<SEC-DOCUMENT>0001193125-18-287757.txt : 20181129
<SEC-HEADER>0001193125-18-287757.hdr.sgml : 20181129
<ACCEPTANCE-DATETIME>20180928172058
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-287757
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nuveen AMT-Free Municipal Credit 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:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
		DATE OF NAME CHANGE:	20160411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN DIVIDEND ADVANTAGE MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20120106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND
		DATE OF NAME CHANGE:	19990709
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>SEC Correspondence</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">September&nbsp;28, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>VIA <FONT STYLE="white-space:nowrap">E-MAIL</FONT> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Elisabeth Bentzinger </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment
Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Nuveen&nbsp;AMT-Free&nbsp;Quality&nbsp;Municipal&nbsp;Income&nbsp;Fund</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">(File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-226125;</FONT> <FONT STYLE="white-space:nowrap">811-21213)</FONT></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nuveen AMT-Free Municipal Credit Income Fund</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">(File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-226136;</FONT>
<FONT STYLE="white-space:nowrap">811-09475)</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;Bentzinger: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Thank you for your comment letter dated August&nbsp;10, 2018 (the &#147;Comment Letter&#148;) regarding the captioned registration statements
(the &#147;Registration Statements&#148;) of Nuveen AMT-Free Quality Municipal Income Fund (&#147;NEA&#148;) and Nuveen AMT-Free Municipal Credit Income Fund (&#147;NVG&#148; and together with NEA, the &#147;Funds&#148;). This letter responds to the
comments you raised in the Comment Letter. Consistent with the Comment Letter, unless otherwise noted, the responses apply to both Registration Statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Your numbered comments are set forth below in italics, with our responses immediately following. Unless otherwise indicated, capitalized terms
used but not defined in this letter have the meaning given to them in the Registration Statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>General </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>We note that portions of the registration statements are incomplete. We may have
additional comments on such portions when you complete them in a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment, on disclosures made in response to this letter, on information supplied supplementally, or on exhibits added in any <FONT
STYLE="white-space:nowrap">pre-effective</FONT> amendment.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds acknowledge the
comment and confirm that all information required to be included in the Registration Statements at the time of effectiveness will be included by <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please advise us if you have submitted or expect to submit an exemptive application
or <FONT STYLE="white-space:nowrap">no-action</FONT> request in connection with the registration statements</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds currently intend to submit <FONT STYLE="white-space:nowrap">no-action</FONT> requests with respect to the
use of Rule 486(b) under the Securities Act of 1933 in the circumstances described in Eagle Point Credit Company Inc. (publicly available February&nbsp;14, 2018) </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">
and prior similar letters. It is anticipated that any such <FONT STYLE="white-space:nowrap">no-action</FONT> requests will be made after the Registration Statements become effective. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>If applicable, please confirm in your response letter that FINRA has reviewed the
proposed underwriting terms and arrangements for the transactions described in the registration statements, including the amount of compensation to be allowed or paid to the underwriters and any other arrangements among each Fund, the underwriter,
and other broker dealers participating in the distribution, and that FINRA has issued a statement expressing no objections to the compensation and other arrangements</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds confirm that no FINRA review is required in connection with the Registration Statements. FINRA Corporate
Financing Rule 5110(b)(7)(A) provides an exemption from documents and information filing requirements for securities offered by an issuer which has unsecured <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt with a term of issue of at
least four (4)&nbsp;years, or unsecured <FONT STYLE="white-space:nowrap">non-convertible</FONT> preferred securities, rated by a nationally recognized statistical rating organization in one of its four (4)&nbsp;highest generic rating categories. The
Funds qualify for this exemption from FINRA filing based on their having outstanding unsecured <FONT STYLE="white-space:nowrap">non-convertible</FONT> preferred shares with the requisite term and ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Registration Statement Cover Page </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please confirm supplementally that the &#147;Amount Being Registered&#148; in the
&#147;Calculation of Registration Fee under the Securities Act of 1933&#148; table includes all shares that may be issued pursuant to the underwriters&#146; over-allotment option</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds confirm that the &#147;Amount Being Registered&#148; will include all shares that may be issued pursuant to
any underwriters&#146; over-allotment option, if applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PROSPECTUS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Cover Page </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please clarify in each prospectus whether the Funds&#146; two investment objectives
are primary and secondary, as noted on the cover page, or are of comparable importance, as suggested elsewhere throughout the filing</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The cover page of each prospectus has been revised to delete the reference to &#147;primary and &#147;secondary&#148;
investment objectives. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>When discussing the Funds&#146; investment objectives and policies, please include
the policy of investing at least 80% of Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase. Please also make
corresponding changes to the cover page of each prospectus supplement</I>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The cover page of the NEA prospectus and each prospectus supplement has
been revised to indicate that as a fundamental policy NEA will invest at least 80% of Assets in municipal securities exempt from the federal alternative minimum tax. It is submitted that since for NVG both the 80% of Assets (names rule) and 100% of
Assets (voluntary) policy of investing in securities exempt from the alternative minimum tax are <FONT STYLE="white-space:nowrap">non-fundamental,</FONT> and the 100% of Assets (voluntary) policy is already disclosed on the prospectus cover pages,
no additional disclosure is necessary. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please bold the cross reference to the prospectus discussion regarding the risks
associated with leverage. See Item 1.1.j of Form <FONT STYLE="white-space:nowrap">N-2</FONT></I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please disclose that because the management fee is based on a percentage of Managed
Assets, which include the assets acquired from the Funds&#146; use of leverage, the Adviser and <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> may have a conflict of interest in determining whether to use or increase leverage</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please clarify in the Leverage discussion and throughout the prospectus that reverse
repurchase agreements are in effect borrowings, and revise corresponding disclosure appropriately. See generally Investment Company Act Release No.</I><I></I><I>&nbsp;10666 (Apr. 18, 1979)</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly to indicate that reverse repurchase agreements are in
