<SEC-DOCUMENT>0001193125-15-336842.txt : 20160105
<SEC-HEADER>0001193125-15-336842.hdr.sgml : 20160105
<ACCEPTANCE-DATETIME>20151002214435
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-336842
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20151002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0001090116
		IRS NUMBER:				752998730
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		NUVEEN INVESTMENTS
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146

	MAIL ADDRESS:	
		STREET 1:		NUVEEN INVESTMENTS
		STREET 2:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND
		DATE OF NAME CHANGE:	19990709
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Nuveen Dividend Advantage Municipal Income Fund</TITLE>
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</P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">222 NORTH LASALLE STREET</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CHICAGO, ILLINOIS 60601</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">T: +1 (312) 609
7500</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">F: +1 (312) 609 5005</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">JACOB C. TIEDT</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">ATTORNEY AT LAW</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT
STYLE="font-family:Times New Roman" SIZE="2">+1 (312)&nbsp;609 7697</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">jtiedt@vedderprice.com</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CHICAGO &#149; NEW YORK &#149; WASHINGTON, DC</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">LONDON &#149; SAN FRANCISCO &#149; LOS ANGELES</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">October&nbsp;2, 2015</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Division of Investment Management </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attn:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;Deborah Skeens </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Counsel </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen Dividend Advantage Municipal Income Fund </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(the &#147;Registrant&#148; or the &#147;Acquiring Fund&#148;); <U> </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>File No.
333-206627&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">To the Commission: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of the Registrant, this letter is in response to the comments provided telephonically by the staff of the U.S. Securities and
Exchange Commission (the &#147;Commission&#148;) to Vedder Price P.C. on September&nbsp;23, 2015, with respect to the Registrant&#146;s Registration Statement on Form N-14 filed on August&nbsp;27, 2015 (the &#147;Registration Statement&#148;)
relating to the issuance of common shares in connection with the proposed reorganizations of Nuveen Quality Municipal Fund, Inc. (&#147;Quality Municipal&#148;), Nuveen Quality Income Municipal Fund, Inc. (&#147;Quality Income&#148;) and Nuveen
Municipal Opportunity Fund, Inc. (&#147;Municipal Opportunity&#148; and together with Quality Municipal and Quality Income, the &#147;Target Funds&#148; or each individually, a &#147;Target Fund&#148;) into the Acquiring Fund (each, a
&#147;Reorganization&#148; and together, the &#147;Reorganizations&#148;). The Acquiring Fund and Target Funds are referred to herein each as a &#147;Fund&#148; and collectively as the &#147;Funds.&#148; Any terms not defined herein have the same
meanings as given in the Registration Statement. Set forth below are the staff&#146;s comments and the Registrant&#146;s responses. The Registrant is filing Pre-effective Amendment No.&nbsp;1 to the Registration Statement concurrently herewith to
address the comments of the staff, complete all missing information in the Joint Proxy Statement/Prospectus and file exhibits in Part C of the Registration Statement. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment:</I></B> For the staff&#146;s information, please explain the material differences between the Registration Statement and the Registration Statement on
Form N-14 </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


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 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 2
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
filed on August&nbsp;27, 2015 relating to the issuance of common shares in connection with the proposed reorganizations of Nuveen Municipal Advantage Fund, Inc., Nuveen Premium Income Municipal
Fund 4, Inc. and Nuveen Dividend Advantage Municipal Fund 2 into Nuveen Dividend Advantage Municipal Fund 3. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response:</I></B> The structure of the two transactions, including the form of Agreement and Plan of Reorganization, methodology of
allocation of costs, potential benefits and board considerations are substantially the same. Information with respect to the participating funds differ somewhat, including with respect to the type of preferred shares outstanding and being issued in
the reorganizations, investment policies and fee schedules. In addition, the new investment management agreement and investment mandate being adopted by the Acquiring Fund and Nuveen Dividend Advantage Municipal Fund 3 are identical, except Nuveen
Dividend Advantage Municipal Fund 3 will not adopt a policy of investing all of its assets in securities exempt from the federal alternative minimum tax applicable to individuals. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please explain whether the Variable Rate Demand Preferred Shares (&#147;VRDP Shares&#148;) or the Variable Rate
MuniFund Term Preferred Shares (&#147;VMTP Shares&#148;) issued by the Acquiring Fund in connection with the Reorganizations will be registered under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>Given that the outstanding VRDP Shares and VMTP Shares of the Funds were designed and marketed as institutional
products, were initially sold only to a limited number of institutional investors in private offerings made in reliance on exemptions from the 1933 Act and are currently held solely by a limited number of institutional investors, the Acquiring Fund
has determined to issue such shares in private placement transactions pursuant to an exemption from the registration requirements under the 1933 Act. Accordingly, the VRDP Shares and VMTP Shares will not be registered under the 1933 Act. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the Q&amp;A section and elsewhere in the document, please consider clarifying that preferred shareholders of the Funds are not being solicited
to vote on the Reorganizations pursuant to the Joint Proxy Statement/Prospectus. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The
Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P>

