            <div>&#160;</div>
            <div>First, Saba&#8217;s Amendment does not relate to the governance of the Fund.&#160; It does not, for example, address the conduct of shareholder meetings,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> the conduct of Board meetings,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> the structure of Board committees,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>
              the role and designation of officers,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> the maintenance and inspection of Fund records and reports,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup> the recording and registration of shares,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup> or any other matters governing the day-to-day administration of
              the Fund.&#160; Rather, a tender offer is an extraordinary corporate event that is expressly addressed in Art. VI, Sec. 2 of the Declaration, which governs repurchases of shares with shareholder consent.&#160; That section provides that &#8220;[t]he Trust
              may repurchase . . . such Shares as are tendered by any Shareholder for repurchase pursuant to a . . . tender offer, <font style="font-style: italic;">if any, made by the Trust</font>&#160;<font style="font-style: italic;">periodically or from
                time to time</font>.&#8221;&#160; (emphasis added).&#160; Saba&#8217;s Amendment is therefore not appropriate subject matter for the Fund&#8217;s By&#8209;Laws because it does not relate to the governance of the Fund, and is therefore unlawful under the Fund&#8217;s governing
              instruments.</div>
            <div>&#160;</div>
            <div>Second, Saba&#8217;s amendment is inconsistent with the Fund&#8217;s Declaration because (1) the Declaration expressly and exclusively delegates authority to conduct tender offers to the Board, not to shareholders, (2) shareholders may only vote on a
              proposal to amend the Board powers enumerated in the Declaration (including the power to conduct tender offers) with the Board&#8217;s prior approval, and (3) shareholders are not otherwise entitled to amend the Declaration to provide for mandatory
              tender offers.&#160; Because Saba&#8217;s By-Law Amendment, if approved, would indirectly operate as an amendment to the Declaration, and because shareholders do not have independent authority to amend the Declaration to provide for mandatory tender
              offers, Saba&#8217;s Amendment is necessarily inconsistent with the Declaration, and therefore unlawful under the Fund&#8217;s governing instruments.</div>
            <div>&#160;</div>
            <div>Section 3(a) of Article IV of the Declaration provides:&#160; &#8220;Subject to the provisions of this&#160; Declaration of Trust, the business of the Trust shall be managed by or under the direction of the Board of Trustees, and such Board of Trustees
              shall have all powers necessary or convenient to carry out that responsibility.&#8221;&#160; This provision establishes that, except where the Declaration states otherwise, the Fund acts solely through its Board.&#160; Among the enumerated powers expressly
              delegated to the Board under that section of the Declaration is the power to &#8220;repurchase Shares on behalf of the Trust,&#8221; <font style="font-style: italic;">i.e.</font>, to conduct tender offers.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160; Pursuant to this authority,
              Section 2(a) of Article VI of the Declaration provides that the Fund may repurchase shares pursuant to tender offers &#8220;if any, made by the Trust periodically or from time to time.&#8221;&#160; Because there are no other provisions in the Declaration that
              give shareholders the power to cause the Trust to conduct tender offers, it necessarily follows that the authority to conduct &#8220;any&#8221; tender offers &#8220;periodically or from time to time&#8221; rests solely with the Board.&#160; Saba&#8217;s proposed amendment to
              the By-Laws, however, subjects the timing and terms of Fund tender offers to an initial shareholder vote, which may only be overridden by a further shareholder vote.&#160; As such, Saba&#8217;s By-Law amendment is inconsistent with the Declaration&#8217;s
              exclusive delegation of authority to the Board to determine whether, when, and on what terms to conduct tender offers.&#160; Accordingly, Saba&#8217;s By-Law Amendment is unlawful under the Fund&#8217;s governing instruments.</div>
            <div>&#160;</div>
            <div>Because Saba&#8217;s proposed By-Law Amendment would strip the Board of its exclusive authority to determine whether, when and on what terms to conduct tender offers, it also operates as an amendment to the enumerated Board power to repurchase
              shares in Section 3(a)(10) of Article IV of the Declaration.&#160; Section 2 of Article IX</div>
