<SEC-DOCUMENT>0001049169-17-000035.txt : 20170320
<SEC-HEADER>0001049169-17-000035.hdr.sgml : 20170320
<ACCEPTANCE-DATETIME>20170127153344
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001049169-17-000035
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clough Global Equity Fund
		CENTRAL INDEX KEY:			0001316463
		IRS NUMBER:				202248098
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">January 27, 2017</FONT><BR><BR><B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">VIA EDGAR</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Ms. Christina Fettig</FONT><BR><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">U.S. Securities and Exchange Commission</FONT><BR><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Division of Investment Management</FONT><BR><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Office of Disclosure and Review</FONT><BR><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">100 F Street NE</FONT><BR><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Washington D.C. 20549-8626</FONT></P>

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   <P><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">RE:</FONT></P></TD>

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   <P><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Clough Global Allocation Fund (currently known as Clough Global Dividend and Income Fund) (&#8220;GLV&#8221;), File No. 811-21583; Clough Global Equity Fund (&#8220;GLQ&#8221;), File No. 811-21712; Clough Global Opportunities Fund (&#8220;GLO&#8221; and together with GLV and GLQ, each a &#8220;Registrant&#8221; or &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;), File No. 811-21846</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Dear Ms. Fettig,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">On behalf of each Registrant, this letter responds to your comments communicated orally to ALPS Fund Services, Inc. (&#8220;ALPS&#8221;), the administrator of each Registrant, on August 26, 2016 and on November 15, 2016 with respect to the review of each Registrant&#8217;s Form N-CSR filing for the fiscal year ended October 31, 2015, as filed with the U.S. Securities and Exchange Commission (the &#8220;Staff&#8221; or &#8220;Commission&#8221;) on January 8, 2016 (the &#8220;Annual Report&#8221;). Set forth in the numbered paragraphs below are the Staff&#8217;s comments provided on August 26, 2016, accompanied by each Registrant&#8217;s responses to each comment. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Annual Reports.</FONT></P>

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   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">1.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></U></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Fund&#8217;s name suggests it will focus on investments in global securities. However, in each Registrant&#8217;s response letter to the Staff dated March 27, 2013 to comments provided by the Staff on each Fund&#8217;s Form N-CSR filing for the fiscal year ended March 31, 2012 (the &#8220;2013 Response Letter&#8221;), the Registrant stated its belief that the Fund is not subject to Rule 35d-1 under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and thus is not subject to the &#8220;80% Test&#8221; (the &#8220;Names Test Rule&#8221;). Please discuss the applicability of the Names Test Rule to each Fund. Additionally, using the portfolio allocation charts included in each Fund&#8217;s Annual Report, include in your response the percentage of each Fund&#8217;s assets invested outside of the U.S.</FONT> </TD></TR>

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   <TD width="90%"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Further, please explain the difference between the percentages of assets included in the last paragraph of the below response and the percentages of assets included in the Funds&#8217; Fact Sheets. Additionally, please explain the phrase &#8220;substantial amount of business outside the United States,&#8221; including what factors are considered, and how the economically tied to test is satisfied.</FONT> </TD></TR>