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 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 3
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>On the Joint Proxy Statement/Prospectus cover page, please consider adding disclosure to the voting table clarifying that each Fund is soliciting
its preferred shareholders through a separate proxy statement and not through the Joint Proxy Statement/Prospectus. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please discuss why the preferred shareholders of the Funds are being solicited to vote on the Reorganizations
pursuant to a separate proxy statement and not through the Joint Proxy Statement/Prospectus. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response:</I></B> Following discussions with the staff of both the Division of Investment Management and the Division of Corporation
Finance in connection with prior similarly structured transactions, the Funds determined to file a separate proxy statement for the respective holders of preferred shares on Schedule 14A, rather than as part of the combined proxy
statement/prospectus filed on Form N-14, because the offering and issuance of the VRDP Shares and VMTP Shares will not be registered under the 1933 Act. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please discuss the impact of the right of the holders of the preferred shares to elect two Board members at all times. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has added the requested disclosure in response to the staff&#146;s comment. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please discuss the distinction between the terms &#147;substantially identical&#148; as it relates to the VMTP Shares being issued in the
Reorganizations and &#147;substantially similar&#148; as it relates to the VRDP Shares being issued in the Reorganizations and consider adding additional disclosure to the Q&amp;A section </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The statement governing the VMTP Shares to be issued generally is the same as the statement for the corresponding
Target Fund except for date-specific terms and certain terminology differences between a Massachusetts business trust and Minnesota corporation. With respect to VRDP Shares, there are some changes to the VRDP statements which are described in detail
in the proxies directed to preferred shareholders whose shares are being exchanged. The Joint Proxy Statement/Prospectus contains a detailed description of the outstanding shares and shares to be issued in the Reorganizations. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please discuss the basis for not providing the preferred shareholders of the Acquiring Fund with more
information in the sub-section captioned &#147;Multiple Series Risk&#148; regarding the differences among the different series of the Acquiring Fund preferred shares after giving effect to the Reorganizations. </FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px">


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 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 4
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the
staff&#146;s comment. Additionally, the Registrant notes that each shareholder that is receiving preferred shares of the Acquiring Fund in connection with the Reorganizations is being solicited pursuant to a separate proxy statement on Schedule 14A,
which describes the terms and risks of such shares in more detail. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the Q&amp;A section and elsewhere in the document, in connection with the Acquiring Fund&#146;s expanded investment mandate, please clarify in
quantifiable terms what it means to have &#147;greater flexibility&#148; to invest in lower rated securities. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please explain whether shareholders of the Acquiring Fund will receive at least 60 days prior notice of the
Acquiring Fund&#146;s change in policy to invest up to 55% of its managed assets in municipal securities that, at the time of investment, are rated Baa/BBB or lower pursuant to Rule 35d-1(a)(2). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant notes that its policy of investing at least 80% of its managed assets in municipal securities and
other securities the income from which is exempt from regular federal income tax is not changing. Accordingly, the Registrant does not believe that the 60-day notice period in Rule 35d-1 applies. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>When discussing the new investment mandate of the Acquiring Fund in the Q&amp;A section and elsewhere in the document, where the term
&#147;Fund&#148; refers to the Acquiring Fund, please replace &#147;Fund&#148; with &#147;Acquiring Fund.&#148; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the Q&amp;A section, please consider emphasizing that a greater allocation to lower rated securities may result in greater credit risk.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment.
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the Summary Section of the Joint Proxy Statement/Prospectus, when comparing the investment policies and strategies of the Funds, please focus
the disclosure on the new investment mandate of the Acquiring Fund rather than the current mandate of the Acquiring Fund. </FONT></TD></TR></TABLE>

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 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 5
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the
staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please either revise the Combined Fund Pro Forma column of the credit quality table on page 10 to account for the Acquiring Fund&#146;s new
investment mandate or delete that column in its entirety. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has removed the
Combined Fund Pro Forma column of the credit quality table. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(15)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment:</I></B> Please disclose the principal factors that the Boards considered that did not weigh in favor of the Reorganizations in the Q&amp;A section and
under the sub-section titled &#147;Reasons for the Reorganizations,&#148; or, for the staff&#146;s information, please explain why the Registrant believes the current disclosure is appropriate. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response:</I></B> The Registrant believes that the principal factors considered by the Board in approving the Reorganizations, as
set forth and discussed in detail in the sub-section titled &#147;Reasons for the Reorganizations,&#148; contain a detailed discussion of the Board&#146;s deliberations. The Registrant believes that the disclosure takes into account both positive
(e.g., potential for higher earnings) and less favorable (e.g., higher fees and expenses) factors. The Registrant has not included a synopsis of the Board&#146;s deliberations in the Q&amp;A because it believes that such disclosure, without the
context of the fuller disclosure, would not be meaningful. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the Q&amp;A section and elsewhere in the document, in connection with the anticipated benefits of the proposed Reorganizations, please clarify
the phrase &#147;[m]eaningfully higher net earnings.&#148; </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised
the disclosure in response to the staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please explain why average annual return information is not listed as a factor considered by the Board in the
Q&amp;A section. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response:</I></B> Although the Board reviewed historical performance as indicated in the
section captioned &#147;Reasons for Reorganization,&#148; the primary incentive for </FONT></P>

