<SEC-DOCUMENT>0001193125-16-784036.txt : 20170601
<SEC-HEADER>0001193125-16-784036.hdr.sgml : 20170601
<ACCEPTANCE-DATETIME>20161202172502
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-784036
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20161202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN CALIFORNIA MUNICIPAL VALUE FUND INC
		CENTRAL INDEX KEY:			0000818851
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178146

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Thomas S. Harman </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">+1.202.373.6725 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">thomas.harman@morganlewis.com </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December&nbsp;2, 2016
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of
Investment Management </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nuveen California Municipal Value Fund, Inc. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>File Nos: </U><U>333-</U><U>213468</U><U> and <FONT STYLE="white-space:nowrap">811-05235</FONT></U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Ms.&nbsp;Bentzinger: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter responds to the comments we received from
you in a letter dated September&nbsp;29, 2016 to an initial registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> on behalf of the Nuveen California Municipal Value Fund, Inc. (the &#147;Fund&#148;), as filed with the U.S.
Securities and Exchange Commission (&#147;SEC&#148;) on September&nbsp;2, 2016. The following summarizes your comments and provides our response to those comments. Additions have been bolded. Unless otherwise noted, capitalized terms have the same
meaning as given in the Fund&#146;s Prospectus and/or Statement of Additional Information (the &#147;SAI&#148;). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>General
</U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment:</U></B> We note that portions of the registration statement are incomplete. We may have additional comments on such portions when you complete them in a <FONT
STYLE="white-space:nowrap">pre-effective</FONT> amendment, on disclosures made in response to this letter, on information supplied supplementally, or on exhibits added in any <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendments.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U>:</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Acknowledged. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Morgan, Lewis &amp; Bockius </B><B><SMALL>LLP</SMALL></B><SMALL></SMALL></FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">1111 Pennsylvania Avenue, NW</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20004</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">+1.202.739.3000</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B><B></B><B>:</B><B> </B>Please advise us if you have submitted or expect to submit an exemptive application or no-action request in connection with
the registration statement. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><B>:</B><B></B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant has neither submitted nor expects to submit an exemptive application or <FONT STYLE="white-space:nowrap">no-action</FONT>
request in connection with the registration statement, but the Registrant does have a <FONT STYLE="white-space:nowrap">no-action</FONT> letter under Rule 486(b) that it relies on from time to time. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>PROSPECTUS </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Cover Page
</U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B><U><B>:</B><B></B></U><B></B><B> </B>Please revise, in accordance with plain English principles, the following statement: &#147;[t]he degree of
economic leverage associated with the Fund&#146;s investment in [securities that have the economic effect of financial leverage] is generally greater than the percentage of the Fund&#146;s net assets invested in those securities.&#148;
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U><B>:</B><B></B></U><B></B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant believes the sentence does not enhance the disclosure and will therefore remove the sentence in the next amendment. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please provide the information required by Item 1.1.g of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Registrant has not included the table required by Item 1.1.g of Form <FONT STYLE="white-space:nowrap">N-2</FONT> because such information is not applicable to <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">at-the-market</FONT></FONT> offerings. Registrant notes that this is consistent with past practice and that a similar comment was withdrawn with respect to the registration statements on Form
<FONT STYLE="white-space:nowrap">N-2</FONT> for the Nuveen <FONT STYLE="white-space:nowrap">AMT-Free</FONT> Municipal Value Fund (File Nos. <FONT STYLE="white-space:nowrap">333-211789</FONT> and <FONT STYLE="white-space:nowrap">811-22253)</FONT> and
Nuveen Municipal High Income Opportunity Fund (File Nos. <FONT STYLE="white-space:nowrap">333-211793</FONT> and <FONT STYLE="white-space:nowrap">811-21449)</FONT> after oral discussions with the staff in which the information in this response was
provided. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Summary &#150; Investment Objectives and Policies</U>, pages
<FONT STYLE="white-space:nowrap">1-2</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please include a summary of the Fund&#146;s policy of investing up to 10% of net assets in other open- or
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly, as discussed on page 24 of the prospectus. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U><B></B><B>:</B><B></B><B></B></U><B></B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will include such a summary at pages <FONT STYLE="white-space:nowrap">1-2.</FONT> </FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please update the February 29, 2016 information regarding the Fund&#146;s investment in derivatives based on the Fund&#146;s most recent Form <FONT
