<SEC-DOCUMENT>0001193125-21-076395.txt : 20210525
<SEC-HEADER>0001193125-21-076395.hdr.sgml : 20210525
<ACCEPTANCE-DATETIME>20210310170759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-076395
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nuveen Core Plus Impact Fund
		CENTRAL INDEX KEY:			0001835068
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-917-8146

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nuveen Impact Opportunities Fund
		DATE OF NAME CHANGE:	20201204
</SEC-HEADER>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Stradley Ronon Stevens&nbsp;&amp; Young, LLP</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">191 North Wacker Drive, Suite 1601</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Chicago, Illinois 60606</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Telephone 312.964.3500</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Fax 312.964.3501</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">www.stradley.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">VIA EDGAR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Lisa N. Larkin </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">Division of Investment Management </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" ALIGN="justify">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Core Plus Impact Fund </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;File Numbers: <FONT STYLE="white-space:nowrap">333-251817;</FONT> 811-<B> </B>23627 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dear Ms.&nbsp;Larkin: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This letter responds to the comments contained in the letter dated January&nbsp;29, 2021, from the staff of the Securities and
Exchange Commission (the &#147;SEC&#148;) regarding the registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (the &#147;Registration Statement&#148;), filed with respect to the initial public offering of the Nuveen Core Plus
Impact Fund (the &#147;Registrant&#148; or the &#147;Fund&#148;). For convenience, each of the comments applicable to the Fund are repeated below, with the response immediately following. Capitalized terms not defined in this letter have the
meanings ascribed to them in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Enclosed for your convenience is a copy of <FONT
STYLE="white-space:nowrap">pre-effective</FONT> amendment no. 1 to the Registration Statement, which was filed with the SEC on the date of this letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;Please tell us if you have presented any test the
waters materials to potential investors in connection with this offering. If so, please provide us with copies of such materials. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has not presented any &#147;test the waters&#148;
materials to potential investors in connection with this offering. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10<U></U>, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 2
 </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"><U>Registration Statement Outside Front Cover Page </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>On the first page of the front cover, in the fourth line of the paragraph
titled, &#147;Fund Strategies,&#148; disclosure states that &#147;substantially all of the portfolio&#146;s investments are subject to Nuveen&#146;s proprietary public market impact framework criteria (the &#147;Impact Criteria&#148;) or certain ESG
criteria.&#148; On the second page of the front cover, in the first sentence of the paragraph titled, &#147;Investment Policies,&#148; disclosure states that the Fund, under normal market conditions, will invest at least 80% of its Managed Assets in
fixed-income investments of any type. The name of the Fund is &#147;Nuveen Core Plus Impact Fund.&#148; In the staff&#146;s view, the term &#147;impact&#148; suggests a type of <FONT STYLE="white-space:nowrap">ESG-focused</FONT> investment and is
subject to Rule <FONT STYLE="white-space:nowrap">35d-1</FONT> of the Investment Company Act of 1940 (the &#147;1940 Act&#148;). Please revise the disclosure to require the Fund to invest at least 80% of its net assets plus borrowings for investment
purposes in &#147;impact&#148; investments. For example, the Fund could state that &#147;substantially all, but in no event less than 80%, of the portfolio&#146;s investments are subject to Nuveen&#146;s proprietary public market impact framework
criteria (the &#147;Impact Criteria&#148;) or certain ESG criteria.&#148; Please also add disclosure addressing the 60 days&#146; notice requirement for such 80% requirement. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B> Without agreeing with the staff&#146;s position that the term &#147;impact&#148; suggests a type
of ESG investment as opposed to an investment strategy, the Registrant has revised the &#147;Investment Policies&#148; disclosure on the outside front cover and elsewhere in the Registrant Statement as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under normal market conditions, the Fund will invest at least 80% of its <STRIKE>Managed</STRIKE> <U>net
assets plus the amount of any borrowings for investment purposes</U> <STRIKE>(as defined on page 9)</STRIKE> in fixed-income investments of any type, <U>which are subject to the Impact Criteria or Nuveen&#146;s ESG criteria</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Registrant has added the following disclosure to the &#147;Investment Policies&#148; disclosure beginning on page 9 of the
Summary Prospectus and elsewhere in the Registration Statement as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing policies apply
only at the time of any new investment. <U>The Fund&#146;s policy to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in fixed-income investments of any type, which are subject to the Impact Criteria or
Nuveen&#146;s ESG criteria, may not be changed without 60 days&#146; prior written notice to shareholders.</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>On the first page of the front cover, the fourth paragraph discloses that
investing in the Fund&#146;s shares involves certain risks. Please add the risk of leverage to this paragraph. <I>See </I>Item 1.1.j. of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has revised the disclosure on the first page of the front
cover as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>This prospectus sets forth concisely information about the Fund that a prospective
investor should know before investing, and should be </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10<U></U>, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>
retained for future reference. Investing in the Fund&#146;s Common Shares involves certain risks<U>, including the risks associated with the Fund&#146;s use of leverage</U>. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>On the second page of the front cover, in the third sentence of the paragraph
titled, &#147;Leverage,&#148; disclosure states that the Fund &#147;may source leverage initially and throughout the life of the Fund through a number of methods including through borrowings, issuing preferred shares of beneficial interest.&#148;
Please advise whether the Fund intends to offer preferred shares within 12 months of effectiveness of the registration statement. If yes, please include disclosure about the consequences to common shareholders of the issuance of preferred,
<I>e.g.</I>, subordination, diminished voting power, increased expense ratio; and provide appropriate fee table disclosure. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant does not have immediate plans to issue Preferred Shares
but may consider doing so within the first 12 months of the effectiveness of the Registration Statement. The Registrant additionally notes that the consequences of any issuance of Preferred Shares to common shareholders are already disclosed in the