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<IMG SRC="g95583newv3.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 6
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Reorganizations was the change in investment mandate to address broad policy concerns and to provide the benefits to shareholders as outlined. We therefore do not believe the performance
factor is warranted in the Q&amp;A. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>When discussing lower fund administrative costs as an anticipated benefit of the Reorganizations in the Q&amp;A section and elsewhere in the
document, please discuss the impact of the increase in the management fees. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The
Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(19)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please explain the authority for including the fee waiver in the Comparative Fee Table or, alternatively,
remove the fee waiver from the Comparative Fee Table. If it is known that the fee waiver will not be renewed, please state so in the disclosure. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The fee waiver is a firm contractual commitment between the Acquiring Fund and the investment adviser that will be in place for a full year following the closing of the
Reorganizations. It is a single contractual arrangement that provides for a waiver that gradually decreases over a one-year period pursuant to a fixed schedule. The fee waiver is not contingent on any third-party event. The amount shown in the fee
table represents the weighted average waiver rate over the full one-year period it is to be in effect. Because the fee waiver is a single contractual waiver that will be in place for one year following the closing of the Reorganizations, the
Registrant believes the presentation is consistent with Form N-2 and the guidelines thereunder. The Registrant has revised the disclosure to state that the waiver is not expected to be continued. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(20)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Consider disclosing the current management fee rates and expense ratios of the Funds before the Current Fund-Level Fee Schedules in the Joint
Proxy Statement/Prospectus. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has added the management fee rates as a
percentage of managed assets. The total expenses of the Funds are disclosed in detail in the fee table. The Registrant does not believe that such disclosure is appropriate in a description of the investment management agreement. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the section captioned &#147;Comparison of the Acquiring Fund and each Target Fund,&#148; please disclose the difference between &#147;average
total daily net assets&#148; and &#147;average daily managed assets.&#148; </FONT></TD></TR></TABLE>

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<IMG SRC="g95583newv3.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 7
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response:</I></B> The contractual fee rates are applied to assets attributable to
leverage under the current Investment Management Agreement and the new Investment Management Agreement. The new agreement includes certain TOB trust leverage investments that the Adviser had voluntarily agreed to exclude from total daily net assets.
Such investments have been included in the assets and pro forma expense numbers included in the filing and are a component of the increase in fees approved by the Board and that are disclosed to shareholders. The new Investment Management Agreement
also reflects updated leverage terminology in light of the development of new types of leverage over time as well as potential new forms of leverage that may be available to the Fund in the future. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the section captioned &#147;Comparison of the Acquiring Fund and each Target Fund,&#148; please clarify what it means to have a &#147;higher
decrease&#148; in the fee rate at $2 billion in assets under management when referencing the new investment management agreement. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(23)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please confirm whether the example following the Comparative Fee Table includes the effect of the fee waiver.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The example includes the effect of the fee waiver for one year in each period, using the
weighted average value of the waiver over the course of the year during which the fee waiver will be in effect. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please disclose the amount of fees the Funds estimate paying to Computershare Fund Services for proxy solicitation services and the terms of the
agreement with Computershare Fund Services. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant notes that the Joint Proxy
Statement/Prospectus identifies the proxy solicitor, describes the services and includes the estimated cost of the services under the caption &#147;Expenses Associated with the Reorganization.&#148; The Registrant believes these are the material
terms of the arrangement. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(25)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please provide the Commission file numbers of the documents that have been filed with the Commission and incorporated by reference into the
Registration Statement. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the
staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(26)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please revise the disclosure in the first paragraph under &#147;A. Synopsis&#148; in Proposal No.&nbsp;1 of the Joint Proxy Statement/Prospectus
to eliminate the language qualifying the disclosure in that section to more complete information located elsewhere in the Joint Proxy Statement/Prospectus, the Reorganization SAI and the appendices. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P>