STYLE="white-space:nowrap">N-Q</FONT> filing. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U>:<B></B></U><B></B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will provide such information in its next <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment as of the Fund&#146;s
semi-annual period ending August&nbsp;31, 2016. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Prospectus Summary &#150; Use of Leverage</U>, page 3 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U><B>Comment</B></U>: Please disclose that, because the investment advisory fees are based on a percentage of net assets, which includes assets attributable to the
Fund&#146;s use of leverage, Nuveen Fund Advisors, LLC and Nuveen Asset Management may have a conflict of interest in determining whether to use or increase the Fund&#146;s use of leverage. If true, please also disclose that the advisers will:
(a)&nbsp;base their decision regarding whether and how much leverage to use for the Fund based on their assessment of whether such use of leverage is in the best interests of the Fund; and (b)&nbsp;seek to manage that potential conflict by
recommending to the Fund&#146;s Board of Directors to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund, and by periodically reviewing the Fund&#146;s performance and
use of leverage with the Board. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">When calculating assets upon which its advisory fee is based, Registrant bases its fees on net assets, which does <U>not</U> include the
additional exposure to municipal bonds created by the Fund&#146;s use of inverse floating rate securities, if any. Accordingly, Registrant respectfully declines to add the requested disclosure as it is not applicable. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Prospectus Summary &#150; Special Risk Considerations &#150; Leverage Risk</U>, pages <FONT
STYLE="white-space:nowrap">11-12</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The prospectus states that if short- or intermediate-term interest rates rise, the Fund&#146;s cost of leverage could exceed the fixed rate of
return on longer-term bonds held by the Fund that were acquired during periods of lower interest rates, reducing returns to Common Stockholders. Please also state that a rise in such rates could reduce income to Common Stockholders. Further, please
revise the disclosure to state that the &#147;Fund&#146;s cost of leverage <I>includes </I>the expenses relating to the issuance and ongoing maintenance of any borrowings&#133;.&#148; (suggested addition in italics). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Fund does not engage in leverage either through borrowing or through the issuance of senior securities. The Fund may invest in inverse floating rate securities that have the economic effect of
leverage. Registrant believes the risks of investing in such securities are sufficiently addressed in the Registration Statement under Special Risk Considerations - Inverse Floating Rate Securities. Registrant therefore believes that the generic
leverage risk disclosure referenced in the staff&#146;s comment is not relevant and will be removed in the Fund&#146;s next <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Prospectus Summary &#150; Distributions</U>, pages <FONT STYLE="white-space:nowrap">15-16</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The last paragraph states that the Fund reserves the right to change its distribution policy and the basis for establishing the rate of its
monthly distributions at any time. Please identify the circumstances under which the Fund would change this policy. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U><B>Response</B></U>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The language reserving the right to change at some point
in the future a Registrant&#146;s common stock distribution policy and/or the basis for establishing monthly distributions is included in the Prospectus as a warning to investors in common stock that there is no ongoing fundamental right of common
shareholders to expect common share distributions to be determined in a particular manner. Registrant cannot realistically identify and describe the circumstances under which it might at some point in the future change its current respective
distribution policies because there is virtually no limitation on those circumstances, other than a requirement that the Fund Board determine that such future distribution policy change is in the best interests of
</FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 5
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the Fund and its common shareholders at that future time. Registrant is willing to add a statement to the registration statement that a change in distributions would be made only after such a
finding. However, absent any policy or policies on a change in distribution, Registrant believes providing examples of when a change might be warranted would be purely speculative and potentially misleading. Registrant also believes its disclosure
is consistent with other active <FONT STYLE="white-space:nowrap">closed-end</FONT> funds recently declared effective. See, e.g., <I>Eaton Vance High Income 2021 Target Term Fund</I> (File Nos. <FONT STYLE="white-space:nowrap">333-209436</FONT> and <FONT
STYLE="white-space:nowrap">811-23136);</FONT> I<I>nvesco Dynamic Credit Opportunities Fund</I> (File Nos. <FONT STYLE="white-space:nowrap">333-206401</FONT> and <FONT STYLE="white-space:nowrap">811-22043);</FONT> <I>Guggenheim Credit Allocation
Fund</I> (File Nos. <FONT STYLE="white-space:nowrap">333-198646</FONT> and <FONT STYLE="white-space:nowrap">811-22715);</FONT> and <I>BlackRock Science</I><I></I><I>&nbsp;&amp; Technology Trust</I> (File Nos.