Registration Statement. In the &#147;Common Shares&#148; disclosure contained in the &#147;Description of Shares and Debt&#148; section the consequences are described as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;If the Fund issues Preferred Shares, the Common Shareholders will not be entitled to receive any cash
distributions from the Fund unless all accrued dividends on Preferred Shares have been paid, and unless asset coverage (as defined in the 1940 Act) with respect to Preferred Shares would be at least 200% after giving effect to the
distributions.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Further, in response to Comment 19, the following disclosure is being added to the &#147;Preferred
Shares&#148; disclosure in the &#147;Description of Shares and Debt&#148; section: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Any
Preferred Shares issued by the Fund will have priority over the Common Shares. For so long as any Preferred Shares are outstanding, the Fund will not: (1)</U><U></U><U>&nbsp;declare or pay any dividend or other distribution (other than a dividend or
distribution paid in Common Shares) in respect of the Common Shares, (2)</U><U></U><U>&nbsp;call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (3)</U><U></U><U>&nbsp;pay any proceeds of the liquidation
of the Fund in respect of the Common Shares, unless, in each case, (A)</U><U></U><U>&nbsp;immediately thereafter, the Fund shall be in compliance with the 200% asset coverage limitations set forth under the 1940 Act after deducting the amount of
such dividend or other distribution or redemption or purchase price or liquidation proceeds and (B)</U><U></U><U>&nbsp;all cumulative dividends and other distributions of shares of all series of Preferred Shares of the Fund due on or prior to the
date of the applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid.&#148;</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Registrant will include the estimated expense associated with the issuance of Preferred Shares in the &#147;Expenses of
Leverage&#148; line item in the &#147;Summary of Fund Expenses&#148; table. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>On the second page of the front cover, in the third line of the paragraph
titled, &#147;Fund Distributions,&#148; disclosure states that distributions could take the form of a return of capital. Please define &#147;return of capital&#148; using plain English. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has revised the &#147;Fund Distributions&#148; disclosure
on the third page of the front cover and elsewhere in the Registration Statement as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund
<STRIKE>currently intends to</STRIKE> <U>will</U> implement a managed distribution policy by declaring monthly distributions stated in terms of a fixed <U>number of</U> cents per Common Share that would be composed of net investment income and a
supplemental amount generally representing the potential for capital appreciation, which may take the form of realized capital gains or, possibly, a return of capital, which may (but will not necessarily) represent unrealized capital gains. <U>A
return of capital is a <FONT STYLE="white-space:nowrap">non-taxable</FONT> distribution of a portion of the Fund&#146;s capital. When the Fund returns exceed distributions, return of capital may represent portfolio gains earned, but not realized as
a taxable capital gain. In periods when the Fund returns fall short of distributions, it will represent a portion of a shareholder&#146;s original principal unless the shortfall is offset during other time periods over the life of their investment
(previous or subsequent) when the Fund&#146;s total return exceeds distributions. A return of capital reduces a shareholder&#146;s tax cost basis (but not below zero) in Fund shares, which would result in more taxable gain or less taxable loss when
the shareholder sells their shares.</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>On the third page of the front cover, in the second sentence of the second
paragraph, disclosure incorporates by reference the Fund&#146;s Statement of Additional Information. Please confirm that the Fund will comply with Fast Act requirements, including adding hyperlinks to each exhibit identified in the exhibit index and
any other information incorporated by reference in the registration statement, if filed on EDGAR. <I>See </I>FAST Act Modernization and Simplification of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> Rel.
<FONT STYLE="white-space:nowrap">No.&nbsp;33-10618,</FONT> Mar. 20, 2019; Rule 411 under the 1933 Act; Rule <FONT STYLE="white-space:nowrap">0-4</FONT> under the 1940 Act. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant confirms that it will comply with the Fast Act
requirements, including adding hyperlinks to each exhibit identified in the exhibit index and any other information incorporated by reference in the registration statement, if filed on EDGAR. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>PROSPECTUS </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Prospectus Summary &#150;
Fund Strategies,</U> page <FONT STYLE="white-space:nowrap">[1-4]</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the paragraph titled, &#147;Affordable Housing,&#148; disclosure refers to
investments issued to support the financing of low and moderate income housing loans, transit oriented development, walkable communities, or <FONT STYLE="white-space:nowrap">mixed-use</FONT> development projects. Please clarify what you mean by
&#147;transit oriented development.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant has revised the
&#147;Affordable Housing&#148; disclosure as follows: </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Affordable Housing: </I></B>Investments
<U>that</U> <STRIKE>issued to</STRIKE> support the financing of low and moderate income housing loans, transit oriented development <U>(</U><I><U>i.e.,</U></I><U> a mix of commercial, residential, office and entertainment centered around or located
near a transit station)</U>, walkable communities, or <FONT STYLE="white-space:nowrap">mixed-use</FONT> development projects.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the paragraph titled, &#147;Community&nbsp;&amp; Economic
Development,&#148; disclosure refers to investments issued to support financial services, hospital/medical services, educational services, community centers, reconstruction activities, urban revitalization, humanitarian, disaster, and international
aid services inclusive of underserved and/or economically disadvantaged communities. It is not clear whether &#147;inclusive of underserved and/or economically disadvantaged communities&#148; applies to all of the kinds of investments or only to
&#147;international aid services.&#148; If the latter, please add more specificity to the other kinds of investments (<I>e.g.</I>, &#147;financial services&#148; is too broad). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>The Registrant confirms that the phrase &#147;inclusive of
underserved and/or economically disadvantaged communities&#148; applies to all of the kinds of investments listed. The Registrant has revised the disclosure to provide more clarity as follows: </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investments issued to support financial services, hospital/medical services, educational services,
community centers, reconstruction activities, urban revitalization, humanitarian, disaster, and international aid services<U>, all of which are</U> inclusive of underserved and/or economically disadvantaged communities. </P>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> With respect to the Fund&#146;s
