1.
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Comment:
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The Staff requested that the Trust provide additional disclosure regarding the substance of the experience, qualifications and attributes that led to the conclusion that the nominees should serve as the Trustees of the Trust, for example by detailing the roles in which each Trustees served in obtaining the experience described in the current disclosure.
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Response:
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The Trust has added disclosure to address the Staff’s request.
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2.
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Comment:
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The Staff requested that the Trust confirm in its response that no disclosure pursuant to Item 22(b)(11) of Schedule 14A is required regarding any legal proceedings that occurred during the past ten years and that are material to an evaluation of the ability or integrity of any nominee to serve as a Trustee of the Trust.
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Response:
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The Trust confirms that, to its knowledge, no disclosure pursuant to Item 22(b)(11) of Schedule 14A is required.
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B.
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Special Meeting Proposal No. 1 - Approval of Amended and Restated Investment Advisory Agreement.
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1.
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Comment:
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The Staff requested that the Trust confirm in its response that, other than fees paid under the investment advisory contract, there are no additional fees that were paid by the Trust to the investment adviser or its affiliates during the most recent fiscal year that are required to be disclosed pursuant to Item 22(c)(14) of Schedule 14A.
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Response:
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An affiliate of the Trust’s investment adviser received sales commissions and Rule 12b-1 distribution and/or service fees with respect to shares of the Trust during the most recent fiscal year. The Trust has added disclosure to reflect such payments. The Trust confirms that no other additional fees were paid by the Trust to the investment adviser or its affiliates during the most recent fiscal year that are required to be disclosed pursuant to Item 22(c)(14) of Schedule 14A.
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C.
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Special Meeting Proposals No. 2A and 2B - Approval of Elimination of Certain Fundamental Policies.
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1.
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Comment:
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The Staff noted that the Trust states in the Proxy Statement that if Proposals 2A and 2B are approved, the Trust would be able to invest in certain instruments that are described in the Proxy Statement, such as Build America Bonds. The Staff requested that Trust add disclosure regarding the risks associated with such instruments described in the Proxy Statement.
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Response:
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The Trust notes the Proxy Statement discloses that, if shareholders approve Proposals 2A and 2B, the Trust does not immediately intend to invest in the instruments described in the Proxy Statement other than money markets funds. As discussed with the Staff and as stated in the Proxy Statement, prior to investing in such instruments, the Trust’s Prospectus or Statement of Additional Information would be revised to disclose the new practice, the purpose of the new practice and, as applicable, any additional risks. Accordingly, the Registrant respectfully submits that no additional disclosure is required.
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cc:
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Diana P. Herrmann
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Charles E. Childs III
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Robert I. Crowell
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Stephen K. Rodgers
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Roger P. Joseph, Esq.
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Toby R. Serkin, Esq.
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