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    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">By-Laws</font><font style="font-size: 10pt;">, Art. II.</font></font></div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">By-Laws</font>, Art. III.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">By-Laws</font>, Art. IV.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">By-Laws</font>, Art. V.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">By-Laws</font>, Art. VI.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">By-Laws</font>, Art. VII.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Declaration</font>, Art. IV, Sec. 3(a)(10).</div>
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        <div>U.S. Securities and Exchange Commission</div>
        <div>March 9, 2021</div>
        <div>Page 3<br>
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            <div>provides that any amendment to Section 3 of Article IV (including the Board&#8217;s power to conduct tender offers) may only be presented for a shareholder vote if the amendment has been previously approved by the Board.&#160; As the Board has not
              given its approval to amend the Declaration, Saba may not present a proposal to amend this provision of the Declaration, nor may Saba indirectly present a proposal to amend the Declaration through an amendment to the By-Laws that is
              inconsistent with the Declaration&#8217;s requirements for amendment.&#160; Saba&#8217;s proposed By-Law Amendment is therefore unlawful under the Fund&#8217;s governing instruments.</div>
            <div>&#160;</div>
            <div>Lastly, by mandating the conditions, timing and terms of the Fund&#8217;s tender offers, Saba&#8217;s proposed By-Law amendment operates as an amendment to Section 2(a) of Article VI of the Declaration, which gives the Fund (and by extension, the
              Board) the sole authority and discretion to determine whether to conduct &#8220;any&#8221; tender offers &#8220;periodically or from time to time,&#8221; and on what terms.&#160; Section 1 of Article V provides, in relevant part, that:</div>
            <div>&#160;</div>
            <div style="margin-right: 36pt; margin-left: 36pt;">The&#160; Shareholders&#160; shall have the power to vote <font style="font-style: italic;">only</font> (i) for the election of Trustees and the filling of any vacancies on the Board of Trustees as set
              forth herein and in the By-Laws; (ii) for the removal of Trustees as set forth herein;&#160; (iii) on such&#160; additional&#160; matters as may be required by this Declaration of Trust,&#160; the By-Laws, the 1940 Act, other applicable law and any registration
              statement&#160; of the Trust filed with the Commission, the registration of which is effective; and (iv) on such other matters as the Board of Trustees may consider necessary or desirable.&#160;&#160; (emphasis added).</div>
            <div>&#160;</div>
            <div>Clause (i) and (ii) above are not applicable here, and the Board has not deemed it necessary or desirable pursuant to clause (iv) above to submit for shareholder approval an amendment of Section 2(a) of Article VI of the Declaration.&#160;
              Neither the By-Laws, the 1940 Act, or other applicable law independently <font style="font-style: italic;">requires</font> that Section 2(a) of Article VI of the Declaration be amended, or if so, that such amendment be submitted for
              shareholder approval.&#160; As a closed-end fund whose public offering has ended, the Fund no longer maintains an effective registration statement (subject to and consistent with Rule 8b-16 under the 1940 Act).</div>
            <div>&#160;</div>
            <div>With respect to the <font style="font-style: italic;">requirements</font> of the Declaration, Section 1 of Article IX of the Declaration provides that, with certain specific exceptions, &#8220;this Declaration of Trust may be restated and/or
              amended at any time by the Board of Trustees, without approval of the Shareholders.&#8221;&#160; The exceptions are limited to shareholder approval in the event of a merger or consolidation of the Fund, and (subject to prior Board approval) the special
              amendment of certain provisions of the Declaration specified in Section 2 of Article IX.&#160; The tender offer provisions of Article VI of the Declaration are not among the enumerated provisions of specified in Section 2 of Article IX whose
              special amendment requires shareholder approval (subject to prior Board approval).&#160; It therefore follows that shareholders do not have independent authority to vote on an amendment to the tender offer provisions of Section 2(a) of Article VI
              of the Declaration &#8211; only the Board may amend that provision.&#160; Because the provisions for amendment of the Declaration do not provide shareholders with independent authority to amend the Declaration with respect to the conduct of tender