<FONT STYLE="white-space:nowrap">non-proprietary</FONT> ESG criteria, we note that the Fund intends to use one or multiple third party data/scoring providers. In the principal strategies, please identify the provider that the Fund intends to use, or
the primary providers if the Fund intends to use multiple third party providers. Please also briefly summarize each providers&#146; criteria/methodology in the principal strategies. Also consider any related principal risks to the Fund&#146;s use of
third party data providers, since the criteria used by providers can differ significantly. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>The Registrant notes that as the ESG data providers that the Fund
uses may change over time. Furthermore, please note that the Registration Statement contains substantive disclosure regarding the components and methods used by each third party ESG data provider in the &#147;Fund Strategies &#150; ESG Criteria and
Evaluation Process&#148; section of the Prospectus. As a result, the Fund believes that the current disclosure adequately addresses the material information and respectfully declines to identify in the Registration Statement the names of the
third-party data providers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additionally, investments are selected based on data provided by third party vendors or, in
the limited cases where such data is not available, according to internal&nbsp;ESG&nbsp;standards. The Fund does not invest according to an&nbsp;ESG&nbsp;index or strict screening method. Rather, Nuveen Asset Management uses&nbsp;ESG&nbsp;data to
establish an investable universe from which </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
investments are selected. The Fund favors issuers that are leaders relative to their peers in&nbsp;ESG&nbsp;performance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Further, as disclosed in the Prospectus, the Fund will not generally invest in securities of companies that are significantly
involved in certain business activities including, but not limited to, the production of alcohol, tobacco, military weapons, firearms, nuclear power, thermal coal, and gambling products and services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Registrant has added the following risk disclosure to the &#147;Impact Criteria and ESG Criteria Investing Risk&#148;:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Impact Criteria and ESG Criteria Investing Risk. </I>Because <U></U>the
<STRIKE>Fund&#146;s</STRIKE> Impact Criteria and/or <U>Nuveen&#146;s</U> ESG investment criteria may exclude investments of certain issuers for <FONT STYLE="white-space:nowrap">non-financial</FONT> reasons, the Fund may forgo some market
opportunities available to funds that do not use these criteria. This may cause the Fund to underperform the market as a whole<U>,</U> or other funds that do not use an Impact Criteria or ESG investment strategy<U> or that use a different
methodology or different factors to determine an investment&#146;s impact and/or ESG investment criteria</U>. In addition, there is a risk that the companies identified by the <STRIKE>Fund&#146;s</STRIKE> Impact Criteria or <U>Nuveen&#146;s</U> ESG
investment criteria do not operate as expected when addressing social and environmental impact and ESG issues. A company&#146;s social and environmental impact and ESG performance or Nuveen Asset Management&#146;s assessment of a company&#146;s
social and environmental impact and ESG performance could vary over time, which could cause the Fund to be temporarily invested in companies that do not comply with the Fund&#146;s approach towards considering Impact Criteria or ESG investment
criteria. There are significant differences in interpretations of what it means for a company to have positive Impact Criteria or ESG investment criteria. While Nuveen Asset Management believes its evaluation of Impact Criteria and/or ESG investment
criteria is reasonable, the portfolio decisions it makes may differ with other investors&#146; or advisers&#146; views. In making investment decisions, Nuveen Asset Management relies on information and data that could be incomplete or erroneous,
which could cause Nuveen Asset Management to incorrectly assess a company&#146;s Impact Criteria and/or ESG investment criteria. The third-party data providers may differ in the data they provide for a given investment or between industries, or may
only take into account one of many <FONT STYLE="white-space:nowrap">ESG-related</FONT> components of a company. <U>Accordingly, the information used by Nuveen Asset Management to evaluate the ESG criteria of the Fund&#146;s investments may not be
complete or accurate, and may vary across providers and issuers, as ESG is not a uniformly defined characteristic.</U> Furthermore, data availability and reporting with respect to Impact Criteria or the ESG investment criteria may not always be
available or may become unreliable. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 7
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the second full paragraph, disclosure states, &#147;The Fund&#146;s Impact
Criteria or ESG criteria will apply to derivatives and other instruments that have economic characteristics similar to the Fund&#146;s fixed-income investments.&#148; Please tell us how the Fund calculates the derivative position for purposes of
implementing the Rule <FONT STYLE="white-space:nowrap">35d-1</FONT> 80% policy. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant notes that all derivatives will be valued at their market
value, and not their notional value, for purposes of calculating net assets plus the amount of any borrowings for investment purposes and for purposes of testing the Registrant&#146;s compliance with investment policies that use net assets plus the
amount of any borrowings for investment purposes in the denominator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Portfolio Contents,</U> page
<FONT STYLE="white-space:nowrap">[4-7]</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B>&nbsp;&nbsp;&nbsp;&nbsp;In the second full paragraph, disclosure states that
the Fund will invest in sovereign and supranational securities. However, it is unclear whether the Fund will apply some or all of the ESG strategies to these investments. For example, may the Fund make an investment in a foreign country whose cities
have an affordable housing policy? Please add disclosure that clarifies how the Fund applies its ESG strategies to sovereign and supranational securities. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant believes that the existing disclosure, as modified in accordance with the
response to Comment 2, makes clear that 80% of the Fund&#146;s net assets plus the amount of any borrowings for investment purposes are invested in fixed-income investments of any type, which would include investments in sovereign and supranational
securities, and are subject to the Impact Criteria or Nuveen&#146;s ESG criteria. As such, the Registrant respectfully declines to add specific disclosure to clarify how the Fund applies its ESG strategies to sovereign and supranational securities.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Investment Policies,</U> pages
<FONT STYLE="white-space:nowrap">[7-9]</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the second full paragraph, disclosure states, &#147;Nuveen Asset Management
may determine that it is in the best interest of shareholders to pursue a workout arrangement with respect to securities that are in default or involved in bankruptcy or insolvency proceedings, which may involve making loans to the issuer or another
