<SEC-DOCUMENT>0000950123-12-010805.txt : 20120926
<SEC-HEADER>0000950123-12-010805.hdr.sgml : 20120926
<ACCEPTANCE-DATETIME>20120801171010
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-12-010805
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>John Hancock Investors Trust<BR>
601 Congress Street<BR>
Boston, Massachusetts 02210</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">August&nbsp;1, 2012<BR>
VIA EDGAR

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Brion R. Thompson, Esq.<BR>
Senior Counsel<BR>
United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>John Hancock Investors Trust<br>
<br style="font-size: 6pt"><u>File Nos. 333-181550 and 811-04173</u></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Thompson:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have received the Staff&#146;s comments on the registration statement filed on Form N-2 on May
21, 2012 (the &#147;Registration Statement&#148;) for John Hancock Investors Trust (the &#147;Fund&#148;). The Staff&#146;s
comments were received in the form of a letter (the &#147;Comment Letter&#148;) dated June&nbsp;21, 2012. We
respectfully submit this response letter on behalf of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the disclosure changes and supplemental responses discussed in this letter are
fully responsive to the Staff&#146;s comments, and resolve any matters raised. It is anticipated that
the Fund will seek effectiveness of the Registration Statement, as amended, as soon as practicable
after the filing of the next pre-effective amendment. The Fund will, in connection therewith, make
the requested representations and file the necessary acceleration requests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have, for the convenience of the Staff, repeated below the comments appearing in the
Comment Letter followed by the Fund&#146;s response. Defined terms have the same meanings as used by
the Fund in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Prospectus</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Comment: Cover Page</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please disclose in <B>Investment Strategy </B>that up to 70% of the Fund&#146;s assets may be invested in
debt securities rated below investment grade, which are commonly referred to as &#147;junk bonds.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> The requested change has been made.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Prospectus Summary</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Comment: </B><B><I>Hedging, Derivatives and other Strategic Transactions Risk</I></B><B>, page 11</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please add disclosure to the <B>Investment Strategy </B>section discussing the Fund&#146;s investments in
the various derivative transactions discussed in this section. Also, please</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>review the
adequacy of the strategy and risk disclosure of derivatives in this section and other sections
throughout the registration statement, and make appropriate revisions, in light of the
observations set forth in the letter from Barry Miller, Associate Director, Office of Legal
and Disclosure, to Karrie McMillan, General Counsel, Investment Company Institute, dated July
30, 2010. <B>See </B>http://www.sec.gov/divisions/investment/guidance/ici07010.pdf.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> The Fund notes that it has assessed the accuracy and completeness of its
disclosures regarding derivatives, including whether the disclosure is presented in an
understandable manner using plain English. The Fund notes that its disclosure is not
standard, generic prospectus disclosure for multiple funds, but has been drafted to reflect
the particular nature of the Fund&#146;s investments. The derivatives disclosure has been
tailored to the Fund, and it outlines the strategies for which derivatives will be used to
assist the Fund in seeking its investment objective. In determining the appropriate level
of disclosure, the Fund considered the degree of economic exposure the derivatives create in
addition to the use of such derivatives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is not anticipated that such use of derivatives for hedging and other strategic
transactions will constitute a significant portion of the Fund&#146;s investment activity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: SUMMARY OF FUND EXPENSES, page 13</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please confirm that Annual Expenses are presented in the fee table reflecting the effect of
the Fund&#146;s anticipated leverage transactions. If the table does not reflect the anticipated
leverage transactions, please revise Annual Expenses to reflect those expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> As a supplemental response, the Fund confirms that the fee table will
include an estimate of the expenses of the credit facility, which is the only leverage the
Fund currently anticipates using.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: Use of Proceeds, page 15</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure in this section states that the Fund may delay investments from the proceeds of
this offering beyond three months of receipt of such proceeds if suitable investments are not
available &#147;or for other reasons.&#148; Please revise the disclosure to clarify the reasons for any
anticipated delay in investing the net proceeds of this offering and the consequences of any
