<SEC-DOCUMENT>0000950123-11-067550.txt : 20110921
<SEC-HEADER>0000950123-11-067550.hdr.sgml : 20110921
<ACCEPTANCE-DATETIME>20110722173104
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-067550
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI CONVERTIBLE & INCOME SECURITIES FUND INC
		CENTRAL INDEX KEY:			0000845611
		IRS NUMBER:				133523423
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		2123098408

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI CONVERTIBLE SECURITIES FUND INC /DE
		DATE OF NAME CHANGE:	19970507

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI SERIES FUNDS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 12pt; 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<BR>
NEW YORK 10036-6522
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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<BR>
Fax: (212)&nbsp;735-2000<BR>
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">July
22, 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 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">RE:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> <U>The Gabelli Convertible and Income Securities Fund Inc.</U><br>
<U>(File Nos. 333-174294; 811-05715)</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 Convertible and Income Securities Fund Inc. (the &#147;<U>Fund</U>&#148;) has authorized us
to make the following responses to the comments in your letter dated June&nbsp;15, 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>PROSPECTUS</B></U>
</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>Under the heading &#147;Investment Objectives and Policies,&#148; please elaborate on the
investment strategies of the Fund. For example, please discuss the ratings and the
market capitalization range of the convertible securities in which the Fund will
invest. In addition, please provide a brief description of convertible securities.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Fund invests in securities across all market capitalization ranges, and it is
expected that not more than 50% of the Fund&#146;s portfolio will consist of securities rated
CCC or lower by S&#038;P or Caa or lower by Moody&#146;s or, if unrated, are of comparable quality
as determined by the Investment Adviser. Disclosure to this effect has been included, as
well as a brief description of convertible securities and a more comprehensive
description of the Fund&#146;s investment strategies.</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>Under the heading &#147;Investment Objectives and Policies,&#148; please discuss the
Fund&#146;s investment policy of investing in companies located in foreign countries and/or
in emerging markets, if applicable. Please also include the related risk of investing
in emerging markets, if applicable.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Fund may invest up to 25% of its total assets in foreign securities. The Fund
may also purchase sponsored American Depository Receipts (&#147;ADRs&#148;) or U.S. denominated
securities of foreign issuers, which will not be included in the Fund&#146;s 25% foreign
securities limitation. Among the foreign securities in which the Fund may invest are
those issued by companies located in emerging markets. Disclosure to this effect has
been included under the heading &#147;Investment Objectives and Policies&#148; in the Prospectus
Summary section. Additional disclosure regarding emerging markets risk has also been
included in the &#147;Risk Factors and Special Considerations&#148; section.</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>Under the heading &#147;Investment Objectives and Policies,&#148; please review the
Fund&#146;s disclosure to ensure that it accurately describes the Fund&#146;s use of derivatives
and their risks. In connection with this, please consider the Division of Investment
Management&#146;s observations on derivatives-related disclosure in the letter from Barry D.
Miller, Associate Director, Office of Legal and Disclosure, to Karrie McMillan, General
Counsel, Investment Company Institute dated July&nbsp;30, 2010 (http://www .sec. gov /
divisions/investment/guidance/ici 073010. pdf).</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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">



</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Fund does not intend to have significant exposure to derivatives. The Fund may
enter into interest rate swaps in order to hedge its interest rate risk on any of its
outstanding variable rate preferred shares, but this will not constitute a principal
investment strategy. Therefore, we have removed disclosure relating to interest rate
transactions in the &#147;Risk Factors and Special Considerations&#148; and &#147;Investment Objectives
and Policies&#148; section, and we have removed the disclosure under the heading &#147;Special
Risks Related to Derivative Transactions&#148; in the &#147;Risk Factors and Special
Considerations&#148; section.</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>Under the heading &#147;Dividends and Distributions,&#148; the disclosure for Preferred
Stock Distributions states, &#147;The amount treated as a tax-free return of capital will
reduce a shareholder&#146;s adjusted tax basis in his or her preferred shares, thereby
increasing the shareholder&#146;s potential gain or reducing his or her potential loss on
the sale of the shares.&#148; This disclosure could be confusing to investors as it appears
to state that a return of capital distribution is beneficial to the shareholder. Please
revise this 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This disclosure has been updated to clarify that, on the sale of shares, a
shareholder&#146;s taxable potential gain will increase and a shareholder&#146;s taxable potential
loss will be reduced.</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>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 fmalizing 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The disclosure has been revised accordingly. 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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Because the Fund has made significant return of capital distributions to its
common shareholders over the past four years, under the heading &#147;Tax Treatment of Share
Distributions,&#148; please include return of capital as an expected distribution of the
Fund.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The disclosure has been revised to note that the return of capital is an expected
distribution source of common shares.</I></TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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">