party, or purchasing an equity or other interest from the issuer or another party, or other related or similar steps involving the investment of additional monies.&#148; Please define &#147;workout arrangement&#148; using plain English.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B> The Registrant has revised the disclosure as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nuveen Asset Management may determine that it is in the best interest of shareholders to pursue a workout
arrangement <U>(</U><I><U>i.e.,</U></I><U> a privately negotiated, mutual agreement between the Fund and the issuer or another party)</U> with respect to securities that are in default or involved in bankruptcy or
</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
insolvency proceedings, which may involve making loans to the issuer or another party, or purchasing an equity or other interest from the issuer or another party, or other related or similar
steps involving the investment of additional monies. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the third full paragraph, disclosure states, </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">During temporary defensive periods, the period in which the net proceeds of this offering of Common Shares
are first being invested (the <FONT STYLE="white-space:nowrap">&#147;invest-up</FONT> period&#148;), the <FONT STYLE="white-space:nowrap">&#147;wind-up&#148;</FONT> period during which the Fund is transitioning its portfolio as the Fund&#146;s
termination approaches or the period in which the Fund&#146;s assets are being liquidated in anticipation of the Fund&#146;s termination, the Fund may deviate from its investment policies and objective. During such periods, the Fund may invest up to
100% of its Managed Assets in short-term investments, including high quality, short-term securities, or may invest in short-, intermediate-, or long-term U.S. Treasury securities. During the <FONT STYLE="white-space:nowrap">invest-up</FONT> period,
the Fund may also purchase securities issued by ETFs that invest primarily in investments of the types in which the Fund may invest directly. Any such investments in ETFs will be in compliance with the limitations imposed by the Investment Company
Act of 1940, as amended (the &#147;1940 Act&#148;), the rules promulgated thereunder, or pursuant to any exemptive relief obtained thereunder. There can be no assurance that such techniques will be successful. Accordingly, during such periods, the
Fund may not achieve its investment objective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Please explain how the Fund will comply with the Fund&#146;s 80% policy and
the Rule <FONT STYLE="white-space:nowrap">35d-1</FONT> 80% policy during the <FONT STYLE="white-space:nowrap">&#147;wind-up&#148;</FONT> period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B> The Registrant notes that Rule <FONT STYLE="white-space:nowrap">35d-1</FONT> (the &#147;Names
Rule&#148;) subjects investment companies to the 80% investment requirement &#147;under normal circumstances,&#148; which provides investment companies with the flexibility to manage their portfolios and to depart from their 80% Names Rule policies
in appropriate circumstances, such as during unusually large cash inflows or redemptions. While the Fund is not an <FONT STYLE="white-space:nowrap">open-end</FONT> fund and is therefore not subject to unusually large redemptions, as it approaches
its Termination Date, it will be transitioning the portfolio to highly liquid investments, in anticipation of making one or more liquidating distributions to shareholders at termination. Therefore, the <FONT STYLE="white-space:nowrap">wind-up</FONT>
period does not constitute the management of the Fund &#147;under normal circumstances&#148; and the Fund is permitted to deviate from its stated investment objective and policies, including the Fund&#146;s 80% Names Rule policy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Distributions,</U> page [13] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>In the first full paragraph, disclosure states, &#147;The Fund reserves the
right to change its distribution policy and the basis for establishing the rate of its monthly distributions at any time and may do so without prior notice to Common Shareholders, </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
upon a determination by the Fund&#146;s Board of Trustees that such change is in the best interests of the Fund and its Common Shareholders.&#148; Please tell us whether and when the Fund intends
to notify shareholders of such a change. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant has amended the last paragraph of
the &#147;Distributions&#148; section in the Prospectus Summary and throughout the Registration Statement as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;The Fund reserves the right to change its distribution policy and the basis for establishing the rate
of its monthly distributions at any time<STRIKE> and may do so without prior notice to Common Shareholders,</STRIKE> <U>upon notice to Common Shareholders, </U>upon a determination<B> </B>subject to a finding by the Fund&#146;s Board of Trustees
that such change is in the best interests of the Fund and its Common Shareholders.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Investment Objective,</U> page [36] </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the heading titled, &#147;Investment Objective,&#148; if the Fund&#146;s
objective may be changed without a vote of the holders of a majority of voting securities, please add a brief statement to that effect. <I>See </I>Item 8.2.a. of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant has amended the &#147;Investment Objective&#148; disclosure in the Prospectus
and Statement of Additional Information follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s investment objective is to seek total
return through high current income and capital appreciation, while giving special consideration to certain impact and environmental, social and governance (&#147;ESG&#148;) criteria. There can be no assurance that the Fund will achieve its
investment objective or that the Fund&#146;s investment strategies will be successful. <U>The Fund&#146;s investment objective may be changed by the Board of Trustees of the Fund (the &#147;Board of Trustees&#148;) without shareholder approval.</U>
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Investment Policies,</U> page [40-42] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> In the last sentence on the page, disclosure states that the Fund may seek to
provide exposure to Regulation S securities that are not freely tradable in the U.S. by investing in a Cayman Islands exempted company (the &#147;Subsidiary&#148;), a wholly owned subsidiary of the Fund. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Please disclose that: </P> <P STYLE="font-size:2pt;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="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Fund complies with the provisions of the Investment Company Act regarding capital structure;
</P></TD></TR></TABLE> <P STYLE="font-size:2pt;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="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Each investment adviser to the Subsidiary complies with provisions of the Investment Company Act relating to
investment advisory contracts (Section 15) as </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 10
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
an investment adviser to the fund under Section&nbsp;2(a)(20) of the Investment Company Act. The investment advisory agreement between the Subsidiary and its investment adviser is a material
contract that should be included as an exhibit to the registration statement; </P></TD></TR></TABLE> <P STYLE="font-size:2pt;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="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Subsidiary complies with provisions relating to affiliated transactions and custody (Section 17).