delay. <B>See </B>Item&nbsp;7.2 and Guide 1 of Form N-2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response</B></U>: As disclosed, the Fund intends to invest substantially all of its assets
within a three month period. After review of the Fund&#146;s disclosure, the Fund has revised
the second sentence under &#147;Use of Proceeds&#148; by adding the following underscored language to
clarify that it intends to meet the requirements of Sections&nbsp;8(b)(1) and 13(a) of the
Investment Company Act of 1940, as interpreted by the Division of Investment Management
enumerated in Guide 1 of Form N-2:</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Such investments may be delayed </B><U><B>up to three months</B></U><B> if suitable investments are
unavailable at the time or for other reasons</B><U><B>, such as market volatility and lack of
liquidity in the markets of suitable investments</B></U><B>.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a supplemental response, the Fund notes that its disclosure currently states the
consequences of any delay, as follows:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A delay in the anticipated use of proceeds could lower returns and reduce the Fund&#146;s
distribution to Common Shareholders or result in a distribution consisting principally of a
return of capital.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: Mortgage-backed securities</B><B><I>, </I></B><B>page 17</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mortgage-backed securities are disclosed here as a portfolio investment of the Fund, but are
not disclosed earlier as part of the Fund&#146;s <B>Investment Strategy</B>. Please eliminate this
inconsistency by adding disclosure to the <B>Investment Strategy </B>section discussing the Fund&#146;s
investment in the various types of mortgage-backed securities as discussed in this section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> The requested change has been made. The Fund has added the following
underscored disclosure to the first paragraph under Investment Strategy:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>The Fund may purchase mortgage-backed securities.</B></U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: USE OF LEVERAGE BY THE FUND, page 24</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The disclosure in this section states that the Fund may borrow for temporary, emergency or
other purposes in addition to the combined effective leverage ratio of 33 1/3% of the Fund&#146;s
managed assets. Please explain to us how the Fund&#146;s intended borrowing limits, including such
temporary/emergency borrowings, would be consistent with the borrowing limits set forth in
Section&nbsp;18 of the Investment Company Act of 1940.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> The Fund will limit its borrowing to the restrictions set forth in
Section&nbsp;18 of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). Section
18(g) of the 1940 Act, however, excepts temporary borrowings from the definition of &#147;senior
security&#148; in Section&nbsp;18, and therefore, temporary borrowings may be permitted in instances
in which a fund&#146;s effective leverage ratio is already 33 1/3%, so long as such temporary
borrowings meet the terms set forth in Section&nbsp;18(g).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: </B><B><I>Advisory Agreement</I></B><B>, page 37</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first paragraph of this section states that the Adviser will receive an annual fee in an
amount based upon a percentage of the Fund&#146;s &#147;average daily managed assets.&#148; Please add
disclosure defining the term &#147;average daily managed assets&#148; as it is being used to describe
the advisory fee to be paid to the Adviser. Please inform us whether the Fund&#146;s
derivative investments are included in the calculation of &#147;average daily managed assets&#148;
and, if so, how those derivatives will be valued for that purpose. Also, in your response</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>letter to us, provide an affirmative statement that the Fund will not use the notional value
of its derivative investments for purposes of determining &#147;average daily managed assets.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> The requested changes have been made. We have added the following
disclosure to the end of the first paragraph under <I>Advisory Agreement</I>, on page 37: <B>&#147;Managed
assets&#148; means the total assets of the Fund (including any assets attributable to any
leverage that may be outstanding) minus the sum of accrued liabilities (other than
liabilities representing financial leverage). The liquidation preference of any preferred
shares is not a liability.&#148;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We also confirm that the Fund&#146;s investments in derivatives are included in &#147;average daily
managed assets.&#148; Derivative instruments are valued based upon their market value taking
into account the terms of the instrument. The Fund does not use the notional value of its
derivative investments for purposes of determining &#147;average daily managed assets.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: PLAN OF DISTRIBUTION, page 45</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Disclosure in this section states that the Fund may distribute its Common Shares from time to
time in one or more transactions through the use of a Prospectus Supplement. Please confirm
to us that, concurrent with the filing of each Prospectus Supplement, a legality opinion will
be filed as a post-effective amendment with respect to each such future offering of the Common