effect secured borrowings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Prospectus Summary &#150; Investment Objectives and Policies</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;1-2</FONT>
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The term &#147;Quality,&#148; when used in a fund name that also suggests fixed
income investments, is synonymous with the term &#147;Investment Grade&#148; and is subject to Rule 35d-1 under the Investment Company Act of 1940 (&#147;1940 Act&#148;). Accordingly, with respect to the Nuveen AMT-Free Quality Municipal Income
Fund, please revise the investment policy sections of the prospectus and prospectus supplements to include a requirement for the Fund to invest at least 80% of its Assets in investment grade municipal securities. Please disclose whether this policy
is fundamental or whether it may be changed upon 60</I><I></I><I>&nbsp;days&#146; notice to shareholders. Similarly, please revise the Fund&#146;s policy of investing up to 35% of its Managed Assets in securities rated below the three highest grades
(Baa or BBB or lower) so that the Fund will not invest more than 20% of its Assets in below investment grade municipal securities</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: NEA respectfully disagrees with the view that the term &#147;Quality,&#148; when used in a fund name that also
suggests fixed income investments, is synonymous with the term &#147;Investment Grade,&#148; such that the fund is required under Rule 35d-1 to adopt </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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an investment policy that requires the fund to invest at least 80% of its Assets in investment grade municipal securities. While NEA acknowledges the authority delegated to the Commission
pursuant to Section&nbsp;35(d) of the 1940 Act to scrutinize investment company names not covered by Rule 35d-1 and to make determinations as to whether a particular name is misleading, NEA is unaware of such a specific meaning being ascribed to the
term &#147;Quality.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">However, NEA agrees that the term &#147;Quality&#148; may not be used regardless of a fund&#146;s portfolio
credit policies. In this regard, NEA has adopted a policy that permits the fund, under normal circumstances, to invest up to 35% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa1 or BBB+ or
lower) by at least one nationally recognized statistical rating organization (a &#147;Rating Agency&#148;) or unrated securities judged by NEA&#146;s <FONT STYLE="white-space:nowrap">sub-adviser</FONT> to be of comparable quality. This means that,
under normal circumstances, NEA must invest at least 65% of its Managed Assets in securities rated, at the time of investment, in the three highest grades <FONT STYLE="white-space:nowrap">(A-</FONT> or higher) by <I>each</I> Rating Agency then
rating the security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Therefore, NEA believes that its investment policy is consistent with a reasonable definition of
&#147;Quality&#148; and that the inclusion of the term &#147;Quality&#148; in the fund&#146;s name would not lead a reasonable investor to conclude that NEA invests in a manner inconsistent with its intended investments or the risks of those
investments. Furthermore, as a practical matter, NEA does not believe that the resulting credit quality of the portfolio is materially different from that of funds that have adopted an 80% investment-grade policy (which, in the case of Nuveen funds,
at least, may include a security in the 80% basket so long as it has at least one investment grade rating). NEA also notes that the Rating Agencies rating the outstanding preferred shares of the fund have assigned the same long-term ratings to the
preferred shares of NEA that they have assigned to the preferred shares of Nuveen <FONT STYLE="white-space:nowrap">closed-end</FONT> funds that have adopted such an 80% policy. Finally, NEA notes that the Form
<FONT STYLE="white-space:nowrap">N-14</FONT> registration statement relating to the reorganization of several funds into NEA, which closed in 2016, clearly disclosed its current investment policy as well as the proposed name change, to include the
addition of the term &#147;Quality&#148; to the fund name, to be made upon closing of the reorganizations. NEA is not aware of any concerns or misunderstandings arising on the part of shareholders either during the reorganization voting process or
subsequently. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>To ensure that each Fund&#146;s key features are provided in the summary, please
disclose that each Fund may: (a)</I><I></I><I>&nbsp;invest in distressed securities; (b)</I><I></I><I>&nbsp;not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest
thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below <FONT STYLE="white-space:nowrap">C-);</FONT> (c) invest up to 15% of its Managed Assets in inverse floating rate securities; (d)</I><I></I><I>&nbsp;invest in the
securities of open- or <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies (including exchange-traded funds) that invest primarily in municipal securities of the types in which the Fund may invest directly;
(e)</I><I></I><I>&nbsp;invest in certain derivative instruments, including financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial </I>
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<I>futures, and options on swap contracts; and (f)</I><I></I><I>&nbsp;invest up to 100% of its net assets, during temporary defensive periods, in short-term investments including high quality,
short-term debt securities that may be either <FONT STYLE="white-space:nowrap">tax-exempt</FONT> or taxable</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly except that, with respect to item (f)&nbsp;of this comment,
the Funds note that the Registration Statements have been revised to reflect that the Funds may invest up to 100% of &#147;<I>total assets&#148;</I> during such periods. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please disclose, where appropriate in each prospectus, that if a Fund sells or writes
credit default swaps, then the Fund will segregate the full notional amount of the credit default swap to cover such obligation</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B>: Without agreeing with the staff&#146;s position that an investment company may not cover a credit
default swap using offsetting positions, the Funds have included the following disclosure: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:22%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund writes credit
default swaps, it will segregate the full notional amount of the payment obligation under the credit default swap that must be paid upon the occurrence of a credit event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Funds note the recent correspondence and discussion with the SEC staff in connection with Nuveen Dow 30<SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP> Dynamic Overwrite Fund (File Nos. <FONT STYLE="white-space:nowrap">333-226218</FONT> and <FONT STYLE="white-space:nowrap">811-22970)</FONT> and Nuveen S&amp;P 500
<FONT STYLE="white-space:nowrap">Buy-Write</FONT> Income Fund (File Nos. <FONT STYLE="white-space:nowrap">333-226078</FONT> and <FONT STYLE="white-space:nowrap">811-21619)</FONT> relating to the ability of a fund to cover a credit default swap using
offsetting positions. Like those funds, the Funds note that they are complying with the comment solely for the purpose of having the Registration Statements declared effective. The disclosure will be observed by the Funds. The Funds reserve the
right to modify this disclosure and related practices to the extent consistent with future SEC and/or staff positions. The Funds note that both the release proposing Rule 18f-4 and Rule 18f-4 itself would permit a fund, for purposes of the
rule&#146;s exposure limits, to net directly offsetting derivatives that are the same type of instrument and have the same underlying reference asset, maturity and material other terms even if those transactions are entered into with different
counterparties and without regard to whether those transactions are subject to a netting agreement. Finally, the Funds note that other funds have recently disclosed the ability to use offsetting transactions in connection with credit default swaps.<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> See, e.g., PIMCO Income Strategy Fund II (File Nos.