<FONT STYLE="white-space:nowrap">333-198193</FONT> and <FONT STYLE="white-space:nowrap">811-22991).</FONT> Consequently, Registrant believes the current disclosure in the registration statement with respect to possible future changes in the common
stock distribution policy is appropriate and meets the requirements of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>The
Fund&#146;s Investments - Investment Policies</U>, pages <FONT STYLE="white-space:nowrap">23-25</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">10.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please update the February 29, 2016 information regarding the Fund&#146;s total investment exposure in investment grade municipal securities
based on the Fund&#146;s most recent Form <FONT STYLE="white-space:nowrap">N-Q</FONT> filing. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Registrant will provide such information in its next <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment based on the Fund&#146;s semi-annual period ending August&nbsp;31, 2016. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">11.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The prospectus discloses that the Fund will invest at least 80% of its net assets in investment grade securities, and may invest up to 20% of its
net assets in below investment grade municipal securities. When describing this investment strategy, please disclose the lowest rating of any instrument in which the Fund may invest, and whether the Fund may invest in securities that are in default.
Further, please disclose that the Fund may invest in municipal securities that are involved in bankruptcy or insolvency proceedings or are experiencing other financial difficulties at the time of acquisition (<I>i.e.</I>, distressed securities), as
noted in the risk discussion on pages 37 and 39 of the prospectus. </FONT></TD></TR></TABLE>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 6
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U>:<B></B></U><B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As currently disclosed in the registration statement, the Fund may invest up to 10% of its net assets in municipal securities rated below <FONT
STYLE="white-space:nowrap">B3/B-</FONT> by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund&#146;s <FONT STYLE="white-space:nowrap">sub-adviser.</FONT> This may include distressed or defaulted
securities. The following disclosure already is set forth on page 39 of the Prospectus: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in distressed
securities, which are securities issued by companies that are involved in bankruptcy or insolvency proceedings or are experiencing other financial difficulties at the time of acquisition by the Fund. The issuers of such securities may be in
transition, out of favor, financially leveraged or troubled, or potentially troubled, and may be or have recently been involved in major strategic actions, restructurings, bankruptcy, reorganization or liquidation. These characteristics of these
issuers can cause their securities to be particularly risky, although they also may offer the potential for high returns. These issuers&#146; securities may be considered speculative, and the ability of the issuers to pay their debts on schedule
could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or region or specific developments within the issuers. Distressed securities frequently do not produce
income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: As stated on page 24 of the prospectus, the Fund may invest up to 10% of its net assets in securities of other open- or <FONT
STYLE="white-space:nowrap">closed-end</FONT> investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly. Please reconcile this statement with the disclosure on page 6 of the SAI, which states
that during temporary defensive periods the Fund may <I>deviate </I>from its investment policies and invest up to 10% of its net assets in such securities. Please also reconcile this SAI disclosure with the Fund&#146;s temporary defensive investing
policy set forth in the prospectus, which does not discuss investing in other investment companies. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U>:<B></B></U><B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Registrant has determined to remove the following phrase from page 6 of the SAI to make its disclosure regarding temporary defensive periods consistent throughout the registration statement: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;. . . and up to 10% of its net assets in securities of other open- or <FONT STYLE="white-space:nowrap">closed-end</FONT> investment
companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly.&#148; </FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 7
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant notes that the Fund retains the ability to invest in securities of other
investment companies, which ability has been disclosed throughout the Prospectus and SAI. The purpose of the referenced disclosure, however, is to note that while the Fund is generally invested in long-term securities, there may be times when it
will be invested in shorter-term securities, either directly or indirectly. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Page two of the prospectus summary states that the Fund may invest in derivative instruments, including financial futures contracts, interest
rate and credit default swaps, options on financial futures, and options on swap contracts. Please include a discussion of the Fund&#146;s investment strategies involving derivatives when describing the Fund&#146;s investment policies on pages <FONT
STYLE="white-space:nowrap">23-25</FONT> of the prospectus. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U>:<B></B></U><B>
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will add the following disclosure in the Fund&#146;s next <FONT STYLE="white-space:nowrap">pre-effective</FONT>
amendment on pp <FONT STYLE="white-space:nowrap">23-25:</FONT> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Fund may invest in certain derivative instruments in
pursuit of its investment objectives. NFALLC may use derivative instruments to seek to enhance return, to hedge some of the risk of the Fund&#146;s investments in municipal securities or as a substitute for a position in the underlying asset. These
types of strategies may generate taxable income. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Further, please disclose that all derivative