Shares. <B>See </B>Staff Legal Bulletin 19 (Oct. 11, 2012), text at note 26.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> As a supplemental response, the Fund confirms it will file a legality
opinion in connection with each Prospectus Supplement registering Common Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Statement of Additional Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Comment: </B><B><I>Credit Default Swap Agreements</I></B><B>, page 10</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This section states that the Fund may enter into credit default swap agreements as either the
buyer or seller in such transactions. Please confirm to us that when the Fund sells a credit
default swap it will segregate liquid assets in an amount equal to the full notional value of
the instrument.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> We confirm that, when the Fund is the seller of protection under a credit
default swap, it will segregate liquid assets in an amount equal to the full notional value
of the instrument.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Comment: INVESTMENT RESTRICTIONS, page 13</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please revise the last sentence of the penultimate paragraph to clarify that only tax exempt
municipal obligations would not be considered as industries for purposes of the Fund&#146;s
fundamental industry concentration policy. Also, revise Fundamental Investment Restriction
(9)&nbsp;to include the exclusion for tax-exempt municipal obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Response:</B></U> The requested changes have been made. The Fund has revised the
disclosure by adding the underscored language shown below:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(9)</B>&nbsp;<B>Purchase securities of issuers conducting their principal business activity in the same
industry if immediately after such purchase the value of its investment in such industry
would exceed 25% of its total assets taken at market value. </B><U><B>For purposes of construing
this Fundamental Restriction No.&nbsp;9, tax-exempt municipal obligations shall not be considered
to represent industries.</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Tax-exempt</B></U><B> municipal obligations backed by the credit of a governmental entity also
are not considered to represent industries.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General Comments</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a comment is made in one location, it is applicable to all similar disclosure appearing
elsewhere in the registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note that portions of the filing are incomplete. We may have additional comments on such
portions when you complete them in pre-effective amendments, on disclosures made in response
to this letter, on information you supply to us, or on exhibits added in any pre-effective
amendments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you intend to omit certain information from the form of prospectus included with the
registration statement that is declared effective, in reliance on Rule&nbsp;430A under the
Securities Act of 1933 (&#147;Securities Act&#148;), please identify the omitted information to us,
preferably before filing the final pre-effective amendment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please advise us if you have submitted or expect to submit exemptive applications or
no-action requests in connection with your registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Responses to this letter should be in the form of a pre-effective amendment filed pursuant to
Rule&nbsp;472 under the Securities Act. Where no change will be made in the filing in response to
a comment, please indicate this fact in a letter to us and briefly state the basis for your
position.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We urge all persons who are responsible for the accuracy and adequacy of the disclosure in
the filing reviewed by the staff to be certain that they have provided all information
investors require to make an informed decision. Since the Fund and its management are in
possession of all facts relating to the Fund&#146;s disclosure, they are responsible for the
accuracy and adequacy of the disclosures they have made.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Responses:</B></U> The Fund takes note of the Staff&#146;s comments. The Fund is not submitting
an exemptive application in connection with its registration statement. The Fund, however,
anticipates submitting a no-action request to permit the Fund to file post effective
amendments to its registration statements pursuant to Rule 486(b) under the Securities Act
of 1933, as amended. The Fund will file a pre-effective amendment reflecting the responses
to the Comments set forth in this letter.</TD>
</TR>




</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>* * *</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for your attention in these matters. If you have any questions, I may be reached at
617-663-3872.
</DIV>

<DIV align="center">
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    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
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<TR></TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sincerely,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/ Kinga Kapuscinski&nbsp;</DIV>
Kinga Kapuscinski
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
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