<SEC-DOCUMENT>0000902561-09-000143.txt : 20110808
<SEC-HEADER>0000902561-09-000143.hdr.sgml : 20110808
<ACCEPTANCE-DATETIME>20090612155115
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000902561-09-000143
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DNP SELECT INCOME FUND INC
		CENTRAL INDEX KEY:			0000806628
		IRS NUMBER:				363480989
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232
		BUSINESS PHONE:		3123685510

	MAIL ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS SELECTED UTILITIES INC
		DATE OF NAME CHANGE:	19910429
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 14pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font size="4"><strong>M A Y E R</strong> </font><font face="Times New Roman, Times, serif" size="2">*</font> <strong><font size="4">B R O W N</font></strong></p>
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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font face="Arial" size="1">Mayer Brown LLP</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 8pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font face="Arial" size="1">71 South Wacker Drive</font><br>
                            <font face="Arial" size="1">Chicago, Illinois 60606-4637</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font face="Arial" size="1">Main Tel (312) 782-0600</font><br>
                            <font face="Arial" size="1">Main Fax (312) 701-7711</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font face="Arial" size="1">www.mayerbrown.com</font></p>

                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><b><font face="Arial" size="2">Lawrence R. Hamilton</font></b></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font face="Arial" size="1">Direct Tel (312) 701-7055</font><br>
                            <font face="Arial" size="1">Direct Fax (312) 706-8333</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font face="Arial" size="1">lhamilton@mayerbrown.com</font></p>
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                            <p style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">June 12, 2009</font></p>
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                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">VIA EDGAR<br>
                            </font></b></u></p>
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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Mr. Christian T. Sandoe</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Senior Counsel</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Securities and Exchange Commission</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">100 F Street N.E.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Washington, D.C. 20549</font></p>
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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">&nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left"><font size="2">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNP Select Income Fund Inc. (the &ldquo;Fund&rdquo;)</font><br>
                            <font size="2">File Number 811-04915</font><br>
                            <u><font size="2">Post-effective amendment to registration statement on Form N-2 filed April 30, 2009</font></u></p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Dear Mr. Sandoe:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">This letter is submitted supplementally to respond to the Staff&rsquo;s comments on the post-effective amendment to the Fund&rsquo;s registration statement on Form N-2 that was filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on April 30, 2009. In response to the Staff&rsquo;s comments, the Fund&nbsp;proposes to&nbsp;file with the Commission an updated post-effective
            amendment to its registration statement. Set forth below is a description of each of the revisions proposed to be reflected in that post-effective amendment to the registration statement &ndash; either in response to a Staff comment or in order to bring the disclosure up to date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Revisions Made in Response to Staff Comments</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 3. Fee Table and Synopsis</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Comment:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Pursuant to General Instruction G.3 to Form N-2, the fee table required by Item 3.1 must be included in a registration statement filed only under the Investment Company Act of 1940.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Response:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The following fee table required by Item 3.1&nbsp;will be&nbsp;included in&nbsp;the post-effective amendment filing:</font></p>

            <p style="MARGIN-TOP: 5pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font face="Times New Roman, Times, serif"><font size="2"><u>Item 3</u>.&nbsp;&nbsp;&nbsp; <u>Fee Table and Synopsis</u></font></font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</font></p>

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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">Shareholder</font></b> <b><font style="FONT-SIZE: 10pt">Transaction</font></b> <b><font style="FONT-SIZE: 10pt">Expenses</font></b><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">&nbsp;</td>
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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
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                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Sales Load (as a percentage of offering price)</font></p>
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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">N/A&nbsp;</font></p>
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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
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                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Dividend Reinvestment and Cash Purchase Plan Fees</font></p>
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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">(1)&nbsp;</font></p>
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                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">Annual Expenses</font></b> <b><font style="FONT-SIZE: 10pt">(as a percentage of net assets attributable to common shares)</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">&nbsp;</td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Management Fees</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">0.95%&nbsp;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Interest Payments on Borrowed Funds (2)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">0.64%&nbsp;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Other Expenses</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">1.18%&nbsp;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Expenses</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">2.77%&nbsp;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Distributions on Auction Preferred Stock</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">0.33%&nbsp;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="57">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="512">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="53">&nbsp;</td>
                    </tr>