              offers, Saba&#8217;s indirect attempt to amend this provision of the Declaration through a proposed By-Law Amendment is inconsistent with the terms of the Declaration.&#160; As such, Saba&#8217;s proposed By-Law Amendment is unlawful under the Fund&#8217;s
              governing instruments.</div>
            <div>&#160;</div>
            <div><font style="font-style: italic;">B.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Saba&#8217;s Proposed By-Law Amendment is Unlawful
                Under Delaware Law.</font></div>
            <div>&#160;</div>
            <div>Consistent with the structure of the Fund&#8217;s governing instruments, Delaware law recognizes that fiduciary decisions on whether, when, and on what terms to conduct a tender offer are the sole province of the Board because it has a fiduciary
              duty to act in the best interests of all shareholders.&#160; Shareholders like Saba, by contrast, have no fiduciary duty to other shareholders.</div>
            <div>&#160;</div>
            <div>The Fund is a Delaware statutory trust, which is governed by the Delaware Statutory Trust Act (&#8220;DSTA&#8221;), and is not a Delaware corporation governed by the Delaware General Corporation Law (&#8220;DGCL&#8221;).&#160; There are nonetheless several reasons why
              the DGCL and related caselaw are relevant to the Board&#8217;s fiduciary duties in implementing the Shareholder Proposal.&#160; First, Section 3806(l) of the DSTA provides that:</div>
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        <div>U.S. Securities and Exchange Commission</div>
        <div>March 9, 2021</div>
        <div>Page 4<br>
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            <div>
              <div style="margin-right: 36pt; margin-left: 36pt;">Except to the extent otherwise provided in the governing instrument of a statutory trust, trustees of a statutory trust that is registered as an investment company under the Investment
                Company Act of 1940 shall have the same fiduciary duties as directors of private corporations for profit organized under the general corporation law of the State.</div>
              <div>&#160;</div>
              <div>Second, there is little or no caselaw under the DSTA interpreting the fiduciary duties of trustees of Delaware statutory trusts, while there is robust caselaw on the fiduciary duties of directors of Delaware corporations.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup>&#160; It
                is therefore highly likely that a court reviewing the allocation of fiduciary duties between the Board and shareholders would rely on the DGCL and related caselaw.</div>
              <div>&#160;</div>
              <div>Consistent with Section 3(a) of Article IV of the Declaration cited above, Section 141(a) of the DGCL provides:&#160; &#8220;The business and affairs of every corporation organized under this chapter shall be managed by or under the direction of a
                board of directors, except as may be otherwise provided in this chapter or in its certificate of incorporation.&#8221;&#160; Delaware courts have stated that Section 141(a) establishes &#8220;the bedrock statutory principle of director primacy,&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>
                meaning that it is <font style="font-style: italic;">only</font> the Board that manages the business and affairs of a company.&#160; Shareholders, by contrast, &#8220;may not directly manage the business and affairs of the corporation, at least
                without specific authorization in either the statute or the certificate of incorporation.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160; Because the Declaration assigns management of the Fund to the Board using language almost identical to Section 141(a) of the DGCL, it
                follows that the &#8220;bedrock statutory principle of director primacy&#8221; in the DGCL applies with equal force to the Board of the Fund.</div>
              <div>&#160;</div>
              <div>Under Delaware law, the obligation of directors to manage the business and affairs of a company gives rise to a board&#8217;s fiduciary duty to the company and its shareholders, as well as the application of the business judgment rule:</div>
              <div> <br>
              </div>
              <div style="margin-right: 36pt; margin-left: 36pt;">Under Delaware law, the business judgment rule is the offspring of the fundamental principle, codified in 8 <font style="font-style: italic;">Del.C. </font>&#167; 141(a), that the business and
                affairs of a Delaware corporation are managed by or under its board of directors.&#160; In carrying out their managerial roles, directors are charged with an unyielding fiduciary duty to the corporation and its shareholders.&#160; The business