Identify the custodian of the Subsidiary. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Please confirm that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Subsidiary and its board of directors will agree to designate an agent for service of process in the
United States; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The Subsidiary and its board of directors will agree to inspection by the staff of the Subsidiary&#146;s
books and records, which will be maintained in accordance with Section&nbsp;31 of the Investment Company Act and the rules thereunder. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant has revised the disclosure in the &#147;Investment Policies&#148; section as it
relates to Regulation S securities as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may seek to provide exposure to Regulation S
securities that are not freely tradable in the U.S. by investing in a Cayman Islands exempted company (the &#147;Subsidiary&#148;), a wholly owned subsidiary of the Fund, which will invest primarily in Regulation S securities. The Subsidiary is
advised by Nuveen Asset Management, <U>which complies with the provisions of Section</U><U></U><U>&nbsp;15 of the Investment Company Act of 1940 Act, as amended (the &#147;1940 Act&#148;) relating to investment advisory contracts as an investment
adviser to the Fund under Section</U><U></U><U>&nbsp;2(a)(20) of the 1940 Act.</U> <STRIKE>and </STRIKE><U>The Subsidiary </U>has the same investment objective as the Fund. The Subsidiary may also hold cash and invest in other instruments, including
fixed income securities, <U>that are not Regulation S securities,</U> either as investments or to serve as margin or collateral for the Subsidiary&#146;s Regulation S positions. <U>The Fund complies with the provisions of the 1940 Act regarding
capital structure. In addition, the Subsidiary complies with the provisions of Section</U><U></U><U>&nbsp;17 of the 1940 Act relating to affiliated transactions and custody of portfolio investments. The Fund&#146;s custodian also serves as the
custodian to the Subsidiary.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Supplementally, the Registrant confirms that: (1)&nbsp;the investment advisory agreement
between the Subsidiary and Nuveen Asset Management will be included as an exhibit to the Registration Statement, (2)&nbsp;the Subsidiary and its board of directors agrees to designate an agent for service of process in the United States, and
(3)&nbsp;the Subsidiary and its board of directors agree to inspection by the staff of the Subsidiary&#146;s books and records, which will be maintained in accordance with Section&nbsp;31 of the 1940 Act and the rules thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Risks &#150; Certain Affiliations Risk,</U> page [96] </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 11
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>In the section titled, &#147;Certain Affiliations,&#148; disclosure states,
&#147;In addition, unless and until the underwriting syndicate is broken in connection with the initial public offering of the Common Shares, the Fund will be precluded from effecting principal transactions with brokers who are members of the
syndicate.&#148; Please define &#147;broken&#148; using plain English. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>The Registrant has revised the disclosure as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;In addition, unless and until the underwriting syndicate is broken <U>(</U><I><U>i.e.,</U></I><U> the underwriting
syndicate responsible for the initial pricing, marketing and distribution of the securities is disbanded)</U> in connection with the initial public offering of the Common Shares, the Fund will be precluded from effecting principal transactions with
brokers who are members of the syndicate.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Management of the Fund &#150; Portfolio Managers,</U> page [97] </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="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>In the section titled, &#147;Portfolio Managers,&#148; disclosure describes
the experience of certain portfolio managers &#147;at Nuveen.&#148; Please clarify to which Nuveen entity this term refers. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>:</B><B>&nbsp;&nbsp;&nbsp;&nbsp;</B>The Registrant has revised references to &#147;Nuveen&#148; in
the &#147;Portfolio Managers&#148; section to &#147;Nuveen Asset Management.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Description of Shares and Debt &#150; Preferred
Shares,</U> page [105] </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="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>In the section titled, &#147;Preferred Shares,&#148; please add disclosure
that discusses the limitations and/or restrictions on the Fund if dividend payments are past due. <I>See </I>Item 10.1.b. of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant notes that Item 10.1.b of Form <FONT STYLE="white-space:nowrap">N-2</FONT>
provides, &#147;state whether there are any restrictions on the Registrant while there is an arrearage in the payment of dividends or sinking fund installments, and, if so, concisely describe the restrictions.&#148; The Fund currently does not have
any Preferred Shares outstanding. The Registrant confirms that currently there are no restrictions on the Fund while there is an arrearage in the payment of dividends or sinking fund installments, outside of what is already disclosed in the
&#147;Voting Rights&#148; subsection of the &#147;Preferred Shares&#148; disclosure and the &#147;Common Shares&#148; disclosure of &#147;Description of Shares and Debt&#148;, which is codified in Section&nbsp;18 of the 1940 Act and is replicated
below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Voting Rights Disclosure: </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 12 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;In addition, if at any time dividends on the
Fund&#146;s outstanding Preferred Shares would be unpaid in an amount equal to two full years&#146; dividends thereon, the holders of all outstanding Preferred Shares, voting as a separate class, would be entitled to elect a majority of the
Fund&#146;s trustees until all dividends in arrears have been paid or declared and set apart for payment.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Common
Shares Disclosure: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;If the Fund issues Preferred Shares, the Common Shareholders will not be
entitled to receive any cash distributions from the Fund unless all accrued dividends on Preferred Shares have been paid, and unless asset coverage (as defined in the 1940 Act) with respect to Preferred Shares would be at least 200% after giving
effect to the distributions. The Fund pays monthly dividends, typically on the first business day of the following month.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">However, in accordance with Item 10.1.b of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> the Registrant has revised the
&#147;Preferred Shares&#148; disclosure to include the below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>&#147;Any Preferred Shares issued by
the Fund will have priority over the Common Shares. For so long as any Preferred Shares are outstanding, the Fund will not: (1)</U><U></U><U>&nbsp;declare or pay any dividend or other distribution (other than a dividend or distribution paid in
Common Shares) in respect of the Common Shares, (2)</U><U></U><U>&nbsp;call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares, or (3)</U><U></U><U>&nbsp;pay any proceeds of the liquidation of the Fund in