                    <tr style="HEIGHT: 24.8pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="57">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="512">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Annual Expenses and Distributions on Auction Preferred Stock</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BACKGROUND: #99ccff; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="53">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 10pt">3.10%&nbsp;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p title="EE+ Page Footer" align="left"></p>

            <div title="EE+ Page Footer" align="left">
                <table cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="8%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="48%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Example (3)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="2%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">1 year</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">2 years</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="9%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">5 years</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="9%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">10 years</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="48%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="2%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="8%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="8%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="9%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="2%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="middle" width="9%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 39pt">
                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="56%" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">You would pay the following expenses on a $1,000<br>
                            investment, assuming a 5% annual return</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="bottom" width="2%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">$31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">$63</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="9%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">$162</font></p>
                        </td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="1%">&nbsp;</td>

                        <td style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" valign="top" width="9%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt">$341</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div title="EE+ Page Footer" align="left">
                <table cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">(1) </font></p>
                        </td>

                        <td valign="top" width="92%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Shareholders that reinvest dividends and/or capital gains distributions will be charged only brokerage fees in the event that shares are purchased in the open market. Investors investing cash in addition to any cash dividends reinvested will be charged brokerage commissions plus a service fee of $2.50 per transaction. See Item
                            10.1(d).</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="8%">&nbsp;</td>

                        <td valign="top" width="92%">&nbsp;</td>
                    </tr>

                    <tr>
                        <td valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">(2)</font></p>
                        </td>

                        <td valign="top" width="92%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">Consists of interest payments on remarketed preferred stock (0.22%) (see Item 10.1(d)) and interest payments on committed credit facility (0.46%) (see Item 10.3).</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="8%">
                        </td>

                        <td valign="top" width="92%"><br>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="8%">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">(3)</font></p>
                        </td>

                        <td valign="top" width="92%">
                            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">This Example should not be considered a representation of future expenses, and actual expenses may be greater or lesser than those shown.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p title="EE+ Page Footer" align="left"></p>

            <p title="EE+ Page Footer" style="MARGIN-TOP: 4.5pt; MARGIN-BOTTOM: 9pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt">The purpose of the foregoing table is to assist an investor in understanding the costs and expenses that an investor will bear directly or indirectly, and the information contained therein is not necessarily indicative of future performance. &ldquo;Other Expenses&rdquo; are based on estimated amounts for the current fiscal
            year.&nbsp; &ldquo;Interest Payments on Remarketed Preferred Stock&rdquo;&nbsp;are included in the total annual expenses of the Fund.&nbsp; &ldquo;Distributions on Auction Preferred Stock&rdquo; are not included in the total annual expenses of the Fund but are shown separately as a percentage of net assets attributable to common shares and are included in the calculation of the expenses an investor would bear over the time periods shown in the example above. For a more detailed
            description of management fees paid by the Fund, see Item 9.1(b) and (d).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="324" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 8.2.&nbsp;</font></b></u><u><b><font size="2">Investment Objective and Policies</font></b></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Comment:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Item 8.2.b(2) requires the Registrant&rsquo;s fundamental investment policies to disclose the identity of any particular industry or group of industries in which the Registrant proposes to concentrate. Concentration, for purposes of this item, is deemed 25 percent or more of the value of the Registrant&rsquo;s total assets invested or proposed to be invested in a particular industry or group of
            industries.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Response:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The discussion of the Fund&rsquo;s &ldquo;Principal investment strategies&rdquo; in Item 8.2 already included the following statement:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left"><font size="2">Under normal conditions, more than 65% of the Fund&rsquo;s total assets will be invested in securities of public utility companies engaged in the production, transmission or distribution of electric energy, gas or telephone services. The Fund&rsquo;s investment objectives stated in the preceding paragraph and its policy of concentrating its investments in the utilities industry are
            fundamental policies and may not be changed without the approval of the holders of a &ldquo;majority&rdquo; (as defined in the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) of the outstanding shares of the common stock and the preferred stock voting together as one class, which means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding
            shares.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">However, in response to a suggestion from the Staff, the Fund proposes to move the statement about concentration from the &ldquo;Principal investment strategies&rdquo; section to the list of &ldquo;Fundamental investment restrictions,&rdquo; where it will appear as the first item and will read as
            follows:</font></font></p>