                judgment rule exists to protect and promote the full and free exercise of the managerial power granted to Delaware directors. The rule itself &#8220;is a presumption that in making a business decision, the directors of a corporation acted on an
                informed basis, in good faith and in the honest belief that the action taken was in the best interests of the company.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup></div>
              <div> <br>
              </div>
              <div>Shareholders, by contrast, do not generally owe a fiduciary duty to the company or to their fellow shareholders.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup>&#160; Indeed, a board&#8217;s fiduciary duty to act in the best interests of a company and all of its</div>
            </div>
          </td>
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    </table>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">But see</font>&#160;<font style="font-style: italic;">Klaassen v. Allegro Dev. Corp</font>.,
      No. 8626&#8211;VCL,<font style="font-style: italic;">&#160;</font>2013 WL 5967028, at *11 (Del. Ch. Nov. 7, 2013) (noting differences between director fiduciary duties of Delaware corporations versus Delaware limited liability companies).&#160; The differences
      between trustee fiduciary duties of a Delaware statutory trust and a Delaware corporation may be less significant where, as here, the DSTA expressly incorporates fiduciary principles applicable to Delaware corporations.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Gorman v. Salamone</font>, No. 10183&#8211;VCN, 2015 WL 4719681, at *5 n.24 (Del. Ch. July 31,
      2015) (quoting <font style="font-style: italic;">Klaassen</font>, 2013 WL 5967028, at *9).</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Id.</font> at *5 n.27 (quoting <font style="font-style: italic;">CA, Inc. v. AFSCME
        Emps. Pension Plan, </font>953 A.2d 227, 232 (Del. 2008)).</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Smith v. Van Gorkom</font>, 488 A.2d 858, 872 (Del. 1985) (citations omitted) (quoting
      <font style="font-style: italic;">Aronson v. Lewis, </font>473 A.2d 805, 812 (Del. 1984)); s<font style="font-style: italic;">ee also Quickturn Design Systems, Inc. v. Shapiro, </font>721 A.2d 1281, 1291 (Del. 1998) (holding that this statutory
      grant of power is accompanied by &#8220;concomitant&#8221; fiduciary duties of the directors to manage the corporation in the best interests of all shareholders).</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">See, e.g.</font>, Frederick H. Alexander &amp; James D. Honaker, <font style="font-style: italic;">Power to the Franchise or the Fiduciaries?: An Analysis of the Limits on Stockholder Activist Bylaws, </font>33 <font style="font-variant: small-caps;">Del. J. Corp. L.</font> 749, 755 n.21 (2008).</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div>
        <div>U.S. Securities and Exchange Commission</div>
        <div>March 9, 2021</div>
        <div>Page 5<br>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb528e57ae2844efabe94c0837bade3bc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>shareholders in managing the business and affairs of a company is in part designed as a check against shareholder attempts to manage the company:</div>
            <div> <br>
            </div>
            <div style="margin-right: 36pt; margin-left: 36pt;">Clearly, stockholders do not speak with one voice and do not have a single, unified economic interest in a corporation. This fact, in itself, is not troubling. Delaware law permits
              stockholders to exercise their rights as stockholders in their own self-interest, absent special circumstances. This very freedom to take self-interested action, however, is mitigated by the presence of fiduciaries, who must take action in
              the interest of the enterprise. Only this fiduciary filter has the ability to protect minority investors from the &#8220;tyranny of the majority.&#8221; <font style="font-style: italic;">Without this filter, the small, long-term investor would have
                little assurance that it could safely participate in the equity markets alongside a professional investment class</font>.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">13</sup></div>
            <div> <br>
            </div>
            <div>Although Saba&#8217;s proposed By-Law Amendment was not submitted pursuant to Rule 14a&#8209;8 under the Securities Exchange Act of 1934, it is instructive that a board&#8217;s exclusive authority to manage the business and affairs of a company is also the
              basis for the general requirement that shareholder proposals submitted pursuant to Rule 14a&#8209;8 be phrased as recommendations to the board (<font style="font-style: italic;">i.e.,</font> &#8220;precatory&#8221;) rather than mandatory.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">14</sup>&#160; In