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   <TD width="90%"><B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></U></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">As noted in the 2013 Response Letter, each Registrant believes that it is not subject to the Names Test Rule. The Registrants note that, in connection with the adoption of the Names Test Rule, the Staff stated in response to Question 10 in the &#8220;Frequently Asked Questions about Rule 35d-1 (Investment Company Names)&#8221; that &#8220;[t]he terms &#8220;international&#8221; and &#8220;global&#8221; connote diversification among investments in a number of different countries </FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">throughout </FONT></I><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">the world, and therefore the use of these terms in a fund name is not subject to the rule.&#8221;</FONT> </TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">In addition, in a June 4, 2012 memorandum issued by the Investment Company Institute (&#8220;ICI&#8221;), the ICI discussed the clarification it received from senior members of the Staff regarding the use</FONT></P>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">of such terms in fund names. In response to ICI&#8217;s request, the Staff members indicated that the</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Staff &#8220;seeks to ensure that funds using these terms explain how they intend to invest consistent</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">with this connotation&#8221;. The ICI indicated further that the Staff &#8220;believes that </FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">one </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">effective way to</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">satisfy this mandate is to state that the fund would invest, under normal market conditions, in at</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">least three different countries, and invest at least 40 percent of its assets outside the US or, if</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">conditions are not favorable, invest at least 30 percent of its assets outside the US. They do not</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">believe, however, that this approach is compulsory.&#8221; (emphasis added)</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Consistent with the Staff&#8217;s position, GLO notes that it has included language that under normal</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">circumstances, the Fund expects to invest in securities of issuers located in at least three</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">countries. GLV and GLQ each also have included language that under normal circumstances, the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Fund expects to invest in securities of issuers located in at least three countries (in addition to the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">United States). Each Fund also notes its long operating history such that this type of new</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">disclosure discussing its investment strategy to invest globally may inappropriately indicate an</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">investment strategy change to shareholders and result in shareholder confusion.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Registrant further confirms, for the Staff&#8217;s information, that as of August 31, 2016 it has</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">invested in the securities of companies in 17 countries outside of the U.S. and GLV, GLQ and</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">GLO have invested as of August 31, 2016, 49.6%, 50.6%, and 52.8%, respectively, of its assets</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">invested in securities of companies located, or doing a substantial amount of business, outside the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">United States. These values are calculated based on the gross market value of securities plus the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">gross notional value of swap contracts as a percent of each Fund&#8217;s total net assets. The values</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">shown in each Fund&#8217;s fact sheets are calculated based on total investments, including securities</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">sold short and derivatives contracts.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">In addition, a &#8220;substantial amount of business&#8221; would include securities of companies that, during</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">a company&#8217;s most recent fiscal year, derived at least 50% of its revenues or profits from goods</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">produced or sold, investments made, or services performed outside of the United States.</FONT></TD></TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Fund&#8217;s asset coverage ratio is below 300%. In its 2013 Response Letter, the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Registrant states that the Committed Facility Agreement with BNP Paribas Prime Brokerage, Inc.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">(&#8220;BNP&#8221;) (the &#8220;Facility&#8221;) &#8220;is not considered a &#8216;senior security&#8217; per Section 18(g) of the 1940</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Act&#8230;&#8221; Please explain why the Registrant believes the Facility is not considered a senior</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">security.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Further, please confirm the Registrant was in compliance each time it drew on the Facility.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Additionally, please confirm or discuss whether the Registrant has breached any loan covenants</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">under the Facility.</FONT></TD></TR>

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   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Registrant believes it has met the 300% asset coverage test imposed by Section</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">18(a)(1) of the 1940 Act. Each Registrant notes that the calculation of the asset coverage of at</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">least 300% is only required to be made at the time the Registrant draws on the Facility and not on</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">a daily basis. Each Registrant further notes that the Facility is not considered a &#8216;senior security&#8217;</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">for purposes of Section 18(a)(1)(B) and (C) of the 1940 Act such that the Registrant is not</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">required to meet the 300% asset coverage test at the time of declaration of a dividend or</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">distribution.</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">During the period covered by the Annual Report, the Registrant notes that it did not draw on the</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Facility. The Registrant notes that the last time it drew on the Facility was December 31, 2013, at</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">which time the Registrant was compliant with the 300% asset coverage test imposed by Section</FONT></TD></TR></TABLE></DIV>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">18(a)(1) of the 1940 Act. Further, the Registrant confirms that, to its knowledge, it has not</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">breached any loan covenants under the Facility.</FONT></TD></TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">3</FONT></TD>

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   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Note 6 to the Financial Statements refers to hypothecation securities income in</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">connection with each Fund&#8217;s Lending Agreement. Please confirm there is no loan that is in</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">excess of the 300% asset coverage requirement set forth in Section 18(a) of the 1940 Act.</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Additionally, please explain how the Registrant monitors to ensure loaned securities do not</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">exceed the 300% asset coverage requirement in Section 18(a) of the 1940 Act.</FONT></TD></TR>

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   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Registrant&#8217;s Facility is a standard type of credit facility that involves marketable</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">securities as collateral. Both banks and broker-dealers as a matter of industry practice include</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">provisions allowing the lender to rehypothecate collateral securities. Each Registrant believes</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">that this type of credit facility has in the past been viewed as a borrowing rather than a securities</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">loan. The only possible difference in this case, is that the Funds have negotiated a reduction of</FONT></TD></TR>