instruments included within the Fund&#146;s 80% investment policy will be valued on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> basis for purposes of calculating compliance with the policy.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Registrant confirms that all derivative instruments included within the Fund&#146;s 80% investment policy are valued on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> basis for purposes of calculating compliance with the policy. Registrant does not believe that adding disclosure to this effect would be material to
investors and therefore respectfully declines to add the requested disclosure. Registrant further notes that similar funds with currently effective registration statements do not appear to make similar disclosures in their registration statements
and were Registrant to do so, it would be an outlier amongst its peers and possibly confuse investors by adding such disclosure. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>The
Fund&#146;s Investments &#150; Municipal Securities</U>, pages <FONT STYLE="white-space:nowrap">25-31</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The Fund may purchase municipal securities through investments in pooled vehicles and partnerships. Please explain supplementally how much the
Fund may invest in: (a)&nbsp;issuers that rely on Section 3(c)(1) or 3(c)(7) of the 1940 Act; and/or (b)&nbsp;other investment pools that are excluded from the definition of investment company and are privately offered (<I>e.g.</I>, private oil and
gas funds). We may have additional comments after reviewing your response. </FONT></TD></TR></TABLE>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 8
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B><U>:<B></B></U><B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant has not historically invested in such vehicles to any material degree nor does it currently intend to invest in such vehicles
to any material degree. Specifically, Registrant will not invest more than 15% of its net assets in interests issued by funds that rely on Section 3(c)(1) or 3(c)(7) of the 1940 Act or more than 35% of its net assets in the aggregate in interests
issued by funds that rely on Section 3(c)(1) or 3(c)(7) of the 1940 Act as well as any investment pools that are excluded from the definition of investment company and are privately offered. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">That said, Registrant is not aware of any limitations on the investment in such vehicles under the 1940 Act or otherwise and reserves the
right to invest in such companies in the future in a manner consistent with the Fund&#146;s investment objectives and policies. To the extent the Fund does so in a meaningful manner and to a material extent, the registration statement will be
updated to include additional disclosure describing such investments, the associated risks and any other pertinent disclosures. The updated registration statement will be filed with the SEC as appropriate (e.g., via POS 8C) at which time Registrant
will endeavor to engage in a discussion with the staff regarding such changes. Of course, to the extent the SEC adopts any rules or regulations, or its staff issues guidance in this area mandating any specific policies regarding a fund&#146;s
ability to invest in such vehicles, and/or regarding disclosures regarding such investments, Registrant will modify its policies and disclosures in accordance with such guidance. </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">15.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment:</U></B> The prospectus discloses in several places that the Fund may invest up to 15% of its net assets in inverse floating rate securities. Please
reconcile this with the statement on page 29 of the prospectus that the Fund expects to make limited investments in inverse floaters. (Please also note that this sentence is inadvertently repeated on page 29). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the Fund&#146;s next <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment, Registrant will remove the following statement wherever it appears: &#147;The Fund expects to make limited
investments in inverse floaters, with leverage ratios that may vary at inception between one and three times.&#148; </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: In the second paragraph discussing inverse floating rate securities, the phrase &#147;and because fluctuations in the value of the municipal bond
deposited in the special purpose trust affect the value of the inverse floater only, and not the value of the short-term floater issued by the trust&#148; appears twice. Please revise. </FONT></TD></TR></TABLE>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 9
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will make the requested change. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>The Fund&#146;s Investments &#150; Special Considerations Relating to California Municipal Securities</U>, page 32 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">17.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please briefly summarize the special considerations relating to California municipal securities; the current disclosure merely cross-references
third-party documents for more information. Please also revise the first sentence to clarify that the Fund will invest at least 80% of its net assets in municipal securities, as opposed to <I>California </I>municipal securities, consistent with the
description elsewhere in the filing of the Fund&#146;s 80% policy. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will revise the first sentence to clarify that the Fund will invest at least 80% of its net assets in municipal securities.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to the special considerations relating to California municipal securities, Registrant provides a detailed
Appendix providing Fund investors with substantive information regarding California municipal securities. Across its fund complex, the Adviser has determined to consolidate such information in a single appendix to each such fund. By doing so, such
information is made easily accessible to investors who know they can find complete information in the same place for any Nuveen state specific municipal fund. Accordingly, Registrant respectfully declines to make the requested change. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Risk Factors</U>, pages <FONT STYLE="white-space:nowrap">34-49</FONT> </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">18.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please revise the discussions on Credit Risk and Below Investment Grade Risk to correspond to the prospectus summary, <I>i.e.</I>, move the
