<SEC-DOCUMENT>0000950123-11-085265.txt : 20111116
<SEC-HEADER>0000950123-11-085265.hdr.sgml : 20111116
<ACCEPTANCE-DATETIME>20110919172946
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-085265
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		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:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>corresp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS">Skadden, Arps, Slate, Meagher &#038; Flom llp</FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">FOUR TIMES SQUARE
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">NEW YORK 10036-6522<BR>
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(212)&nbsp;735-3000
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">Fax: (212)&nbsp;735-2000
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">http://www.skadden.com
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DIRECT DIAL<BR>
212-735-2775

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">EMAIL ADDRESS<BR>
ZEV.wexler@SKADDEN.COM

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;19, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>VIA EDGAR</U><BR>
Ms.&nbsp;Laura E. Hatch<BR>
Staff Accountant<BR>
Division of Investment Management<BR>
Securities and Exchange Commission<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RE:</TD>
    <TD>&nbsp;</TD>
    <TD><U>The Gabelli Global Utility &#038; Income Trust</U><br>
<U>(File Nos. 333-175701; 811-21529)</U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ms.&nbsp;Hatch:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Global Utility &#038; Income Trust (the &#147;<U>Fund</U>&#148;) has authorized us to make the
following responses to the comments in your letter dated August&nbsp;10, 2011 to its Registration
Statement on Form N-2 (the &#147;<U>Registration Statement</U>&#148;). Your comments are set forth below
and our response follows each respective comment in italics.
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>Response Letter</U></B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><U>PROSPECTUS</U></B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Prospectus Summary</U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It appears that the Fund may offer rights in this shelf registration statement.
Please include an undertaking in Part&nbsp;C of the registration statement to file a
post-effective amendment when such rights are subsequently offered. In addition, please
include an undertaking in Part&nbsp;C of the registration statement to file for staff review
a post-effective amendment under section 8(c) of the Securities Act of 1933 in respect
of any one or more offerings of the Fund&#146;s common shares (including rights to purchase
its common shares) below net asset value that will result in greater than 15% dilution
in the aggregate to existing shareholder net asset value. We may have further comments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The requested undertakings have been inserted into Part&nbsp;C.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may issue auction rate preferred shares and notes in this shelf
offering. Please prominently include, as applicable and in detail, the auction risk and
significant liquidity risks in the &#147;form of&#146; prospectus supplement. In addition, the
prospectus should further clarify the liquidity risks if the notes are not traded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>We have added disclosure to the prospectus supplements, as applicable, regarding the
auction risk of variable rate preferred shares and the liquidity risks of notes. We have
also added disclosure regarding the liquidity risks of notes to the Risk Factors and
Special Considerations section of the prospectus, under the heading &#147;Our Notes.&#148;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Common shareholders should have some basis to determine and understand the
maximum dilution that might be imposed upon their shares as a result of the Fund&#146;s
future issuances of securities. Please add appropriate disclosure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Disclosure to this effect has been included in the Risk Factors and Special
Considerations section of the prospectus, under the heading &#147;Risk to Holders of Common
Shares.&#148;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In your response letter, undertake to include in any prospectus supplement, as
applicable, a description of the terms of any agreement that the Fund will have</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entered into with the underwriters, and specify the nature of the services that the
underwriter has provided or will provide thereunder. Further undertake to disclose
whether any such fee payable thereunder is a one-time fee or whether it is payable
annually, and undertake to file all such agreements as exhibits in a post-effective
amendment to the registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The Fund undertakes to include in any prospectus supplement, as applicable (a)&nbsp;a
description of the terms of any agreement that the Fund will have entered into with any
underwriter pursuant to the offering described in such prospectus supplement, (b)&nbsp;a
description of the nature of the services that the underwriter will provide thereunder,
(c)&nbsp;a statement about whether any such fee payable to any underwriter thereunder is a
one-time fee or whether it is payable annually, and further undertakes to file all such
agreements as exhibits in a post-effective amendment to the Registration Statement.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading &#147;Investment Objectives and Policies,&#148; the disclosure states,
&#147;The Fund may invest without limitation in securities of foreign issuers and will
generally be invested in securities of issuers located in at least three countries,
including the United States.&#148; With &#147;Global&#148; in the Fund&#146;s name, please disclose how the
Fund will invest its assets in investments that are tied economically to a number of
countries throughout the world (e.g., at least 40% of the Fund&#146;s assets would normally
be invested outside the United States). See Investment Company Act Release No.&nbsp;24828
(Jan. 17, 2001) at 11 n.42.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The prospectus has been revised to clarify that, under normal circumstances, at least
40% of the Fund&#146;s net assets will be invested in foreign securities. The Fund will
modify its investment portfolio to comply with this percentage requirement as soon as
possible, but reserves the right to take until December&nbsp;31, 2012 to be fully compliant
with this percentage requirement.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading &#147;Investment Objectives and Policies,&#148; the disclosure states,
&#147;Among the foreign securities in which the Fund may invest are those issued by
companies in &#145;emerging market&#146; countries, which are countries in the initial stages of
their industrialization cycles.&#148; This disclosure appears to be inconsistent with
disclosure under the heading, &#147;Foreign Securities Risk,&#148; which states, &#147;Typically, the
Fund will not hold any foreign securities of emerging market issuers and, if it does,
such securities will not comprise more than 10% of the Fund&#146;s managed assets.&#148; Please
explain the apparent inconsistency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure in the &#147;Investment Objectives and Policies&#148; section has been revised to
state that &#147;&#091;t&#093;ypically, the Fund will not hold any foreign securities of emerging market
issuers and, if it does, such securities will not comprise more than 10% of the Fund&#146;s
managed assets.</I></TD>
</TR>