</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading &#147;Use of Proceeds,&#148; the disclosure states, &#147;The Fund may also
use net proceeds to redeem its Series&nbsp;B Preferred.&#148; If it is the Fund&#146;s intention to
redeem its Series&nbsp;B Preferred shares, please make that clear and include the amount
that will be used for this purpose as well as the dividend rate of the Series&nbsp;B
Preferred shares. In addition, in the prospectus supplement, please include a
discussion of redeeming Series&nbsp;B Preferred shares under the heading &#147;Use of Proceeds,&#148;
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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>At this time, it is not the Fund&#146;s intention to redeem its Series&nbsp;B Preferred
shares, although it reserves the right to redeem such shares in connection with a future
takedown offering. If the Fund does decide at that time to effect such redemption, it
will discuss this intention in the appropriate prospectus supplement under the heading
&#147;Use of Proceeds.&#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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the heading, &#147;Risk Factors and Special Considerations,&#148; there is
disclosure concerning foreign securities risk, smaller companies, investment companies,
and interest rate transactions. However, these investments are not included in the
investment objectives and policies section of the prospectus summary. Please explain.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We have included disclosure on foreign securities in the Investment Objective and
Policies section, as the Fund may have up to a 25% allocation to foreign securities, as
well as disclosure on interest rate transactions, since the Fund may utilize them to
hedge the interest rate risk associated with any of its outstanding variable rate
preferred shares. We have removed the disclosure relating to smaller companies and
investment companies as investments in these companies are not principal investment
strategies.</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;Leverage Risk,&#148; the disclosure states, &#147;&#091;T&#093;he Fund would
pay (and the holders of common shares will bear) all costs and expenses relating to the
issuance and ongoing maintenance of the preferred shares, including any additional
advisory fees on the incremental assets attributable to such preferred shares.&#148; Because
notes are also part of this offering, please disclose that the holders of the common
shares will bear all costs and expenses relating to the issuance and ongoing
maintenance of notes, including any additional advisory fees on the incremental assets
attributable to such notes, if applicable.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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; the disclosure states that the
adviser is &#147;compensated for its services and its related expenses at an annual rate of
1.00% of the Fund&#146;s average daily net assets.&#148; This disclosure differs from the
disclosure in the fee table which states that &#147;The Investment Adviser&#146;s fee is 1.00%
annually of the Fund&#146;s average weekly net assets, plus assets attributable to any
outstanding senior</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>securities, with no deduction for the liquidation preference of any outstanding
preferred stock.&#148; Please correct the apparent inconsistency in disclosure and disclose
that the advisory fee will also be based on the additional assets attributable to the
notes issued by the Fund, if 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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The disclosure has been revised accordingly with respect to the inconsistency. For
your reference, the advisory fee will be based on additional assets attributable to any
notes issued by the Fund, and the disclosure has been revised accordingly.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Summary of Fund 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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please remove the line item &#147;Total annual fund operating expenses and dividends
on preferred stock&#148; from 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The numbers in the fee table do not agree with the Financial Highlights. Please
explain the difference.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The numbers in the fee table are based on the current assets of the Fund and the
numbers in the financial highlights table are based on the Fund&#146;s average net assets for
2010. As a result, the numbers in the fee table and in the financial highlights table
will differ.</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>Please review the calculation for the expense example. Using the numbers
provided in the fee table, the expenses for the one-, three-, five-, and ten-year
periods do not agree to the numbers provided.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The example numbers and the fee table numbers have been updated so that these
numbers are not inconsistent in the current version of the Registration Statement.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Financial Highlights</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 change the wording for the line item under the heading &#147;Distributions to
Common Shareholders&#148; from &#147;Paid-in capital&#148; to &#147;Return of capital.&#148;</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The disclosure has been revised accordingly.</I></TD>
</TR>

</TABLE>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Preferred Shares</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>Please provide a description of the Series&nbsp;B Preferred Shares including the
dividend rate, liquidation preference, and the terms of the redemption and call
provisions, if any.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The disclosure has been revised accordingly.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prospectus and prospectus supplement indicate that the Fund may issue
auction rate preferred shares. The prospectus states that since 2008, the auctions for
the auction rate preferred shares have failed and holders of the Fund&#146;s auction rate
preferred shares who wanted to sell their shares at par through the auction process
have been unable to do so. If the Fund issues auction rate shares, a description of the
significant liquidity risks for holders of Auction Rate Preferred Stock should also be
prominently and clearly disclosed in the prospectus supplement.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>If the Fund issues auction rate preferred shares, the requested description will be
provided.</I></TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Investment Restrictions</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>Pursuant to Section&nbsp;8 of the Investment Company Act of 1940, please include the
Fund&#146;s policy for borrowing money.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">18.</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">19.</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>

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

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

<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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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>

<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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%"><BR>
Zev Wexler

</DIV>


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


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