<SEC-DOCUMENT>0001193125-21-041949.txt : 20210623
<SEC-HEADER>0001193125-21-041949.hdr.sgml : 20210623
<ACCEPTANCE-DATETIME>20210212172656
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-041949
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>GDL FUND</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:17pt; font-family:ARIAL" ALIGN="center">S<SMALL>KADDEN</SMALL>, A<SMALL>RPS</SMALL>, S<SMALL>LATE</SMALL>, M<SMALL>EAGHER</SMALL>&nbsp;&amp;
F<SMALL>LOM</SMALL> <SMALL>LLP</SMALL> </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 BOYLSTON STREET </P>
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<TD VALIGN="middle" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECT&nbsp;DIAL</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-573-4836</FONT></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECT&nbsp;FAX</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">617-305-4836</FONT></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMAIL&nbsp;ADDRESS</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">KENNETH.BURDON@SKADDEN.COM</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">BOSTON, MASSACHUSETTS 02116</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">TEL: (617) <FONT STYLE="white-space:nowrap">573-4800</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">FAX: (617) <FONT STYLE="white-space:nowrap">573-4822</FONT></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:6.5pt; font-family:ARIAL" ALIGN="center">www.skadden.com</P></TD>
<TD VALIGN="bottom" ROWSPAN="6">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="6"> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">FIRM/AFFILIATE</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">OFFICES</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">-----------</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">CHICAGO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">HOUSTON</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">LOS ANGELES</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">NEW YORK</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">PALO ALTO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">WASHINGTON, D.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">WILMINGTON</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">-----------</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">BEIJING</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">BRUSSELS</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">FRANKFURT</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">HONG KONG</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">LONDON</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">MOSCOW</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">MUNICH</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">PARIS</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">S&Atilde;O PAULO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">SEOUL</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">SHANGHAI</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">SINGAPORE</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center">TOKYO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="center">TORONTO</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:11pt">February 12, 2021</FONT></TD></TR>
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</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:72pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">David Orlic </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Senior Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Disclosure Review Office </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">100 F Street N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman">RE:&#8194;&#8201;&#8201;The GDL Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:5.00em; text-indent:-2.50em; font-size:11pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&#8195;&#8201;&#8201;<U>(File Nos.: <FONT STYLE="white-space:nowrap">333-250213;</FONT> <FONT
STYLE="white-space:nowrap">811-21969)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Dear Mr.&nbsp;Orlic: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman">Thank you for your oral comments provided on December&nbsp;17, 2020 regarding your review of the registration statement on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> filed on November&nbsp;19, 2020 (the &#147;<U>Registration Statement</U>&#148;) by The GDL Fund (the &#147;<U>Fund</U>&#148;) with the U.S. Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;). The
Fund has considered your comments and authorized us to respond on its behalf as set forth below. Changes to the Registration Statement will be reflected in <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 (the
&#147;<U>Amendment</U>&#148;) to the Registration Statement, which the Fund intends to file on or about the date hereof, and will be marked to show all changes made since the initial filing of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:10%; font-size:11pt; font-family:Times New Roman">Your oral comments are summarized in bold to the best of our understanding, followed by the Fund&#146;s responses. Capitalized terms not
otherwise defined herein have the meanings ascribed to them in the Registration Statement. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David Orlic </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">February 12, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>*** </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>General </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>Please explain the legal basis permitting the Fund to register and offer subscription rights in a shelf
registration statement under General Instruction A.2 of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> in light of the rule and form amendments relating to securities offering reform adopted by the SEC on April&nbsp;8, 2020. See Securities