</TABLE>
</DIV>
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</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading &#147;Dividends and Distributions,&#148; please state that for each of
the past three years a portion of the distributions has constituted a return of
capital.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure has been revised accordingly.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Many investors may not fully understand a return of capital. Please clarify in
the prospectus that shareholders who periodically receive the payment of a dividend or
other distribution consisting of a return of capital may be under the impression that
they are receiving net profits when they are not. Shareholders should not assume that
the source of a distribution from the Fund is net profit. In addition, please inform us
whether the Fund intends to report a distribution yield. If the Fund intends to report
a distribution yield at any point prior to finalizing its tax figures, the Fund should
disclose the estimated portion of the distribution yield that results from return of
capital. In addition, reports containing distribution yields should be accompanied by
the total return and/or SEC yield</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure has been revised accordingly in the &#147;Dividends and Distribution&#148; section.
The Fund does not intend to report a distribution yield.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading &#147;Use of Proceeds,&#148; please state how long it will take for the
Fund to use the net proceeds from the offering. In addition, since the use of proceeds
section states that a portion of the proceeds may be used to pay distributions, please
include such information in the use of proceeds section in the prospectus supplements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure has been revised accordingly.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading &#147;Management and Fees&#148; in previous filings, the Fund has
stated that the investment adviser has voluntarily agreed, in the event the Fund issues
senior securities, to a management fee waiver if the effective cost of the leverage for
senior securities exceeds the total return (based on net asset value) on the Fund&#146;s
common shares. If the Fund has terminated such agreement, please disclose such
information in the prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure has been revised accordingly.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Summary of Fund Expenses</B></U>
</DIV>






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

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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The offering also may include notes. If applicable please include the amount of
any interest on borrowed funds for the issuance of any notes. In addition, please
explain to the staff the assumptions used when determining the amount of leverage and
associated costs included in the line items in the fee table.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The Fund does not intend to issue notes during the first year after the Registration
Statement becomes effective, and therefore has not included estimated expenses from such
an issuance in the Summary of Fund Expenses.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note the absence of the Acquired Fund Fees and Expenses line item from the
Fund&#146;s fee table. Please confirm to us in your response letter that the Fund did not
make investments that trigger the need for applicable Acquired Fund Fees and Expenses
disclosure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>There are no investments in Acquired Funds.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All fees and expenses associated with the securities of the Fund must be
appropriately presented in the fee table based on net assets attributable to common
shares. Please explain in a footnote that this is because such expenses are ultimately
paid by the Fund&#146;s common stockholders. It should also be clear that offering expenses
of the securities, if any, will also be borne directly or indirectly by the Fund&#146;s
common shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Per my conversation with you on August&nbsp;26, 2011, no further disclosure is required as
the Summary of Fund Expenses section already states that&#147;&#091;t&#093;he purpose of the table
above and the example below is to help you understand all fees and expenses that you, as
a holder of common shares, would bear directly or indirectly.&#148;</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Regulatory Matters</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>

    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please update the disclosure under this heading, as appropriate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>

    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The disclosure has been revised.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Prospectus Supplements</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prospectus supplements indicate that certain information is &#147;to come.&#148;
Except for certain terms which the Fund is unable to currently provide, the prospectus</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supplements should contain such information prior to effectiveness. We may have further
comments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure has been revised accordingly.</I></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Table of Fees and Expenses</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the prospectus supplement for the Common Shares offering, please include the
line item for &#147;Dividends on Preferred Shares&#148; in the Annual Expenses section of the fee
table.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The disclosure has been revised accordingly.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>GENERAL</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note that portions of the filing are incomplete. We may have additional
comments on such portions when you complete them in a pre-effective amendment, on
disclosures made in response to this letter, on information supplied supplementally, or
on exhibits added in any pre-effective amendments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The Fund acknowledges that the Staff may have additional comments to a pre-effective
amendment to the Registration Statement.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please advise us if you have submitted or expect to submit an exemptive
application or no-action request in connection with your registration statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>The Fund has not submitted and does not expect to submit an exemptive application or
no-action letter in connection with the Registration Statement.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * *
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund hereby represents that, with respect to the filing of the Registration Statement made by
the Fund with the SEC and reviewed by the Staff, it acknowledges that:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>should the SEC or the Staff, acting pursuant to delegated authority, declare
the filing effective, it does not foreclose the SEC from taking any action with respect
to the filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the action of the SEC or the Staff, acting pursuant to delegated authority, in
declaring the Fund effective, does not relieve the Fund from its full responsibility
for the adequacy and accuracy of the disclosure in the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund may not assert Staff comments as a defense in any proceeding initiated
by the SEC or any person under the federal securities laws of the United States.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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

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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any further questions or concerns, please feel free to call me at (212)&nbsp;735-2775
or Richard Prins at (212)&nbsp;735-2790.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
<BR>
Zev Wexler<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
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