              adding a note to Rule 14a-8 in 1976 generally permitting shareholder proposals to be excluded from company proxy statements if not cast as recommendations, the SEC recognized that, under corporate law statutes like Section 141(a) of the DGCL,
              &#8220;the board may be considered to have exclusive discretion in corporate matters absent a specific provision to the contrary in the statute itself or the corporation&#8217;s charter or by-laws.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">15</sup>&#160; The Declaration&#8217;s delegation of exclusive
              authority to the Board to determine whether, when, and on what terms to conduct Fund tender offers is therefore fully consistent with Delaware legal principles on the exercise of a board&#8217;s fiduciary duties, as is the prohibition against
              shareholders from independently amending the Declaration to remove or restrict the Board&#8217;s authority to make such determinations.&#160; Significantly, Saba&#8217;s proposed By-Law Amendment is not framed as a precatory proposal, but rather an indirect
              and impermissible attempt to remove and usurp the Board&#8217;s fiduciary function with respect to tender offers as established in the Fund&#8217;s Declaration.</div>
            <div>&#160;</div>
            <div>Section 3801(e) of the DSTA provides that &#8220;[a] beneficial owner or a trustee is bound by the governing instrument whether or not such beneficial owner or trustee executes the governing instrument.&#8221;&#160; Consistent with this statutory
              requirement, Section 2 of Article III of the Declaration likewise provides that &#8220;[e]very Shareholder by virtue of having become a Shareholder shall be deemed to have expressly assented and agreed to the terms of this Declaration of Trust and
              to have become bound as a party hereto.&#8221;&#160; Saba is therefore bound by the requirement in the Fund&#8217;s Declaration and By-Laws that the By-Laws (and thus any amendment of the By-Laws) must (1) relate to the governance of the Fund, and (2) not be
              inconsistent with Declaration.&#160; Accordingly, in proposing a By-Law Amendment that does not relate to the governance of the Fund and is not consistent with the Declaration, Saba is not only acting unlawfully under the Fund&#8217;s governing
              instruments, but also under the provision of the DSTA that binds Saba to the terms of the Fund&#8217;s governing instruments.&#160; Saba&#8217;s proposed By-Law Amendment is therefore unlawful under Delaware law.</div>
            <div>&#160;</div>
            <div style="text-align: center;">* * *</div>
          </td>
        </tr>

    </table>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">13</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Id</font>. at 757 n.29. (emphasis added).</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">14</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Rule 14a-8 n.(I)(1).&#160; The Note to Rule 14a-8(i)(1) summarizes the SEC&#8217;s position on precatory proposals:&#160; &#8220;Depending on
      the subject matter, some proposals are not considered proper under state law if they would be binding on the company if approved by shareholders.&#160; In our experience, most proposals that are cast as recommendations or requests that the board of
      directors take specified action are proper under state law.&#160; Accordingly, we will assume that a proposal drafted as a recommendation or suggestion is proper unless the company demonstrates otherwise.&#8221;</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">15</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-style: italic;">Adoption of Amendments Relating to Proposals by Security Holders</font>, Exchange Act
      Release No. 12999 (Dec. 3, 1976) at n.97.</div>
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      <div>
        <div>U.S. Securities and Exchange Commission</div>
        <div>March 9, 2021</div>
        <div>Page 6<br>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5488307ae8be4c90be1fa0e1e34ab320" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
            <div>In response to the SEC&#8217;s comments, we will add the following to the Proxy Statement to further elaborate on the unlawfulness of Saba&#8217;s Bylaw amendment:</div>
            <div>&#160;</div>
            <div style="margin-left: 48.5pt; font-style: italic; font-weight: bold;">Why do the Fund's Trustees believe that the Bylaw amendment in the shareholder proposal (Proposal 3) is unlawful?</div>
            <div>&#160;</div>
            <div style="margin-left: 48.5pt;">The Fund&#8217;s counsel has advised the Board of Trustees that Saba&#8217;s Bylaw amendment is unlawful under the terms of the Fund&#8217;s governing instruments and applicable Delaware law. The Fund&#8217;s Bylaws are limited to