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   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">borrowing costs in form of a fee to the extent the lender rehypothecates the collateral.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Notwithstanding the foregoing, collateral that is rehypothecated by BNP may not exceed the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">amount of the loan proceeds under the Facility, thus ensuring that each Registrant will have</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">received value equivalent to the value of the collateral that is being rehypothecated. The market</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">value of the rehypothecated collateral is determined on a daily basis, and if necessary, appropriate</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">adjustments are made. Each Registrant retains the right to receive dividends, interest and other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">distributions with respect to the collateral. Each Registrant is able to vote the collateral,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">including, if necessary, by calling for the return of the hypothecated securities in time to vote.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2.759pt" align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Registrant has the right to repay the borrowings under the Facility at any time, thereby</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">securing the prompt return of the collateral.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Nevertheless, because BNP&#8217;s ability to borrow securities from the pledged collateral is limited to</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">the amount of a Registrant&#8217;s outstanding borrowings (and the amount of borrowed securities are</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">marked-to-market daily) and the amount of a Registrant&#8217;s borrowings (at the time of borrowing)</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">is limited such that the Registrant must maintain a 300% asset coverage at the time of borrowing,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">BNP is effectively limited to a 300% asset coverage for any rehypothecated securities (i.e. one-</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">third of such Registrant&#8217;s total asset value).</FONT></TD></TR>

<TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">4</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Note 6 to the Financial Statements describes the loan of Fund securities pursuant to</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">each Fund&#8217;s Lending Agreement. The Staff notes that securities lending disclosure typically</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">includes a discussion on related fees. Please confirm the income received is net of any fees</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">retained by the servicing agent.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Registrant notes that BNP Paribas Prime Brokerage, Inc. has agreed to pay each</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Fund a fee in connection with the Lending Agreement. Unlike a typical securities lending</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">arrangement, the Funds do not pay a lending agent fee.</FONT></TD></TR>

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   <TD colSpan=3>&nbsp;</TD></TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">5</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Footnote (f) to each Fund&#8217;s Statement of Investments states &#8220;[f]loating or variable</FONT></TD></TR>

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   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">rate security &#8211; rate disclosed as of October 31, 2015.&#8221; Please consider disclosing in the footnote,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">the terms of the rate, such as the base rate, and any floors on the spread.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Registrant notes that there is no requirement under U.S. GAAP or Regulation S-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">X to disclose a description of reference rates and spreads for adjustable rate securities. However,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">in acknowledgment of the comment, each Registrant will evaluate the costs and benefits of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">including such descriptions in the Statements of Investments going forward, as well as monitor</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>3</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

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<TR>

   <TD width="2%"></TD>

   <TD width="3%"></TD>

   <TD width="93%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">for the potential impact of regulatory developments with respect to such disclosure, before</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">determining whether to do so.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">6</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">On page 57, in the Section 19(A) Notices section of the Annual Report, the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Registrant includes estimated amounts and sources of distributions for the year ended October 31,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">2015. Please explain why the financial statements do not estimate any return of capital.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Each Registrant notes that the 19(A) Notices issued during the year reflect estimated</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">amounts from returns of capital, but that, as of the end of the fiscal year, the sources of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">distribution did not include returns of capital.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">7</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Instruction 1 to Item 8(a)(1) of Form N-CSR requires that the information required</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">by this paragraph be as of the date of filing the report. Please ensure future filings provide</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">information as of the date of filing the report.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The requested revision will be incorporated in future financial reports of each</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Registrant filed on Form N-CSR.</FONT></TD></TR></TABLE></DIV>

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   <TD width="2%"></TD>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">8</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Item 9 of Form N-CSR requires a row showing the totals of each column in the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Purchases of Equity Securities table. Please include this information in future filings.</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The requested revision will be incorporated in any future financial reports of each</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Registrant filed on Form N-CSR that include Registrant purchases of equity securities.</FONT></TD></TR></TABLE></DIV>

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   <TD width="2%"></TD>

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   <TD width="93%"></TD></TR>

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   <TD align=right><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">9</FONT></TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">.</FONT></TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Comment</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Consider revising the heading of the &#8220;most recent dividend&#8221; tab on the Registrant&#8217;s</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">website to &#8220;most recent distribution.&#8221;</FONT></TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Response</FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">: </FONT></B><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">The Registrant will revise the language in response to the Staff&#8217;s comment.</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">* * *</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">If you have any questions or further comments, please contact me at 720.917.0623.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Very truly yours,</FONT><BR><BR><U><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">/s/Abigail J. Murray</FONT></U><BR><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Abigail J. Murray, Esq.</FONT></P>

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   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">cc:</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=2 face="Times New Roman,Times New Roman,Times,serif">Cliff Alexander, Esq.</FONT> </TD></TR></TABLE>

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