Offering Reform for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Investment Companies, Release No. <FONT STYLE="white-space:nowrap">IC-33836</FONT> (Apr. 8, 2020). </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">Since 1998, the staff of the SEC&#146;s Division of Investment Management has permitted <FONT STYLE="white-space:nowrap">closed-end</FONT>
investment companies to conduct shelf offerings on Form <FONT STYLE="white-space:nowrap">N-2</FONT> in accordance with Rule 415(a)(l)(x) if such companies&#146; securities are &#147;qualified to be registered on Form
<FONT STYLE="white-space:nowrap">S-3.&#148;</FONT> See Nuveen Virginia Premium Income Municipal Fund, SEC Staff <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (Oct. 6, 2006) (&#147;Nuveen&#148;); Pilgrim America Prime Rate Trust, SEC Staff
<FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (May 1, 1998) (&#147;Pilgrim&#148;). The Fund believes that the analysis regarding whether a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company satisfies the transaction
requirements of Form <FONT STYLE="white-space:nowrap">S-3,</FONT> in order to conduct shelf offerings on Form <FONT STYLE="white-space:nowrap">N-2</FONT> in accordance with Rule 415(a)(1)(x), remains unchanged under the recent securities offering
reform applicable to <FONT STYLE="white-space:nowrap">closed-end</FONT> funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">N-2,</FONT> General
Instruction A.2 provides that a registrant may elect to file a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> pursuant to this general instruction, including a registration statement used in connection with an offering
pursuant to Rule 415(a)(1)(x) under the Securities Act, so long as the registrant meets certain requirements, including the requirement that &#147;the registration statement to be filed pursuant to this General Instruction A.2 relates to a
transaction specified in General Instruction I.B. or I.C of Form <FONT STYLE="white-space:nowrap">S-3,</FONT> as applicable, and meets all of the conditions to the transaction specified in the applicable instruction.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">S-3,</FONT> General Instruction I.B.4 permits the registration on Form
<FONT STYLE="white-space:nowrap">S-3</FONT> of securities to be offered upon the exercise of outstanding rights granted by the issuer of the securities to be offered, if such rights are granted on a pro rata basis to all existing security holders of
the class of securities to which the rights attach. The Fund confirms that any subscription rights granted to a class of the Fund&#146;s common or preferred shares to which the rights attach would be granted on a pro rata basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">General Instruction I.B.4 also states that Form <FONT STYLE="white-space:nowrap">S-3</FONT> is available for registering such securities only
if the issuer meets certain information delivery requirements. First, General Instruction I.B.4(b) requires the delivery, within the twelve calendar months immediately before the registration statement is filed, of material containing the
information required by Rule <FONT STYLE="white-space:nowrap">14a-3(b)</FONT> of the Exchange Act. While Rule <FONT STYLE="white-space:nowrap">14a-3(b)</FONT> is not applicable to investment companies registered under the 1940 Act, the Fund includes
in its annual reports to shareholders financial information required by Item 24.4 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> and <FONT STYLE="white-space:nowrap">Form&nbsp;N-CSR.</FONT> </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David Orlic </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">February 12, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 3 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">Second, General Instruction I.B.4(c) requires issuers to have provided,
within the twelve calendar months immediately before the registration statement is filed, the information required by Items 401, 402, 403 and 407(c)(3), (d)(4), (d)(5) and (e)(4) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> In the past
12 calendar months, the Fund has provided to its shareholders, on a timely basis, information required by Items 401, 402, 403 and 407 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> that registered
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies are required to disclose under the Exchange Act and the 1940 Act, including in the Fund&#146;s recent proxy statement for its 2020 annual meeting of shareholders and the
Fund&#146;s filings on Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">The analysis of a
<FONT STYLE="white-space:nowrap">closed-end</FONT> fund&#146;s eligibility to include rights offerings in its shelf registration statement under the recent securities offering reform applicable to <FONT STYLE="white-space:nowrap">closed-end</FONT>
funds is unchanged from the previous analysis of a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund&#146;s ability to include such offerings in a shelf registration using the <FONT STYLE="white-space:nowrap">no-action</FONT> relief granted in
Nuveen and Pilgrim, which required the fund to otherwise be eligible under the instructions to Form <FONT STYLE="white-space:nowrap">S-3</FONT> to conduct the type of offering it sought to undertake. Likewise, General Instruction A.2. to Form <FONT
STYLE="white-space:nowrap">N-2</FONT> requires the fund to meet &#147;all of the conditions to the transaction specified in the applicable instruction&#148; to Form <FONT STYLE="white-space:nowrap">S-3</FONT> (i.e., here, General Instruction
I.B.4.). <FONT STYLE="white-space:nowrap">Closed-end</FONT> funds have conducted rights offering off of shelf registration statements using the <FONT STYLE="white-space:nowrap">no-action</FONT> relief granted in Nuveen and Pilgrim for many years and
the recent CEF securities offering reform did not change the eligibility criteria for doing so or the analysis with respect thereto. Accordingly, the Fund believes it can use General Instruction A.2. to Form