<FONT STYLE="white-space:nowrap">333-226215</FONT> and <FONT STYLE="white-space:nowrap">811-21601,</FONT> Prospectus Supplement dated September&nbsp;7, 2018) and PIMCO Flexible Municipal Income Fund (File Nos.
<FONT STYLE="white-space:nowrap">333-221829</FONT> and <FONT STYLE="white-space:nowrap">811-23314,</FONT> Prospectus dated July&nbsp;19, 2018) (&#147;The Fund&#146;s obligations under a credit default swap will be accrued daily (offset against any
amounts owing to the Fund). [&#133;] In connection with credit default swaps in which the Fund is the seller, if the Fund covers its position through asset segregation, the Fund will segregate or &#147;earmark&#148; cash or liquid assets&#148; with
a value at least equal to the full notional amount of the Fund&#146;s obligation under the swap.&#148;); Eaton Vance Senior Floating Rate Trust (File Nos. <FONT STYLE="white-space:nowrap">333-207589</FONT> and
<FONT STYLE="white-space:nowrap">811-21411,</FONT> Statement of Additional Information dated February&nbsp;27, 2018) (&#147;The Trust&#146;s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owed to
the Trust).&#148;); FundVantage Trust (File Nos. <FONT STYLE="white-space:nowrap">333-141120</FONT> and <FONT STYLE="white-space:nowrap">811-22027,</FONT> Statement of Additional Information dated September&nbsp;1, 2018) (&#147;A Fund&#146;s
obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer or the seller, if a Fund covers its position through asset
segregation, the Fund will segregate or &#147;earmark&#148; cash or liquid assets with a value at least equal to the Fund&#146;s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked- <FONT
STYLE="white-space:nowrap">to-market</FONT> basis (when the Fund is the buyer), or the full notional amount of the swap (minus any amounts owed to the Fund) (when the Fund is the seller).&#148;); Mercer Funds (File Nos. <FONT
STYLE="white-space:nowrap">333-123467</FONT> and <FONT STYLE="white-space:nowrap">811-21732,</FONT> Statement of Additional Information dated July&nbsp;31, 2018) (&#147;A Fund&#146;s obligations under a credit default swap will be accrued daily
(offset against any amounts owing to the Fund). [&#133;] In connection with credit default swaps (or other swaps, to the extent applicable) in which a Fund is the seller, the Fund will identify Segregated Assets determined to be liquid by the
Advisor and/or Subadvisor in accordance with procedures established by the Board of Trustees, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund).&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Use of Proceeds</U>, page&nbsp;4 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The prospectus states that Fund will use the net proceeds from any sales of
Securities to make investments in accordance with the Fund&#146;s investment objectives and policies or to redeem outstanding Preferred Shares. Please clarify in each prospectus supplement the approximate amount intended to be used for each purpose.
See Item 7.1 of Form <FONT STYLE="white-space:nowrap">N-2</FONT></I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: At the time of an
offering, the applicable prospectus supplement will disclose more precisely the use of any proceeds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Risk Factors</U>, <FONT
STYLE="white-space:nowrap">pages&nbsp;8-25</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The introductory paragraph indicates that the risk factor discussion does not
describe all of the risks associated with an investment in each Fund. Please revise this statement to clarify that the risk discussion in the prospectus and prospectus supplements describe all of the principal risks associated with an investment in
Common Shares and MFP Shares of the Fund. Item 8.3.a. of Form N</I><I><FONT STYLE="white-space:nowrap">-2</FONT></I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>In the discussion on Inverse Floating Rate Securities Risk, please disclose that the
amount of fees paid for investment advisory services will be higher if a Fund uses leverage because the fees will be calculated based on the Fund&#146;s Managed Assets. Please state that this may create an incentive for the Adviser and <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> to leverage the Fund by investing in inverse floating rate securities, and therefore the Adviser and <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> may have a conflict of interest in determining
whether to increase the Fund&#146;s use of leverage</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been
revised accordingly. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The last paragraph of Special Risks Related to Certain Municipal Securities states
that the Fund may invest in tobacco settlement bonds, but there is no other mention of such instruments in the registration statement. Please remove this paragraph or, alternatively, please revise each prospectus to disclose the Funds&#146;
investment policies regarding tobacco settlement bonds</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have
been revised accordingly to add disclosure under &#147;The Fund&#146;s Investments&#151;Investment Objectives and Policies&#148; in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">
the prospectus and under &#147;Investment Objectives and Policies&#148; and &#147;The Fund&#146;s Investments&#151;Municipal Securities&#151;Tobacco Settlement Bonds&#148; in the SAI.<B> </B>
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please expand the discussion on Derivatives Risk, Including the Risk of Swaps, to
address all of the derivative instruments in which each Fund may principally invest (e.g., financial futures contracts, options on financial futures, and options on swap contracts)</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Page 37 of the prospectus states that the Fund may invest in distressed securities,
but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding. Please reconcile this with the
penultimate paragraph in the Below Investment Grade Risk discussion, which states that distressed securities are those issued by issuers that are involved in bankruptcy or insolvency proceedings</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The disclosures in the Registration Statements under &#147;Below Investment Grade Risk&#148; have been revised to be
consistent with the disclosures under &#147;The Fund&#146;s Investments&#151;Investment Objectives and Policies.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>When stating in the Interest Rate Risk discussion that a portfolio of securities with
longer durations tend to be more sensitive to interest rate changes than a portfolio with a shorter duration, please disclose that a greater sensitivity to changes in interest rates typically corresponds to higher volatility and higher risk</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds note that the risk factor entitled &#147;Interest Rate Risk&#148; already contained
the following language: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">&#147;Greater sensitivity to interest rates typically corresponds to higher volatility and higher risk.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">The sentence has been revised as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">&#147;Greater sensitivity to <U>changes in</U> interest rates typically corresponds to higher volatility and higher risk.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The Other Investment Companies Risk discussion explains that the Funds may be
indirectly exposed to leverage when investing in other investment companies. Please also disclose other risks relating to investing in other investment companies, including exchange-traded funds (&#147;ETFs&#148;) (e.g., the Fund bears a pro rata
portion of the expenses of underlying funds, including advisory fees, which are in addition to the Fund&#146;s direct expenses; an ETF that is based on a specific index may not be able to replicate and maintain the index composition; ETFs incur