respect of the Common Shares, unless, in each case, (A)</U><U></U><U>&nbsp;immediately thereafter, the Fund shall be in compliance with the 200% asset coverage limitations set forth under the 1940 Act after deducting the amount of such dividend or
other distribution or redemption or purchase price or liquidation proceeds and (B)</U><U></U><U>&nbsp;all cumulative dividends and other distributions of shares of all series of Preferred Shares of the Fund due on or prior to the date of the
applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid.&#148;</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>STATEMENT OF ADDITIONAL
INFORMATION </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Investment Restrictions,</U> page [11] </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="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>In the section titled, &#147;Investment Restrictions,&#148; disclosure in the
fourth investment restriction states that the Fund may not, &#147;invest more than 25% of its total assets in investments of issuers in any one industry; provided, however, that such limitation shall not apply to municipal securities other than
those municipal securities backed principally by the assets and revenues of <FONT STYLE="white-space:nowrap">non-governmental</FONT> users nor shall it apply </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Page 13 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
to obligations issued or guaranteed by the United States Government or by its agencies or instrumentalities, and provided further that for purposes of this limitation, the term &#147;issuer&#148;
shall not include a lender selling a participation to the Fund together with any other person interpositioned between such lender and the Fund with respect to a participation that shifts to the Fund the direct debtor-creditor relationship with the
borrower.&#148; Please add &#147;or group of industries&#148; after &#147;any one industry.&#148; <I>See </I>Item 17.2.e. of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Please tell us supplementally whether the Fund has credit exposure to the interpositioned entity. If the Fund does have such
credit exposure, please explain supplementally why the <FONT STYLE="white-space:nowrap">carve-out</FONT> is appropriate. </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant respectfully submits that the investment restriction relating to concentration
is consistent with Section&nbsp;8(b)(1)(E) of the 1940 Act, and the Instruction to Item 8.b.2(b) and Item 17.2.e of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> which provide that a fund must disclose its policy with respect to concentrating
investments in a particular industry <B><U>or</U></B> group of industries. The Fund submits that the use of the term &#147;or&#148; in this context indicates that a fund must have a concentration policy with respect to a particular industry or group
of industries. The Fund does not have a policy to concentrate its investments in any particular industry or group of industries. Rather, the Fund&#146;s policy with respect to industry concentration, as disclosed in the SAI, states that the Fund
will not concentrate its investments in &#147;any one industry.&#148; Neither Section&nbsp;8(b)(1)(E) of the 1940 Act, nor the Instructions or requirements of Form <FONT STYLE="white-space:nowrap">N-2,</FONT> require the Fund to disclose a policy
not to concentrate its investments with respect to both industries <B><U>and</U></B> groups of industries. In addition, the Fund&#146;s concentration policy is consistent with concentration policies of other fund complexes and other funds within the
Nuveen fund complex. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Registrant supplementally confirms that it does not have credit exposure to the interpositioned
entity. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Proxy Voting Policies and Procedures,</U> page [64] </P> <P STYLE="font-size:10pt;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="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>In the section titled, &#147;Proxy Voting Policies and Procedures,&#148;
please add disclosure that explains how the Fund will approach relevant ESG proxy issues for its portfolio companies. Alternatively, the Fund should explain in correspondence why it believes such disclosure is not required. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant believes that such disclosure is unnecessary and unlikely to be useful to
investors or prospective investors, as the Fund will invest primarily in fixed income securities which generally do not carry proxy voting rights. Additionally, the Registrant respectfully notes that Instruction 1 to Item 18.16 of Form <FONT
STYLE="white-space:nowrap">N-2</FONT> provides that &#147;[a] Registrant may satisfy the requirement to provide a description of the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities by
</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 14 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
including a copy of the policies and procedures themselves.&#148; As Nuveen Asset Management&#146;s proxy voting policy is attached to the SAI as Appendix B, the Registrant respectfully declines
to add disclosure that explains how the Fund will approach relevant ESG proxy issues for its portfolio investments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Appendices </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>: </B>Please add the Proxy Voting Policies and Procedures of Nuveen Fund Advisors as
an appendix. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant has added the Proxy Voting Policies and
Procedures of Nuveen Fund Advisors as Appendix C to the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>PART C </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Item 25: Financial Statements and Exhibits</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> The Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws</FONT> include limits
on derivative actions, require exclusive jurisdiction, and waive a shareholder&#146;s right to jury trial. Please carve out federal securities law claims from the limits on derivative actions. Also, please add risk disclosure in the prospectus that
addresses each of the three provisions. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>The Registrant respectfully
submits that Section 6.10 of the Fund&#146;s By-Laws does not substantively limit a Fund shareholder&#146;s rights to make a derivative demand. Section 6.10 provides a mechanism which permits a shareholder to bring a derivative action with respect
to federal securities law claims, in accordance with procedural requirements which are substantially similar to requirements under various state corporate laws. A derivative action involves an action brought by a shareholder seeking to compel the
Fund to sue to redress harm to the Fund, as opposed to a direct action which is an action brought by a shareholder for harm done to an individual shareholder or a group of shareholders. The requirements for, and sufficiency of, a derivative action,
including in connection with derivative actions under federal law, are governed by state law. As a Massachusetts business trust, the Fund has adopted demand procedures in its By-Laws that are substantially similar to those set forth in Massachusetts
corporate law. The Registrant respectfully submits that the federal securities laws do not preempt or prohibit the application of state derivative demand laws, including any provision of Section 6.10 of the Fund&#146;s By-Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In <I>Kamen v. Kemper Fin. Svcs., Inc</I>. (500 U.S. 90, 500 U.S. 97 (1991)), the U.S. Supreme Court considered the demand
