<SEC-DOCUMENT>0001193125-21-011123.txt : 20210322
<SEC-HEADER>0001193125-21-011123.hdr.sgml : 20210322
<ACCEPTANCE-DATETIME>20210119121359
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-011123
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210119

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:			1031

	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
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>SEC Response Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top">


<IMG SRC="g43123snap2.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Mayer Brown LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">71 South Wacker Drive<BR>Chicago, IL 60606-4637<BR>United States of America</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">T: +1 312 782 0600</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">F: +1 312 701 7711</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">January&nbsp;19, 2021</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">mayerbrown.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>VIA EDGAR</U></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Lawrence R Hamilton</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Partner</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">T: +1 312 701 7055</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">F: +1 312 706 8333</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">LHamilton@mayerbrown.com</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John&nbsp;M. Ganley, Esq.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Kenneth Ellington <BR>U.S. Securities and Exchange Commission <BR>100 F Street, N.E. <BR>Washington, DC 20549</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>DNP Select Income Inc.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U></U><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14,</FONT> File Nos.</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U></U><U><FONT STYLE="white-space:nowrap">811-04915</FONT> and <FONT STYLE="white-space:nowrap">333-251313</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Ganley and Mr.&nbsp;Ellington: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of DNP Select Income Inc. (&#147;DNP&#148; or the &#147;Fund&#148;), set forth below is the Fund&#146;s response to the comments provided by the
staff (the &#147;Staff&#148;) of the Division of Investment Management of the Securities and Exchange Commission on December&nbsp;21, 2020, and January&nbsp;8, 2021, regarding the Fund&#146;s registration statement on Form <FONT
STYLE="white-space:nowrap">N-14,</FONT> filed on December&nbsp;11, 2020 (the &#147;Initial Registration Statement&#148;). Coincident with this letter, the Fund is filing <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to
its registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (the <FONT STYLE="white-space:nowrap">&#147;Pre-Effective</FONT> Amendment&#148;), which addresses the comments the Staff has provided. All capitalized terms not defined
in this letter have the meanings set out in the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, the Staff&#146;s
comments are numbered and presented in italicized text below, and each comment is followed by the Fund&#146;s response. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>The October&nbsp;31, 2019 financial reports incorporated by reference in the <FONT
STYLE="white-space:nowrap">N-14</FONT> are older than 245 days. Please file a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment that includes October&nbsp;31, 2020 financial statements and financial highlights, and please update
expense ratios in the fee table as necessary. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Pre-Effective</FONT>
Amendment incorporates the Fund&#146;s October&nbsp;31, 2020 financial statements, and all expense ratios in the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment have been revised as necessary. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please provide a capitalization table as required by Item 4.B of Form
<FONT STYLE="white-space:nowrap">N-14,</FONT> with information as of a date within 30 days of filing the registration statement.. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment now includes a capitalization table on page 66. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including Mayer Brown LLP
(Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership) and Tauil &amp; Chequer Advogados (a Brazilian partnership). </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:10pt; font-family:Times New Roman">Mayer Brown LLP </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Mr. John M. Ganley, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Mr.
Kenneth Ellington </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">January 19, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please confirm in correspondence and in the <FONT STYLE="white-space:nowrap">N-14</FONT> that the
acquiring fund will be the accounting survivor. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Fund hereby confirms that the acquiring fund (DNP Select
Income Fund Inc.) will be the accounting survivor. Disclosure has also been included in the response to Question 11 on page (iv) of the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment to address this point. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Disclosure states that expenses incurred in connection with the merger will be borne by the target fund.
Please explain in correspondence why the costs will not be split equitably between the two funds. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As discussed
in detail in the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment, particularly in the section captioned &#147;Background on Standstill Agreement with Karpus&#148; (which is unchanged from the Initial Registration Statement), the DUC
Board agreed to enter into the Merger Agreement and to recommend the Merger to the DUC shareholders in connection with DUC entering into the Standstill Agreement with Karpus. As explained in that disclosure, the DUC Board&#146;s support for the
proposed Merger was intended to address Karpus&#146;s concerns about DUC&#146;s discount to NAV without the potential negative consequences of other measures that had been advocated by Karpus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">At the same time, the DNP Board (although it consisted of the same individuals as the DUC Board) was only willing to support the proposed
Merger if it could independently determine that the Merger would also be in the best interests of DNP and its shareholders. The DNP Board concluded that DNP shareholders would benefit from the increase in DNP&#146;s asset base at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">little-to-no</FONT></FONT> upfront cost, as well as increased trading efficiencies and long-term expense savings that would result from spreading fixed costs over a larger asset base and
potentially the ability of DNP to benefit from DUC&#146;s tax loss carryforwards. The DNP Board also concluded that the merger would not be likely to have a long-term detrimental effect on DNP&#146;s premium. However, the DNP Board was also
concerned that if DNP were required to bear the majority of the expenses associated with the Merger (which would have been the case if the expenses had been allocated to both Funds based on relative net assets), that would significantly reduce, or
even eliminate, the potential benefits that DNP would receive in spreading certain fixed costs over a larger asset base, particularly in the near term. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">By contrast, the DUC Board considered that even if DUC was required to bear all expenses associated with the Merger, shareholders of DUC were
still expected to benefit in the manner described in the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment. Accordingly, agreeing to allocate the Merger expenses to DUC was a material factor in enabling the DNP Board to recommend the
Merger as being in the best interests of DNP and its shareholders, without undermining the ability of the DUC Board to recommend the Merger as being in the best interests of DUC and its shareholders. </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:10pt; font-family:Times New Roman">Mayer Brown LLP </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Mr. John M. Ganley, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Mr.
Kenneth Ellington </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">January 19, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Page 3 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>With respect to the fee table, total annual expenses of the acquiring fund do not appear to foot