certain expenses not incurred by the index; the market value of ETFs and <FONT STYLE="white-space:nowrap">closed-end</FONT> funds may differ from their net asset value; etc.).</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please state in the discussion on Anti-Takeover Provisions that such provisions could
have the effect of depriving Common Shareholders of the opportunity to sell their shares at a premium over the then current market price of the Common Shares</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Description of Securities</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;30-35</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">22.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The introductory paragraph states that the information therein is a brief description
of the terms of the Securities, and a complete description may be found in the Declaration of Trust. Please clarify here as well as elsewhere in the filings that all material terms of the Securities are described in the prospectus and prospectus
supplements (e.g., the first paragraph on page <FONT STYLE="white-space:nowrap">S-19</FONT> and the first and last paragraphs under Book-Entry Procedures and Settlement beginning on page <FONT STYLE="white-space:nowrap">S-41</FONT> of the VRRM-MFP
Shares prospectus supplement; the first paragraph on page</I><I></I><I><FONT STYLE="white-space:nowrap">&nbsp;S-22</FONT> and the first and last paragraphs under Book-Entry Procedures and Settlement beginning on page</I><I></I><I><FONT
STYLE="white-space:nowrap">&nbsp;S-46</FONT> of the VRM-MFP Shares prospectus supplement).</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><I>Similarly, a
prospectus should be accurate and complete, and the statements therein may not be qualified with reference to any other document. Accordingly, please remove the disclosure on page&nbsp;35 of the prospectus stating that the description of MFP Shares
are not complete, and are qualified in their entirety by reference to the Declaration of Trust and the Statement and the Statement Supplement relating to that series. Please remove similar disclosure elsewhere in the filings (e.g., the second
paragraph on page&nbsp;60 of the prospectus; the third paragraph on <FONT STYLE="white-space:nowrap">page&nbsp;S-20</FONT> of the Common Shares prospectus supplement; the penultimate paragraph on
<FONT STYLE="white-space:nowrap">page&nbsp;S-44</FONT> of the VRRM-MFP Shares prospectus supplement; the third paragraph on <FONT STYLE="white-space:nowrap">page&nbsp;S-49</FONT> of the VRM-MFP Shares prospectus supplement). </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The Fund&#146;s Investments &#150; Investment Objectives and Policies</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;36-39</FONT> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">23.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please describe the Funds&#146; investment policies relating to inverse floating rate
securities, including the 15% limitation on the amount the Fund may invest in such instruments</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">24.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please remove the first paragraph on page 39 of the prospectus, which discusses
municipal securities that are additionally secured by insurance, bank credit agreements, or escrow accounts, as it is redundant with the third paragraph on page 38 of the prospectus</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised to delete the paragraph that was on page 38 and retain the paragraph on
page 39. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">25.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please describe any criteria as to duration that each Fund might use with respect to
its investments in municipal securities</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Investment Adviser monitors duration, but the
Funds do not have an investment policy as such with respect to duration. The Funds&#146; investment policy with respect to portfolio maturity is as already disclosed under &#147;The Fund&#146;s Investments &#150; Investment Objectives and
Policies.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The Fund&#146;s Investments &#150; Portfolio Composition</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;39-44</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">26.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>As this section is intended to describe the principal investments comprising each
Fund&#146;s portfolio, please describe the Fund&#146;s investments in other open- or <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies, including those that are affiliated with the Fund. Further, please add disclosure
indicating that the Funds will consider the investments of underlying investment companies when determining compliance with each of its Rule 35d-1 investment policies.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">27.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>When discussing derivatives at the end of this section:</I> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">a.<I></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><I>This discussion is very general, listing the types of derivatives in which the Funds may invest with no
explanation as to the nature of each instrument. Please consider the staff observations concerning derivatives disclosure set forth in the letter from Barry D. Miller, Associate Director, Office of Legal and Disclosure, to Karrie McMillan, General
Counsel, Investment Company Institute, dated July</I><I></I><I>&nbsp;30, 2010, and revise the disclosures in this section accordingly. See </I><I><U>http://www.sec.gov/divisions/</U></I><I> investment/guidance/ici073010.pdf.</I>
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">b.<I></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><I>Please reconcile the first and third sentences in the paragraph, which are virtually identical.</I>
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">c.<I></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><I>Please more clearly disclose that all derivative instruments included within the Funds&#146; Rule 35d-1
investment policies will be valued based on their market or </I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="15%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<I>fair value rather than their notional value for purposes of calculating compliance with each policy</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The Funds have considered the staff observations and the Registration Statements have been revised accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Use of Leverage</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;44-47</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">28.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please define &#147;effective leverage.&#148;</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised to remove references to &#147;effective leverage.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Management of the Fund &#150; Investment Management and <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreements</U>, <FONT
STYLE="white-space:nowrap">pages&nbsp;48-50</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">29.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The prospectus states that the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT>
will receive a &#147;management fee, which is equal to the portion percentage allocation of the fees (net of applicable breakpoints, waivers and reimbursements) paid by the Fund to the Investment Adviser under the Investment Management Agreement for
the Fund.&#148; Please revise this statement in accordance with plain English principles to more clearly state the amount of the advisory fee received by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> (e.g., [xx]% of Nuveen Fund
Advisor&#146;s management fee (net of applicable breakpoints, waivers and reimbursements)</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>:
The Registration Statements have been revised accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Repurchase of Fund Shares; Conversion to