requirements in a derivative action founded on the Investment Company Act of 1940, as amended, and held that federal courts should abide by the procedural rules governing derivative actions of a fund&#146;s state of incorporation. The Registrant is
not aware of any court decisions or public pronouncements from the Commission or its Staff that would contradict this general principle enunciated in <I>Kamen</I>. Nor is the Registrant aware of any court decisions or public pronouncements from the
Commission or its Staff that would make state law derivative demand procedures, including those set forth in the Fund&#146;s By-Laws, generally unenforceable with respect to registered investment companies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The purpose of the demand provisions in the Fund&#146;s By-Laws is to require shareholders to make a demand to the Board of the
Fund before allowing shareholders to file suit on behalf of the Fund, </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Page 15 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
consistent with Massachusetts corporate law. This allows the Board the opportunity to exercise its business judgment to determine whether pursuing legal claims is in the best interest of the
Fund, and to decline to pursue claims that lack merit, would incur unnecessary cost and expense, and/or would provide little benefit to the Fund and its shareholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notably, the demand provisions of the Fund&#146;s By-Laws do not place substantive limits on a shareholder&#146;s right to make
a derivative demand. The Fund&#146;s By-Laws do not, for example, establish that only certain shareholders or groups of shareholders may bring derivative demands, nor do they narrow the scope of matters to which a derivative demand may relate (other
than by clarifying, in a manner consistent with established Massachusetts law principles, what constitutes a direct action and a derivative action). Instead, the demand provisions of the Fund&#146;s By-Laws simply establish the procedural steps to
be taken by a Fund shareholder and the Fund&#146;s Board of Trustees in connection with the making of a derivative demand, the<B><I> </I></B>evaluation of such a demand and the determination of whether a derivative action may be maintained, in each
case in a manner substantially similar to that of Massachusetts corporate law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund is organized as a voluntary
association established by a Declaration of Trust pursuant to Chapter 182 of the General Laws of Massachusetts (the &#147;MA business trust statute&#148;), commonly referred to as a &#147;Massachusetts business trust&#148;). State laws governing
business organizations take various forms. Many state corporate laws provide extensive rules governing the operation and management of the entity. Such state corporate laws typically establish statutory derivative demand procedures, which are then
applied and interpreted by relevant judicial authorities. A Massachusetts business trust, on the other hand, is a voluntary association created by agreement. The MA business trust statute is generally procedural only, and case law in Massachusetts
respects the right of the trustees and the shareholders to contract to structure the terms applicable to the operation and management of a Massachusetts business trust pursuant to a declaration of trust and by-laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In two recent federal court cases involving investment companies, such as the Fund, organized as Massachusetts business trusts,
the courts applied the derivative demand requirements of Massachusetts law applicable to business corporations (M.G.L. c. 156D, &#167; 7.40 et. seq., or the &#147;Derivative Law Statute&#148;), to determine if a derivative action could be
maintained. This position was supported by the Massachusetts Supreme Judicial Court in 2010 in <I>Halebian v. Berv</I>, 457 Mass. 620, 622 n. 4 (Mass. 2010)(&#147; Because a business trust &#145;in practical effect is in many respects similar to a
corporation,&#146; <I>Swartz v. Sher</I>, 344 Mass. 636, 639, 184 N.E.2d 51 (1962), the statute regulating derivative actions applies to a shareholder bringing such a claim against a corporation or a business trust. <I>See</I> <I>ING Principal
Protection Funds Derivative Litig</I>., 369 F. Supp.2d 163, 171 (D.Mass. 2005)&#148;). Given the application of the Derivative Law Statute to investment companies organized as Massachusetts business trusts, the Fund&#146;s Board of Trustees
determined that it would be beneficial to the Fund and its shareholders to clarify applicable derivative demand procedures in the Fund&#146;s By-Laws via Section 6.10. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Massachusetts Derivative Law Statute establishes Massachusetts as a &#147;universal demand&#148; state, meaning that all
shareholders must make a written demand before initiating a derivative suit and may not allege demand futility. The derivative demand procedures of the Fund&#146;s By-Laws are modeled on the substantive provisions of this statute. Both the
derivative demand procedures of the Fund&#146;s By-Laws and the Massachusetts Derivative Law Statute: </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 16
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Provide that before bringing a derivative proceeding, a shareholder (who must have been a shareholder at the
time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time) must make a written demand to the company. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Establish a 90-day review period, subject to extension in certain circumstances, for the board to evaluate the
shareholder&#146;s demand. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Provide that if the company does not notify the requesting shareholder of the rejection of the demand within
the applicable review period, the shareholder may commence a derivative proceeding. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Provide that if during the applicable review period, the independent board members, or a committee of
independent board members, determine in good faith that the maintenance of the derivative proceeding is not in the best interest of the company, the shareholder may not bring the derivative suit. Specifically: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">M.G.L. c. 156D, &#167; 7.44 states that a &#147;derivative proceeding commenced after rejection of a demand
shall be dismissed by the court on motion by the corporation if the court finds that [the independent board members] determined in good faith after conducting a reasonable inquiry upon which its conclusions are based that the maintenance of the
derivative proceeding is not in the best interests of the corporation.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Section 6.10(c) of the Fund&#146;s By-Laws provides that if &#147;a majority of the independent Trustees have
considered the merits of the claim and have determined that maintaining a suit would not be in the best interests of the Trust, the demand shall be rejected and the Complaining Shareholder shall not be permitted to maintain a derivative action
unless the Shareholder first sustains the burden of proof to the court that the decision of the Trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the Trust.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Establish bases upon which a board member will not be considered to be not independent for purposes of