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<IMG SRC="g95583newv3.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 8
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(27)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please provide the basis for providing the &#147;Regulatory Leverage Ratio&#148; and &#147;Effective Leverage
Ratio&#148; below the &#147;Asset Coverage Ratio&#148; in the leverage table in the Joint Proxy Statement/Prospectus. Please also define the term &#147;Asset Coverage Ratio&#148; in the table. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Funds regularly provide this information in annual reports to shareholders, and this information is similarly
provided in the Registration Statement to give shareholders a more complete view of the leverage used by the Funds. The Registrant has added a footnote to define the term &#147;Asset Coverage Ratio.&#148; </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(28)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please discuss why a tabular comparison of the fees and expenses paid by the Acquiring Fund under its current
investment management agreement to the fees and expenses to be paid by the Acquiring Fund under the new investment management agreement is not presented pursuant to Item&nbsp;22c of Schedule 14A. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>A tabular presentation of the Acquiring Fund&#146;s fees and expenses paid under its current investment management
agreement to the Acquiring Fund&#146;s fees and expenses to be paid under the new investment management agreement is provided under Proposal No.&nbsp;3&#151;A. Approval of New Investment Management Agreement&#151;Comparison of Current Investment
Management Agreement and New Investment Management Agreement.&#148; </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(29)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please bold the last sentence of the disclosure titled &#147;High Yield Securities Risk.&#148; </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the disclosure in response to the staff&#146;s comment. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(30)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please confirm that all leverage risk disclosures that are required to be disclosed pursuant to Form N-2 are
included in the Registration Statement. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant believes the leverage risk
disclosure contained in the Registration Statement is appropriate and compliant with Item&nbsp;3(c) of Form N-14. Such disclosure is comparable to the leverage risk disclosure that has appeared in other Form N-14 registration statements, including
those relating to numerous reorganizations of Nuveen-sponsored leveraged closed-end funds. We respectfully note that Form N-14 does not incorporate the enhanced risk disclosure regarding the effects of leverage contained in Item&nbsp;8.3(b) of Form
N-2. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g95583newv3.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 9
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(31)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please consider disclosing more prominently in the section captioned &#147;Terms of the Reorganization&#148; the circumstances under which the
Agreement and Plan of Reorganization may be amended. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant has revised the
disclosure in response to the staff&#146;s comment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(32)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please discuss the conclusions of the Board regarding the approval of the Acquiring Fund&#146;s new investment management agreement.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>This disclosure appears in the Joint Proxy Statement/Prospectus under &#147;Proposal
No.&nbsp;3&#151;C. Board Considerations.&#148; </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(33)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the section captioned &#147;Capitalization&#148; in the Joint Proxy Statement/Prospectus and in the Pro Forma Statement of Assets and
Liabilities in the Statement of Additional Information, please remove the impact of the estimated total costs of the Reorganizations from &#147;Paid-in Surplus&#148; and restate it under &#147;Undistributed (Over-distribution of) net investment
income.&#148; </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The reorganization costs are not deductible expenses for tax purposes,
therefore the Registrant believes they should be presented as an adjustment to the &#147;Paid-in Surplus&#148; line item. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(34)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the Pro Forma Statement of Assets and Liabilities in the Statement of Additional Information, please clarify whether the distributions
identified in footnote (c)&nbsp;are directly attributable to the Reorganizations. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The
distributions presented in footnote (c)&nbsp;are related to the Reorganizations, and represent the Target Funds&#146; distributions of net investment income prior to the Reorganization, as described in the Registration Statement. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(35)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>For the staff&#146;s information, please confirm whether the fee waiver in the Pro Forma Statement of Operations in the Statement of Additional
Information includes the amount waived for the full year it is to be in effect. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The
Registrant confirms that the fee waiver is reflected in the Pro Forma Statement of Operations and that the amount of the waiver shown represents the weighted average rate of the waiver over the full one-year period it is to be in effect. </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g95583newv3.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">October 2, 2015 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 10
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(36)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>In the section captioned &#147;Capitalization&#148; in the Joint Proxy Statement/Prospectus and in the Pro Forma Financial Information in the
Statement of Additional Information, please provide the data missing for common and preferred shares under the column titled &#147;Pro Forma Adjustments.&#148; </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response: </I></B>The Registrant assumes this comment relates to the &#147;Net asset value per common share outstanding&#148; and &#147;Authorized shares&#148; line items. The Registrant believes
the current presentation is appropriate. The Registrant notes that these items are not summed across to derive the Combined Pro Forma values; therefore, no Pro Forma Adjustment is presented. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(37)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Comment: </I></B>Please ensure all balance sheet adjustments are directly attributable to the Reorganizations. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Response:</I></B> The Registrant confirms that all balance sheet adjustments are directly attributable to the Reorganizations.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please direct your questions and/or comments regarding this filing to Deborah Bielicke Eades at (312)&nbsp;609-7661 or the
undersigned at <FONT STYLE="white-space:nowrap">(312)&nbsp;609-7697.</FONT> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Jacob C. Tiedt</FONT></TD></TR>
</TABLE></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