<FONT STYLE="white-space:nowrap">Open-End</FONT> Fund</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;53-55</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">30.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Each prospectus states that the Fund&#146;s Board of Directors will consider, on an
annual basis, action that may be taken to reduce or eliminate any material discount from net asset value, including the conversion of the Fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company. Accordingly, please disclose in
the prospectus: (a)</I><I></I><I>&nbsp;the risks relating to conversion to an <FONT STYLE="white-space:nowrap">open-end</FONT> fund, such as (i)</I><I></I><I>&nbsp;changes in the Fund&#146;s portfolio management to meet liquidity requirements
applicable to <FONT STYLE="white-space:nowrap">open-end</FONT> funds; and (ii)</I><I></I><I>&nbsp;the ability of the Fund to meet its investment objective or use investment policies and techniques that are more appropriate for a fixed portfolio than
one subject to constant demands for redemption and inflows of cash; (b)</I><I></I><I>&nbsp;whether the Fund may charge sales or redemption fees upon conversion; (c)</I><I></I><I>&nbsp;whether redemptions will be made in cash or with portfolio
securities; and (d)</I><I></I><I>&nbsp;if the Fund, after conversion, intends to retain the ability to make <FONT STYLE="white-space:nowrap">in-kind</FONT> redemptions, the costs and risks to shareholders relating to such redemptions. See Guidelines
to Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Guide 4</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements
have been revised accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PROSPECTUS SUPPLEMENT (Common Shares) </U></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Distributions</U>, pages <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">S-12-S-13</FONT></FONT></FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">31.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The last paragraph states that the Fund reserves the right to change its distribution
policy and the basis for establishing the rate of its monthly distributions at any time. Please disclose that any such change would be made subject to a finding by the Fund&#146;s Board of Trustees that such change is in the best interests of the
shareholders</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Effects of Leverage</U>, <FONT STYLE="white-space:nowrap">page&nbsp;S-18</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">32.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please provide a narrative accompanying the total return table explaining that the
purpose of the table is to assist the investor in understanding the effects of leverage. See Item 8.3.b.4. of Form <FONT STYLE="white-space:nowrap">N-2</FONT></I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PROSPECTUS SUPPLEMENT (VRRM-MFP Shares) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">33.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B><I>: Please provide supplementally the Term Redemption Date for this offering. We may have
further comments after reviewing your response</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds currently anticipate that the
term redemption date for any series of MFP shares will be a date from 10 to 30 years from the date of original issue. The actual term of each series will be set forth in the applicable prospectus supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Summary - Variable Rate Remarketed Mode</U>, pages <FONT STYLE="white-space:nowrap">S-3</FONT> &#150; <FONT STYLE="white-space:nowrap">S-4</FONT>
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">34.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>&#147;Mode&#148; is defined as the &#147;Variable Rate Remarketed Mode, or any
subsequent Mode, including any extension thereof, for which terms and conditions of the MFP Shares are designated pursuant to the Statement and the Statement Supplement.&#148; Please more clearly explain in accordance with plain English principles
the terms and conditions of the MFP Shares that may change upon change to a new Mode. Please make similar disclosure changes to the prospectus supplement for the VRM-MFP Shares</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: A cross reference to &#147;Description of VRRM-MFP Shares&#151;Mode Change&#148; has been added to the summary and
the following disclosure has been added in the Mode discussion in the respective description of shares sections: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:18%; font-size:12pt; font-family:Times New Roman">In connection with a
Mode change, the Fund, subject to compliance with the terms and conditions of the Statement and Statement Supplement then in effect, without the vote or consent of any holder of [VRRM-MFP] [VRM-MFP] Shares, may establish terms for the new Mode that
differ from those of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:12pt; font-family:Times New Roman">
the [Variable Rate Remarketed Mode] [Variable Rate Mode], including, but not limited to, with respect to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">the dividend rate (which may be fixed or floating); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">if the dividend may be determined by reference to an index, formula or other method, the manner in which it will
be determined, the index rate or formula, the index maturity, the index multiplier, if any, the spread, if any, the spread multiplier, if any, the rate determination date(s), the dividend reset date(s), the dividend reset period(s), the minimum or
maximum dividend rate, the day count convention, the dividend period(s) and other dividend-related terms; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">optional tender provisions and/or mandatory tender provisions; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">a liquidity facility or other credit enhancement, including provisions for mandatory purchase by the provider of
the liquidity facility or credit enhancement; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="20%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">redemption provisions. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:18%; font-size:12pt; font-family:Times New Roman">Notwithstanding the foregoing, the Fund may not use the Mode change provisions to modify the provisions of the Statement or the Statement
Supplement governing ranking, preemptive rights, voting rights, restrictions on dividends and other distributions, the term redemption date, restrictions on redemptions if the Fund is not current on paying accumulated and unpaid dividends,
compliance with applicable law in connection with redemptions, liquidation rights or restrictions on amendments or supplements to the Statement or the Statement Supplement, or to modify any terms affecting the parity ranking of the [VRRM-MFP]
[VRM-MFP] Shares relative to any other series of Preferred Shares of the Fund at any time outstanding with respect to dividends or distributions of assets upon dissolution, liquidation or winding up of the affairs of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Summary - Dividend Provisions</U>, pages <FONT STYLE="white-space:nowrap">S-4</FONT> &#150; <FONT STYLE="white-space:nowrap">S-6</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">35.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The Summary sets forth the dividend rates that may apply under the offering. With
each takedown of a preferred stock offering, please describe in the Summary the other material terms of the dividends payments (e.g., dividend period, dividend payment dates, the amount of dividends per share, etc.).</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">36.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please define the Securities Industry and Financial Markets Association