evaluating a derivative demand. In this regard, Section 2B of the MA business trust statute provides that for an investment company, as defined in the Investment Company Act of 1940, and that is registered thereunder with the United States
Securities and Exchange Commission: &#147;A trustee of a trust who with respect to the trust is not an interested person, as defined in said Investment Company Act of 1940, shall be deemed to be independent and disinterested when making any
determination or taking any action as a trustee.&#148; M.G.L. c. 182, &#167; 2B. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Establish a mechanism for the board to submit the question of whether to maintain the derivative proceeding to
a vote of shareholders as provided in Section 7.44(c) of the Derivative Law Statute. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, the
Derivative Law Statute, in Section 7.46, provides a mechanism for a court to order, on termination of a derivative proceeding, that the plaintiff shareholder(s) pay any of the company&#146;s reasonable expenses, including counsel fees, incurred in
defending the proceeding if it finds that the proceeding was commenced or maintained without reasonable cause or for an improper purpose. M.G.L. c. 156D, &#167; 7.46. The Fund did not incorporate this provision in its By-Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In sum, the Registrant respectfully submits that the demand provisions of Section 6.10 of the Fund&#146;s By-Laws are (1)
consistent with and, as noted above, in at least one way, less onerous than, the Massachusetts Derivative Law statute which federal courts have applied to investment companies, such as the Fund, organized as Massachusetts business trusts, and (2)
consistent with the Supreme Court&#146;s </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 17
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
ruling in <I>Kamen</I>. However, if the Commission or its Staff intends to take the position that the federal securities laws preempt state derivative demand laws (or certain aspects thereof) as
applied to registered investment companies, the Registrant respectfully requests they do so in a manner that would apply consistently and uniformly to all funds (whether organized as corporations subject to various state derivative demand statutes
or unincorporated business associations that are subject to state common law derivative demand law and/or have adopted derivative demand procedures through their governing documents) through rulemaking. Doing so would subject this position to the
notice and comment process, and if such position were to be formally adopted, would allow all funds to choose their form of organization and craft their governing documents on an informed basis and on an even playing field consistent with such
rulemaking. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event that any provision of Section 6.10 of the Fund&#146;s By-Laws were to conflict with any such
rulemaking or were otherwise held to be invalid or unenforceable, Section 6.9 of the Fund&#146;s By-Laws provides for the severability of such provision: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The provisions of these By-Laws are severable. If any provision of these By-Laws shall be held invalid or unenforceable, in
whole or in part, in any jurisdiction, such invalidity or unenforceability shall attach only to such provision, or such part or parts thereof, in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of these By-Laws in any jurisdiction. No provision of these By-Laws shall be effective to require a waiver of compliance with any provision of, or restrict any Shareholder rights expressly granted by, the Securities Act, the Exchange
Act or the 1940 Act, or of any valid rule, regulation, or order of the Commission thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the last
sentence of this section, were the Commission to adopt a rule specifically prohibiting a particular provision of Section 6.10, such provision would no longer be effective. The Registrant believes this provision should adequately address any Staff
concerns regarding Section 6.10. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; 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:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Registrant does not believe that the derivative demand procedures in Section 6.10 of the Fund&#146;s By-Laws or the
exclusive forum and jury trail waiver provisions in Article VIII of the Fund&#146;s By-Laws give rise to risks that are required to be disclosed as &#147;principal risk factors associated with investment in the Registrant&#148; pursuant to Item
8(3)(a) of Form N-2. These types of provisions are commonplace in governing documents of both investment companies and operating companies. Nonetheless, the Registrant has summarized these provisions under the section of the Prospectus entitled
&#147;Certain Provisions in the Declaration of Trust and By-Laws.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Item 34: Undertakings</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" 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="justify"><B><U>Comment</U></B><B>:</B> Please add the required undertaking in Item 34.4 or explain why it is not
necessary. <I>See </I>Item 34.4 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Response</U></B><B>: </B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant respectfully notes that the undertaking required by Item
34.4 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> was included in its entirety in the initial filing of the Registration Statement. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Lisa N. Larkin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">March 10, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page&nbsp;
 18
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
However, the Registrant has revised the undertaking disclosure required by Item 34.4 as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;The Registrant undertakes that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">a. For <U>the</U> purpose<STRIKE>s</STRIKE> of determining any liability under the Securities Act, the
information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in <U>a</U> <STRIKE>the</STRIKE> form of prospectus filed by the Registrant under Rule 424(b)(1) under the
Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective<U>; and</U><STRIKE>.</STRIKE> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:16%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">b. For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">We believe that this information responds to all of your comments. If you should require additional information, please call
me at 312.964.3502. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:20.83em; text-indent:-0.83em; font-size:12pt; font-family:Times New Roman">Sincerely yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:20.83em; text-indent:-0.83em; font-size:12pt; font-family:Times New Roman">/s/ David P. Glatz</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:20.83em; text-indent:-0.83em; font-size:12pt; font-family:Times New Roman">David P. Glatz</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Enclosures </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Copies (w/encl.) to
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">M. Winget </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">J. Corriero </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">K. Hardy </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