properly. Please revise the fee table accordingly. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The fee table on page 8 of the
<FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment has been revised to address this point. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>In the section &#147;Material U.S. Federal Income Tax Consequences,&#148; please disclose the following
for each Fund: (i)&nbsp;an estimate of the percentage of each Fund&#146;s portfolio that will be sold in connection with the merger, (ii)&nbsp;the dollar amount of the transaction costs expected to be generated as a result of these trades, and
(iii)&nbsp;the estimated impact to shareholders regarding capital gains distributions, including dollar and per share amount. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Disclosure has been added on page 51 of the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment to address these points. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise the Notice of Special Meeting of Shareholders to reflect that Rule <FONT
STYLE="white-space:nowrap">14a-16</FONT> does not apply to business combination transactions. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Fund hereby
confirms on behalf of DUC that it will not be relying on Rule <FONT STYLE="white-space:nowrap">14a-16</FONT> with respect to delivery of proxy materials in connection with the special meeting of shareholders of DUC. The Notice of Special Meeting of
Shareholders included in the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment has also been revised to address this point. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>8.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise Question #11 to address the impact of the Merger on Fund fees and expenses as set forth in
the pro forma fee table. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Question 11 on page (iv) of the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT>
Amendment has been revised to address this point. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>9.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Under &#147;Investment Objectives and Principal Investment Strategies&#148; on page 6 of the Initial
Registration Statement, please delete the reference to DNP as a &#147;balanced&#148; fund. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The <FONT
STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment has been revised to address this point on pages (ii), 6 and 10. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>10.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Under &#147;Comparison of the Funds&#146; Investment Objectives, Principal Investment Strategies,
Fundamental Investment Restrictions and Other Pertinent Factors&#148; (beginning on page 11 of the Initial Registration Statement) please highlight the key differences between the acquired fund and the acquiring fund. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">This section, beginning on page 11 of the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment, has been revised to include an
additional column highlighting key differences to address this point. </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:10pt; font-family:Times New Roman">Mayer Brown LLP </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Mr. John M. Ganley, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Mr.
Kenneth Ellington </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">January 19, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Page 4 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>11.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Under &#147;Portfolio Contents&#148; on page 11, please revise the description of DNP&#146;s portfolio
contents to not state that the fund is &#147;diversified&#148; in terms of types of securities. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The <FONT
STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment has been revised to address this point. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>12.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Under &#147;Primary Risks of Investing in the Funds&#148; (beginning on page 22 of the Initial
Registration Statement), please highlight significant differences between the risks of the acquiring fund and the risks of the acquired fund. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Disclosure has also been added on page 29 of the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment to address this point. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>13.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>The Fund has provided the staff with a form of legality opinion to be filed in a pre-effective amendment
to the Initial Registration Statement. The legality opinion is based on the assumptions that (i) shareholders will approve the proposal, and (ii) the Fund will have a sufficient number of DNP Common Shares authorized by its charter to be issued. We
will not object to inclusion of the first assumption provided that the Fund represents that it will file, by post-effective amendment, a legality opinion without that assumption no later than the closing of the transaction. See Section II.B.2.d. of
Staff Legal Bulletin No. 19. The second assumption appears to conflict with Section II.B.3.a of Staff Legal Bulletin No. 19. Please either remove the assumption or explain to us why it is necessary. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Fund respectfully submits that the second assumption is necessary because at the time the registration statement becomes effective, the
Fund cannot know how many DNP Common Shares will need to be issued at the closing of the Merger (currently expected to occur on March 5, 2021 if shareholder approval is received on February 22, 2021), since that number of shares is determined by a
formula for which the variables will only be known as of the market close on the business day preceding the closing date. Specifically, the number of DNP Common Shares to be issued will be equal to (i) the number of outstanding DUC Common Shares
multiplied by (ii) a fraction, the numerator of which will be the NAV per share of the DUC Common Shares and the denominator of which will be the NAV per share of the DNP Common Shares, each as of the market close on the business day preceding the
closing date. Particularly in the case of the second component of the formula, the Fund can only estimate the constituent variables at the present time, and that ratio could change, even substantially, between now and the closing of the Merger.
Because the number of authorized DNP Common Shares that will need to be issued at the closing of the Merger is currently unknown &#150; just as it is currently unknown whether the DUC shareholders will vote to approve the Merger &#150; the Fund
respectfully submits that both assumptions in the form of legality opinion provided to the staff are necessary, and represents that the Fund will file, by post-effective amendment, a legality opinion with both assumptions deleted no later than the
closing of the Merger. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>14.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please include the form of tax opinion in your next filing and include an undertaking to file the final
tax opinion in a post-effective amendment as soon as practicable after closing. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Fund has filed the form of
tax opinion as an exhibit to the <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment, and has included the requested undertaking. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do
not hesitate to call me at (312) <FONT STYLE="white-space:nowrap">701-7055</FONT> with any questions or further comments regarding this submission or if you wish to discuss the above response. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Lawrence R Hamilton </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lawrence R Hamilton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Partner </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">William J. Renahan, Esq., Duff&nbsp;&amp; Phelps Investment Management Co. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Adam D. Kanter, Esq., Mayer Brown LLP </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g43123snap2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g43123snap2.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MXB@JBTW/-P]9P>I]%VMU!>6L5Q;R+)#(H9&4Y!!KQY+E?*SUXM25T>0?'?\
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"_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