            <p style="MARGIN: 0pt 0.5in 12pt" align="left"><font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal conditions, more than 65% of the Fund's total assets will be invested in securities of public utility companies engaged in the production, transmission or distribution of electric energy, gas or telephone services.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">The other items in the list of &ldquo;Fundamental investment restrictions&rdquo; will be renumbered accordingly</font><font style="COLOR: #000000">.</font></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Revisions Made in Order to&nbsp;Make the Disclosure Current </font></b></u><font size="2">&nbsp;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Set forth below is a list of revisions&nbsp;that will be reflected in the post-effective amendment filing in order to bring the disclosure up to date.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 8.3. Risk Factors</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The discussion of the effects of the Fund&rsquo;s use of leverage has been updated to reflect the Fund&rsquo;s recent redemptions of preferred stock and drawdowns on the credit facility, and to reflect updated figures for the Fund&rsquo;s cost of leverage.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 8.5. Share Price Data</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The share price data has been updated with more current figures.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 9.3. Control Persons</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The sentence, &ldquo;No person is known by the Fund to own of record or beneficially five percent or more of any class of the Fund&rsquo;s outstanding equity securities,&rdquo; has been deleted because certain broker-dealers who purchased auction-rate preferred shares from their retail customers in accordance with settlements they entered into with the Commission now beneficially own more than five
            percent of the Fund&rsquo;s preferred shares. The first sentence of Item 9.3, &ldquo;The Fund does not consider that any person &lsquo;controls&rsquo; the Fund within the meaning of this item,&rdquo; remains true, based on the definition of &ldquo;control&rdquo; in the Instruction to Item 9.3 of Form N-2. Because the Fund has so many common shares outstanding, ownership of even 100% of the Fund&rsquo;s outstanding preferred shares would represent only 0.0017% of the voting power of
            the Fund&rsquo;s outstanding voting securities. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 10.5. Outstanding Securities</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The table showing the number of securities of each class of the Fund&rsquo;s outstanding securities has been updated.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 18.1. Management Table</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The management table has been updated to reflect the current board and committee membership, and the current terms, titles and ages of directors.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="399" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="399">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><u><b><font size="2">Item 18.7. Ownership of Equity Securities by Directors </font></b><font size="2">&nbsp;</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The table showing the equity securities beneficially owned by each director has been updated to reflect the current board membership, and a footnote has been added to indicate changes in share ownership since December 31, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 18.13. Director Compensation Table</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The director compensation table has been updated to reflect the current board membership, and a paragraph has been added to footnote (1), describing changes to the director compensation system that will become effective on July 1, 2009.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 21.3. Ownership of Equity Securities by Portfolio Managers</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The table of ownership of equity securities by portfolio managers has been updated to add a footnote indicating changes in share ownership since December 31, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 25. Financial Statements and Exhibits</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The exhibit list in Part C has been updated to incorporate by reference two exhibits that were attached to the April filing.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">Item 29. Number of Holders of Securities</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">This item has been updated to reflect a more current figure for the number of record holders of the Fund&rsquo;s common stock.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><b><font size="2">General Staff Comment</font></b></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filings reviewed by the staff to be certain that they have provided all information investors require for an informed decision. Since the Fund and its management are in possession of all facts relating to the Fund&rsquo;s disclosure, they are responsible for the accuracy and adequacy of the disclosures they
            have made.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><b><font size="2">Response:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">The Fund acknowledges that (i) the Fund and its management are responsible for the accuracy and adequacy of the disclosure in the filings reviewed by the staff; (ii) staff comments on the filings, or changes in disclosure in response to staff comments on the filings, do not foreclose the Commission from taking any action with respect to the filings; and (iii) the Fund may not assert staff comments as a
            defense in any proceeding initiated by the Securities and Exchange Commission or any person under the federal securities laws of the United States. </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Any questions or comments regarding the above responses or the preliminary proxy statement should be directed to either Lawrence R. Hamilton at (312) 701-7055 or John Sagan at (312) 701-7123.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Thank you for your attention to this correspondence.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Very truly yours,</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">/s/ Lawrence R. Hamilton</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Lawrence R. Hamilton</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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