              provisions relating to the Fund&#8217;s corporate governance and provisions that are consistent with the Fund&#8217;s Declaration of Trust (&#8220;Declaration&#8221;). Saba&#8217;s Bylaw amendment is neither &#8211; it has nothing to do with the corporate governance of the Fund
              and it is contrary to the requirements of the Declaration, which gives the Board the sole and exclusive power to authorize the timing and terms of tender offers. In addition, Delaware law recognizes that important decisions like whether, and
              on what terms, to conduct a tender offer are better left to the Board because it has a fiduciary duty to act in the best interests of all shareholders. Saba, by contrast, has no fiduciary duty to shareholders and may act in its own selfish
              interests, regardless of the harm to its fellow shareholders. Saba does not have the right to amend the Fund&#8217;s Bylaws in order to strip the Board of its fiduciary duty to protect the Fund&#8217;s shareholders from hit-and-run profiteers like Saba.</div>
            <div>&#160;</div>
            <div>We are mindful of the requirement of Rule 14a-5(a) that &#8220;[t]he information included in the proxy statement shall be clearly presented,&#8221; together with the SEC&#8217;s &#8220;plain English&#8221; requirement to avoid &#8220;[l]egalistic or overly complex
              presentations that make the substance of the disclosure difficult to understand.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">16</sup>&#160; We believe the statements in the Fund&#8217;s Proxy Statement that Saba&#8217;s proposed By-Law amendment is unlawful, including in the added question and
              answer above, are materially complete, legally correct, and fully supported by the Fund&#8217;s governing instruments and applicable Delaware law as discussed herein.&#160; Accordingly, we respectfully decline to incorporate any further changes to the
              disclosure.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div style="margin-right: 15.95pt;">3.</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div style="margin-right: 15.95pt;"><u>Comment:</u> Under &#8220;How are nominees selected?&#8221; on page 4 of the Proxy Statement, please add further description about any self-assessments conducted by the Fund&#8217;s Board related to Board effectiveness,
              membership composition, or Board tenure, if applicable.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div style="margin-right: 15.95pt;"><u>Response:</u> The Fund respectfully declines to describe the content of the Board&#8217;s self-assessments as it is not required to by disclosed in the Proxy Statement under Schedule 14A.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">&#160;</td>
          <td style="width: 94.88%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div style="margin-right: 15.95pt;">4.</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div style="margin-right: 15.95pt;"><u>Comment:</u> Please revise or disclose if all Board members are in compliance with the investments-related policy on page 10 of the Proxy Statement.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div style="margin-right: 15.95pt;"><u>Response:</u> A reference will be added to the Proxy Statement that all Board members are in compliance with the investments-related policy described on page 10.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div style="margin-right: 15.95pt;">5.</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div style="margin-right: 15.95pt;"><u>Comment:</u> Please explain in correspondence the voting standard for Proposal 3, including citations to the Fund&#8217;s governing instruments and applicable law.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 94.88%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.12%; vertical-align: top;">&#160;</td>
          <td style="width: 94.88%; vertical-align: top;">
            <div style="margin-right: 4.95pt; font-family: 'Times New Roman',Times,serif;"><u>Response:</u> Article V (&#8220;SHAREHOLDERS' VOTING POWERS AND MEETINGS&#8221;) of the Fund&#8217;s Declaration of Trust states in part as follows (emphasis added):</div>
            <div style="margin-right: 4.95pt; font-family: 'Times New Roman',Times,serif;"> <br>
            </div>
            <div style="text-indent: 72.65pt; margin-right: 4.95pt; margin-left: 5.9pt;">Section 2.&#160; &#160; &#160;&#160; Quorum and Required Vote.</div>
            <div style="text-indent: 72.65pt; margin-right: 4.95pt; margin-left: 5.9pt;"> <br>
            </div>
            <div style="text-indent: 72.65pt; margin-right: 4.95pt; margin-left: 5.9pt;"> (a)&#160; &#160; &#160;&#160; A majority of the Shares entitled to vote at a Shareholders' meeting, which are </div>
            <div style="text-indent: 72.65pt; margin-right: 4.95pt; margin-left: 5.9pt;"> <br>
            </div>