(&#147;SIFMA&#148;) Municipal Swap Index, as is provided in the prospectus supplement for the VRM-MFP Shares</I>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Summary - Redemption Provisions</U>, pages <FONT STYLE="white-space:nowrap">S-10</FONT> &#150; <FONT STYLE="white-space:nowrap">S-11</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">37.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The prospectus supplement describes a redemption procedure whereby VRRM-MFP Shares
may be redeemed on any Business Day, at the option of the Fund (in whole or from time to time, in part). Further, the prospectus supplement states that if the Fund fails to have Asset Coverage of at least 225%, or if the Effective Leverage Ratio of
the Fund exceeds 45%, then the Fund may redeem a number of Preferred Shares as determined by the Fund (which may include at the sole option of the Fund any number or proportion of VRRM-MFP Shares). Please explain to us how the Fund&#146;s ability to
redeem shares at its discretion under these scenarios is consistent with Rule 23c-2 under the 1940 Act, which requires, among other things, that a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund redeem shares in a &#147;manner as will not
discriminate unfairly against any holder of the securities of such class or series.&#148; Please revise this disclosure to clearly state that all optional and mandatory redemptions by the Fund will be conducted consistent with
Rule</I><I></I><I>&nbsp;23c-2. Please make similar disclosure changes to the prospectus supplement for the VRM-MFP Shares</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: Rule 23c-2 by its terms permits an issuer to redeem any of its securities in accordance with the terms of the
securities or the instrument pursuant to which the securities were issued (e.g., the Statement and the Statement Supplement). Rule 23c-2 also provides, however, that if not all of the outstanding securities of a series are to be redeemed,
redemptions shall be made by lot, on a pro rata basis, or in such other manner as will not discriminate unfairly against any holder of shares of such series. The Funds will comply with Rule 23c-2 in connection with any such partial redemption within
a series. The Funds submit that if for economic or other reasons the issuer determines to redeem shares of one series of preferred shares rather than another, or in different amounts, it can do so as long as the shares of each series that are being
redeemed are redeemed in accordance with Rule 23c-2. The Registration Statements have been revised to include the following language: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">&#147;Any such optional or mandatory redemption of VRRM-MFP Shares by the Fund shall be done in accordance with the requirements of the
Statement, the Statement Supplement and the provisions of the 1940 Act and rules thereunder, including Rule 23c-2.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Risk Factors</U>, pages <FONT
STYLE="white-space:nowrap">S-14</FONT> &#150; <FONT STYLE="white-space:nowrap">S-18</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">38.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The dividend rate applicable to the VRRM-MFP Shares will be equal to the sum of a
specified annual rate plus the SIFMA Municipal Swap Index. Accordingly, please include in the Risk Factors discussion &#147;Risks Related to SIFMA Municipal Swap Index&#148; and &#147;Discontinuation or Modification of the SIFMA Municipal Swap
Index,&#148; which are described in the prospectus supplement for the VRM-MFP Shares</I>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds respectfully submit that this disclosure is not needed because
only the dividend rate on the first day of issuance of VRRM-MFP Shares (i.e., one day) is calculated by reference to SIFMA plus the applicable spread; thereafter, the dividend rate is determined by the Remarketing Agent. The cover page of the
prospectus supplement has been revised to clarify this. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Ratings</U>, pages <FONT STYLE="white-space:nowrap">S-32</FONT> &#150; <FONT
STYLE="white-space:nowrap">S-33</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">39.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The prospectus supplement discloses the expected long-term rating and long-term
credit rating for VRRM-MFP Shares. Please briefly discuss the significance of these ratings, the basis upon which ratings are issued, and whether or not the Funds intend, or have any contractual obligation, to comply with the conditions and
guidelines imposed by the nationally recognized statistical rating organization (&#147;NRSRO&#148;). In addition, please disclose the material terms of any agreement between the Funds or any of their affiliates and the NRSRO under which the NRSRO
provides such ratings. See Item 10.6. of Form <FONT STYLE="white-space:nowrap">N-2.</FONT></I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><I>Further, please
describe the effects on VRRM-MFP Shareholders if such ratings are lowered or withdrawn and the relationship of these ratings to the investment quality of the securities in which the Fund will invest. See Guide 6 to Form <FONT
STYLE="white-space:nowrap">N-2.</FONT> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><I>Please make similar disclosure changes to the prospectus supplement for the VRM-MFP
Shares</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds note that the actual ratings of the shares will not be disclosed in the prospectus
supplement. Only the names of the rating agencies will be disclosed. Consequently, the Funds respectfully submit that the provisions of Form <FONT STYLE="white-space:nowrap">N-2</FONT> and Guide 6 noted above are not applicable. The Funds note,
however, that under &#147;Risk Factors&#151;Ratings and Asset Coverage Risk&#148; and under &#147;Description of VRRM-MFP Shares&#151;Ratings&#148; in the VRRM-MFP Shares prospectus supplement, there are disclosed many of the items noted in your
comment above. Similar disclosure is included in the VRM-MFP Shares prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PROSPECTUS SUPPLEMENT (VRM-MFP Shares) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Summary - Dividend Rate</U>, pages <FONT STYLE="white-space:nowrap">S-5</FONT> &#150; <FONT STYLE="white-space:nowrap">S-6</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">40.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>To avoid investor confusion, please define &#147;Failed Adjustment Event&#148; and
&#147;Failed Transition Event&#148; the first time such terms are used.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration
Statements have been revised accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Description of VRM-MFP Shares - Mode [Extension or] Change - [Extension of the Variable Rate Mode or]
Transition to a New Mode</U>, <FONT STYLE="white-space:nowrap">page&nbsp;S-40</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">41.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The prospectus supplement explains that upon extension of the Variable Rate Mode or
transition to a new Mode, all outstanding VRM-MFP Shares will be automatically subject to mandatory tender for transition remarketing, unless </I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<I>Required Beneficial Owners have agreed to such extension or transition. Please briefly describe this provision in the prospectus supplement Summary</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly to include the following disclosure: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman">In the case of a transition to a new Mode, all outstanding VRM-MFP Shares automatically will be subject to mandatory tender for transition
remarketing and delivered to the Calculation and Paying Agent for purchase by purchasers in the transition remarketing on the New Mode Commencement Date, in the event of a successful transition remarketing; provided, that the Required Beneficial
Owners, by agreement with the Fund, may waive their right to the mandatory tender and retain their VRM-MFP Shares. Such waiver and retention of 100% of the outstanding VRM-MFP Shares shall be deemed to constitute a successful transition remarketing.