<FONT STYLE="white-space:nowrap">N-2</FONT> to register and offer subscription rights. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>Please explain how the Fund satisfies the aggregate market value requirement of Instruction 1.B.1 of <FONT
STYLE="white-space:nowrap">Form&nbsp;S-3.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">Please see Exhibit A for the Fund&#146;s calculation of its
aggregate market value as of January 25, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Summary of Fund Expenses </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>The fee table for the Fund lists &#147;Total Annual Expenses and Dividends on Preferred Shares&#148; as
3.02% of the net assets attributable to common shares. However, the &#147;Financial Highlights&#148; of the Fund&#146;s semi-annual report filed on Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT> for the June&nbsp;30, 2020 reporting period lists
the &#147;ratio of operating expenses to average net assets attributable to common shares&#148; as 4.01% for the six months ended June&nbsp;30, 2020. Please review the calculations in the fee table and explain the factors that account for the
difference in the values or revise as necessary. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">On March&nbsp;26, 2020, 1,935,093 Series C Preferred Shares were
put back to the Fund. The &#147;ratio of operating expenses to average net assets attributable to common shares&#148; in the Fund&#146;s semi-annual report filed on Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT> for the June&nbsp;30, 2020
reporting period included interest expense on 2,624,025 Series C Preferred Shares for January&nbsp;1, 2020 through March&nbsp;25, 2020, and 688,932 Series C Preferred </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">David Orlic </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">February 12, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 4 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">Shares for March&nbsp;26, 2020 through June&nbsp;30, 2020. The fee table
reflects interest expense on the 688,932 Series C Preferred Shares outstanding at June&nbsp;30, 2020, plus the assumed issuance of $80&nbsp;million in preferred shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Prospectus </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>Please update the &#147;Independent Registered Public Accounting Firm&#148; section to include information
regarding the Fund&#146;s independent registered public accounting firm. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">The Fund has made the requested change.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>Please update the &#147;Incorporation by Reference&#148; section to include all relevant recent filings and
amendments of the Fund. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">The Fund has made the requested change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibits </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>Please confirm whether there were any substantive changes to the forms of prospectus supplement filed as
Exhibits 99(s)(ii) through (s)(vii) of the Registration Statement as compared to the forms of prospectus supplement filed with the Fund&#146;s currently effective registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (file nos. <FONT
STYLE="white-space:nowrap">333-213902</FONT> and <FONT STYLE="white-space:nowrap">811-21969).</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman">The Fund
confirms that there were no substantive changes were made to the forms of prospectus supplement filed as Exhibits 99(s)(ii) through (s)(vii) of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">Should you have
any additional comments or concerns, please do not hesitate to contact me at (617) <FONT STYLE="white-space:nowrap">573-4836</FONT> or Tom DeCapo at (617) <FONT STYLE="white-space:nowrap">573-4814.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Best regards,</TD></TR>
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<TD VALIGN="top">/s/ Kenneth E. Burdon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom">Kenneth E. Burdon</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Calculation Date: January 25, 2021 (17 days before filing date) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Closing Sale Price: $8.82 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Outstanding Shares: 14,065,954 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Affiliate-Owned Shares (shares owned by trustees and executive officers): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="54%"></TD>

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<TD VALIGN="bottom" WIDTH="9%"></TD>
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<TD VALIGN="bottom" NOWRAP><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B>Shareholder</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"><B>Common&nbsp;Shares&nbsp;Held</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Mario J. Gabelli and affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">4,777,298</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Edward T. Tokar</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">5,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">James P. Conn</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Michael J. Melarkey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6,977</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>Total Affiliate-Owned Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>4,791,275</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Total <FONT STYLE="white-space:nowrap">Non-Affiliate</FONT> Owned Shares: 9,274,679 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Market Value of <FONT STYLE="white-space:nowrap">Non-Affiliate</FONT> Owned Shares: $81,802,668.78 </P>
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