          </td>
        </tr>

    </table>
    <br>
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    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">16</sup><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Instruction 1 to 1934 Act Rule 13a-20.&#160; <font style="font-style: italic;">See also</font>, <font style="font-style: italic;">Disclosure of Certain Relationships and Transactions Involving Management</font>, Investment Company Act Release No. 12543 (July 9, 1982) (&#8220;To the extent that a proxy statement is overly complicated and difficult to read, it may not
      effectively perform its intended function of communicating meaningful information to security holders in order that they may make informed voting decisions.&#8221;).</div>
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        <div>U.S. Securities and Exchange Commission</div>
        <div>March 9, 2021</div>
        <div>Page 7<br>
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    <table cellspacing="0" cellpadding="0" id="zc395297f944b49358e1bc1d99c307c98" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div>present in person or represented by proxy, shall constitute a quorum at the Shareholders' meeting, except when a larger quorum is required by applicable law or the requirements of any securities exchange on which Shares are listed
              for trading, in which case such quorum shall comply with such requirements. Abstentions and broker non-votes will be included for purposes of determining whether a quorum is present. <font style="font-style: italic;">Subject to any provision
                of this Declaration of Trust, the By-Laws or applicable law that requires a different vote: (1) in all matters other than the election of Trustees, the affirmative "vote of a majority of the outstanding voting securities" (as defined
                herein) of the Trust entitled to vote at a Shareholders' meeting at which a quorum is present, shall be the act of the Shareholders;</font> and (2) Trustees shall be elected by not less than a plurality of the votes cast of the holders of
              Shares entitled to vote present in person or represented by proxy at a Shareholders' meeting at which a quorum is present.</div>
            <div>&#160;</div>
            <div>Article I, Section 4 of the Fund&#8217;s Declaration of Trust defines a "vote of a majority of the outstanding voting securities" as follows:</div>
            <div>&#160;</div>
            <div>(t)&#160; &#160; &#160;&#160; <u>"vote of a majority of the outstanding voting securities</u>" shall have the meaning provided under Subsection 2(a)(42) of the 1940 Act or any successor provision thereof, which Subsection, as of the
              date hereof, is as follows: the vote, at a meeting of the Shareholders, (i) of sixty-seven percent (67%) or more of the voting securities present in person or represented by proxy at such meeting, if the holders of more than fifty percent
              (50%) of the outstanding voting securities of the Trust are present or represented by proxy; or (ii) of more than fifty percent (50%) of the outstanding voting securities of the Trust, whichever is the less.</div>
            <div> <br>
            </div>
            <div>Article II (&#8220;MEETINGS OF SHAREHOLDERS&#8221;) of the Fund&#8217;s By-laws states in part as follows:</div>
            <div>&#160;</div>
            <div style="margin-left: 81pt;">Section 6. VOTING.</div>
            <div>&#160;</div>
            <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shareholders entitled to vote at any meeting of Shareholders and the Shareholder vote required to take action shall be determined in accordance with the provisions of the Declaration of Trust.</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Please do not hesitate to contact me at (215) 564-8071 if you have any questions or wish to discuss any of the responses presented above.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z0448208a17174d7aa319338caac6cfc2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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            <div>Very truly yours,</div>
          </td>
        </tr>
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          <td style="width: 45%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>&#160;</div>
          </td>
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          <td style="width: 45%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>&#160;</div>
          </td>
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          <td style="width: 45%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div><u>/s/ Taylor Brody &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</u> &#160; <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 45%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>Taylor Brody</div>
          </td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