Otherwise, a transition remarketing shall be deemed successful only if a Failed Transition Event shall not have occurred. Upon the occurrence of a Failed Transition Event, all tendered VRM-MFP Shares will be returned to the relevant tendering
holders by the Calculation and Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>STATEMENT OF ADDITIONAL INFORMATION (&#147;SAI&#148;) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Investment Restrictions</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;1-4</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">42.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>When describing each Fund&#146;s fundamental policies, please include its fundamental
policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income taxes, and, with respect to the Nuveen AMT-Free Quality Municipal Income Fund, its
fundamental policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">43.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Investment restriction number five states that the Fund may not &#147;[i]nvest more
than 25% of its total assets in securities of issuers in any one industry; provided, however, that such limitation shall not apply to municipal bonds other than those municipal bonds backed only by the assets and revenues of <FONT
STYLE="white-space:nowrap">non-governmental</FONT> users&#148; (emphasis added). Please clarify in adjacent disclosure that municipal bonds will be counted for concentration purposes where such bonds are backed principally by the assets and revenues
of <FONT STYLE="white-space:nowrap">non-governmental</FONT> users</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration
Statements have been revised accordingly. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">44.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>A fund (and its adviser) may not ignore the investments of <FONT
STYLE="white-space:nowrap">open-end</FONT> and <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies (including ETFs) in which it invests when determining whether the fund is in compliance with its own concentration policies.
Please add disclosure indicating that the Fund will consider the investments of </I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
<I>underlying investment companies when determining compliance with its own concentration policy</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised to add disclosure indicating that the Funds will consider the
investments of underlying investment companies when determining compliance with their own concentration policy under &#147;The Fund&#146;s Investments&#151;Portfolio Composition&#151;Other Investment Companies&#148; in the prospectus and &#147;The
Fund&#146;s Investments&#151;Other Investment Companies&#148; in the SAI. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">45.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please clarify in the disclosure what the 1940 Act permits with respect to issuing
senior securities and making loans</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised
accordingly with the addition of footnotes under &#147;Investment Restrictions&#148; in the SAI to clarify what the 1940 Act permits with respect to issuing senior securities and making loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The Fund&#146;s Investments &#150; Derivatives and Hedging Strategies &#150; Swap Transactions</U>, page&nbsp;12 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">46.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>The SAI states that the Fund&#146;s obligation under a swap agreement will be accrued
daily (offset against amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating cash and/or other appropriate liquid assets. As the Fund is not permitted to offset for credit default
swaps, please revise the disclosure accordingly. Further, please explain what is meant by &#147;accrued,&#148; as the coverage amount should be the full amount of unpaid past and future payment obligations. See Investment Company Act Release
No.</I><I></I><I>&nbsp;10666 (Apr. 18, 1979)</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds have revised the disclosure under
&#147;Swap Transactions&#148; in each of the Registration Statements as follows and revised the disclosure under &#147;Segregation of Assets&#148; as set forth in response to Comment 47 below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><I>Swap Transactions</I>. The Fund may enter into total return, interest rate and credit default swap agreements and interest rate caps,
floors and collars. The Fund may also enter into options on the foregoing types of swap agreements (&#147;swap options&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Swap
agreements typically are <FONT STYLE="white-space:nowrap">two-party</FONT> contracts entered into primarily by institutional investors for periods ranging from a few weeks to several years. In a standard &#147;swap&#148; transaction, two parties
agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or &#147;swapped&#148; between the parties are calculated with respect
to a &#147;notional amount&#148; (<STRIKE>i.</STRIKE>e.<U>g.</U>, the change in the value of a particular dollar amount invested at a particular interest rate<STRIKE>, in a particular foreign currency,</STRIKE> or in a &#147;basket&#148; of
securities representing a particular index). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">The &#147;notional amount&#148; of a swap agreement is the agreed upon basis for calculating the
obligations that the parties to a swap agreement have agreed to exchange. Under most swap agreements entered into by the Fund, the obligations of the parties would be exchanged on a &#147;net basis.&#148; Consequently, the Fund&#146;s obligation (or
rights) under a <U>net</U> swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement. <U>See &#147;&#151;Segregation of
Assets&#148; below.</U> <STRIKE>The Fund&#146;s obligation under a swap agreement will be accrued daily (offset against amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating cash
and/or other appropriate liquid assets.</STRIKE> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Please see the response to Comment 12 above with respect to the comment regarding
credit default swaps. The revised disclosure set forth below in the response to Comment 47 includes additional disclosure intended to address the comment that &#147;the coverage amount should be the full amount of unpaid past and future payment
obligations.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The Fund&#146;s Investments &#150; Segregation of Assets</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;19-20</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">47.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>In the first paragraph, please revise the second sentence to provide an asset
segregation example of a derivative instrument in which the Funds actually invest (e.g., financial futures contracts, interest rate swaps, credit default swaps)</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised as follows to provide such an example and to address the comments
provided in Comments 12 and 46 above: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Segregation of Assets</I>. As a
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment company registered<STRIKE> </STRIKE>with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act, the rules thereunder, and various interpretive positions of
the SEC and its staff. In accordance with these laws, rules and positions, the Fund must <STRIKE>&#147;set aside&#148; </STRIKE><U>maintain liquid assets</U> (often referred to as &#147;asset segregation&#148;) <STRIKE>liquid assets</STRIKE>, or
engage in other SEC or staff-approved measures, to &#147;cover&#148; open positions with respect to certain kinds of derivative<STRIKE>s</STRIKE> instruments <U>and financial agreements (such as reverse repurchase agreements).
</U><U></U><U>Generally, the Fund will maintain an amount of liquid assets with its custodian in an amount at least equal to the current amount of its obligations, including the value of unpaid past and future payment obligations, under derivative
instruments and financial agreements, in accordance with SEC guidance. However, the Fund also may &#147;cover&#148; such obligations by other means such as through ownership of the underlying security or financial instrument. The Fund also may enter
into offsetting transactions so that its combined position, coupled with any liquid assets maintained by its custodian, equals its net outstanding obligation in related derivatives or financial agreements. </U>In the case of <STRIKE>forward
currency</STRIKE> <U>financial futures</U> contracts that are not contractually required to cash settle, for example, the Fund must set aside liquid assets equal to such contracts&#146; full notional value while the positions are open. With respect
to <STRIKE>forward currency</STRIKE> <U>financial futures</U> contracts that are </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
contractually required to cash settle, however, the Fund is permitted to set aside liquid assets in an amount equal to the Fund&#146;s daily <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">marked-to-market</FONT></FONT> net obligations (<I>i.e.</I>, the Fund&#146;s daily net liability) under the contracts, if any, rather than such contracts&#146; full notional value.<U> If the Fund writes credit default
swaps, it will segregate the full notional amount of the payment obligation under the credit default swap that must be paid upon the occurrence of a credit event. The Fund may invest in inverse floating rate securities issued by special purpose
trusts. With respect to such investments, the Fund will segregate or earmark assets in an amount equal to at least 100% of the face amount of the floating rate securities issued by such trusts. </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund reserves the right to modify its asset segregation policies in the future to comply with any changes in the
positions from time to time articulated by the SEC or its staff regarding asset segregation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund generally will use
its assets to cover its obligations as required by the 1940 Act, the rules thereunder, and applicable positions of the SEC and its staff. As a result of their segregation, such assets may not be used for other operational purposes. The Investment
Adviser will monitor the Fund&#146;s use of derivatives and will take action as necessary for the purpose of complying with the asset segregation policy stated above. Such actions may include the sale of the Fund&#146;s portfolio investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman"><STRIKE>The Fund may invest in reverse floating rate securities issued by special purpose trusts. With respect to such investments, the Fund
will segregate or earmark assets in an amount equal to at least 100% of the face amount of the floating rate securities issued by such trusts.</STRIKE> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">48.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>In the last paragraph, please clarify that the Funds may invest in inverse floating
rate securities</I>. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The disclosures in the Registration Statements in the first paragraph
under &#147;The Fund&#146;s Investments&#151;Segregation of Assets&#148; have been revised accordingly. Please see the response to Comment 47 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Proxy Voting Policies</U>, <FONT STYLE="white-space:nowrap">pages&nbsp;49-50</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">49.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please more fully describe the proxy voting policies of the <FONT
STYLE="white-space:nowrap">Sub-Adviser.</FONT> See, e.g., &#147;Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies,&#148; SEC Rel. No. IC</I><I><FONT STYLE="white-space:nowrap">-25922</FONT>
(Apr. 14, 2003).</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds have reviewed the above-mentioned release, the requirements of
Form <FONT STYLE="white-space:nowrap">N-2,</FONT> and the proxy voting policies disclosure in the Registration Statements, and the Funds respectfully submit that the current disclosure in the Registration Statements complies with the requirements of
the above-mentioned release and Form </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">
<FONT STYLE="white-space:nowrap">N-2.</FONT> This is the same disclosure as in other recently filed registration statements of Nuveen municipal <FONT STYLE="white-space:nowrap">closed-end</FONT>
funds that comply with Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Beneficial Owners</U>, page&nbsp;52 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">50.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B><I>: Please state the name, address, and percentage of ownership of each person who owns
5% or more of each class of each Fund&#146;s outstanding securities. Item 19.2. of Form <FONT STYLE="white-space:nowrap">N-2</FONT></I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been corrected accordingly with respect to the 5% reference. The names and other
information will be included by <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Appendix A </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">51.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please provide a cross-reference in the SAI to Appendix A</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Registration Statements have been revised accordingly by the addition of the cross-reference at the end of the
new ninth paragraph under &#147;Investment Objectives and Policies&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PART C </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">52.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Before the registration statements are effective, please file an unqualified legality
opinion consistent with Staff Legal Bulletin No.</I><I></I><I>&nbsp;19 dated October</I><I></I><I>&nbsp;4, 2011 (the &#147;Legal Bulletin&#148;) or, alternatively, please undertake to file an unqualified legality opinion consistent with the Legal
Bulletin in connection with each future takedown offering the Funds conduct pursuant to the registration statements</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds confirm that they will file as an exhibit to a <FONT STYLE="white-space:nowrap">pre-effective</FONT>
amendment to the Registration Statements a qualified legality opinion regarding all securities being registered and a related consent of counsel and undertake to file an unqualified legality opinion with each future takedown consistent with the
Bulletin. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">53.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please clarify the type of opinion to be provided as Exhibit l.2, and indicate
whether this opinion will be filed before the registration statement is effective or whether the Funds will undertake to file such an opinion in connection with each future takedown offering</I>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The opinion to be provided as Exhibit l.1 is the opinion of the Funds&#146; local counsel as to the legality of the
securities being registered. As stated in the response to comment 52, the Funds confirm that they will file as an exhibit to a <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment to the Registration Statements a qualified legality
opinion regarding all securities being registered and a related consent of counsel and undertake to file an unqualified legality opinion with each future takedown consistent with the Bulletin. The Funds note that the Exhibit 1.2 opinion will be a
tax opinion and filed in connection with each future takedown of MFP Shares. (Exhibits 1.1 and 1.2 have been <FONT STYLE="white-space:nowrap">re-ordered</FONT> in the Registration Statements.) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">54.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <I>Please confirm supplementally that the Funds will include as exhibits to a
post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933 (the &#147;Securities Act&#148;) the final versions of the agreements filed as &#147;form of&#148; exhibits to the registration statement</I>.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B>: The Funds confirm that they will include as exhibits to a post-effective amendment filed
pursuant to Rule&nbsp;462(d) under the Securities Act of the final versions of the agreements filed as &#147;form of&#148; exhibits to the registration statement. </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">If you have any additional questions, please do not hesitate to contact me at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-839-5540</FONT></FONT> or my colleague, Jonathan Miller, at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-839-5385.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:5%; font-size:12pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:55%; text-indent:5%; font-size:12pt; font-family:Times New Roman">Frank P. Bruno </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">J. Miller</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">E. Fess</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">M. Winget</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">G. Zimmerman</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>

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