discussion on below investment grade quality securities from the Credit Risk section to the Below Investment Grade Risk section. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will make the requested change.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">19.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please describe the risks associated with the Fund entering into financial futures and options transactions. </FONT></TD></TR></TABLE>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 10
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant has added the requested risk disclosure to the SAI. Although Registrant reserves the ability to enter into financial futures
and options transactions, Registrant does not currently intend to enter into such transactions to any significant extent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Repurchase of
Fund Shares; Conversion to <FONT STYLE="white-space:nowrap">Open-End</FONT> Fund</U>, page 57 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">20.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The prospectus states that the Fund&#146;s Board of Directors will consider, on an annual basis, action that may be taken to reduce or eliminate
any material discount from net asset value, including the conversion of the Fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company. Accordingly, please disclose in the prospectus: (a)&nbsp;the risks relating to conversion to
an <FONT STYLE="white-space:nowrap">open-end</FONT> fund, such as changes in the Fund&#146;s portfolio management and the ability of the Fund to meet its investment objective or use investment policies and techniques that are more appropriate for a
fixed portfolio than one subject to constant demands for redemption and inflows of cash; (b)&nbsp;whether the Fund may charge sales or redemption fees upon conversion; (c)&nbsp;whether redemptions would be made in cash or with portfolio securities;
and (d)&nbsp;if the Fund, after conversion, were to retain the ability to make <FONT STYLE="white-space:nowrap">in-kind</FONT> redemptions, the costs and risks to shareholders relating to such redemptions. <I>See </I>Guidelines to Form <FONT
STYLE="white-space:nowrap">N-2,</FONT> Guide 4. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will add the following disclosure: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If the Fund converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company, shares of Common Stock would no longer be listed on the NYSE. In contrast to a <FONT
STYLE="white-space:nowrap">closed-end</FONT> investment company, shareholders of an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company may require the company to redeem their shares at any time (except in certain circumstances as
authorized by or under the 1940 Act) at their net asset value, less any redemption charge that is in effect at the time of redemption.<B> As a result, conversion to <FONT STYLE="white-space:nowrap">open-end</FONT> status may require changes in the
management of the Fund&#146;s portfolio in order to meet the liquidity requirements applicable to <FONT STYLE="white-space:nowrap">open-end</FONT> funds. Because portfolio securities may have to be liquidated to meet redemptions, conversion could
affect the Fund&#146;s ability to meet its investment objective or to use certain investment policies and techniques described above. If converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> fund, the Fund expects to pay all redemptions
</B><B>in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment</B> </FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 11
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
<B>in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Fund were converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> fund, new
shares of Common Stock may be sold at net asset value plus a sales load.</B> See the SAI under &#147;Certain Provisions in the Articles of Incorporation&#148; for a discussion of the voting requirements applicable to the conversion of the Fund to an
<FONT STYLE="white-space:nowrap">open-end</FONT> investment company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Tax Matters</U>, pages
<FONT STYLE="white-space:nowrap">57-60</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">21.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The prospectus states on pages <FONT STYLE="white-space:nowrap">57-58</FONT> that the municipal securities in which the Fund invests may be
issued by United States territories such as Puerto Rico. If the Fund has significant exposure to Puerto Rico debt, then please disclose the principal risks associated with such investments. <I>See </I>IM Guidance Update <FONT
STYLE="white-space:nowrap">2016-02,</FONT> Fund Disclosure Reflecting Risks Related to Current Market Conditions, <U><FONT STYLE="white-space:nowrap">http://www.sec.gov/investment/im-guidance-</FONT></U><U>
</U><U><FONT STYLE="white-space:nowrap">2016-02.pdf</FONT></U>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant does not currently have significant exposure to Puerto Rico debt. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>STATEMENT OF ADDITIONAL INFORMATION </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Investment Restrictions</U>, pages <FONT
STYLE="white-space:nowrap">1-3</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">22.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: When describing the Fund&#146;s concentration policy, please clarify what is meant by &#147;municipal securities other than those municipal
securities backed only by the assets and revenues of <FONT STYLE="white-space:nowrap">non-governmental</FONT> users.&#148; If true, please revise to state that the Fund&#146;s 25% limit on investing in any one industry does not apply to investments
in <FONT STYLE="white-space:nowrap">tax-exempt</FONT> securities issued by governments or political subdivisions of governments. <I>See </I>Certain Matters Concerning Investment Companies Investing in
<FONT STYLE="white-space:nowrap">Tax-Exempt</FONT> Securities, 1940 Act Rel. No.&nbsp;9785 (May 31, 1977). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The language the staff is referencing is part of a fundamental policy and cannot be altered absent a shareholder vote. Nonetheless, Registrant believes the language is clear as written that the limitation
does not apply to<B> </B>municipal securities issued by governments or political subdivisions, only <FONT STYLE="white-space:nowrap">tax-exempt</FONT> securities issued by <FONT STYLE="white-space:nowrap">non-governmental</FONT> entities and further
clarification would be unnecessary and redundant. </FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 12
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: A fund (and its adviser) may not ignore the concentration of <FONT STYLE="white-space:nowrap">open-end</FONT> and
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies (including ETFs) in which it invests when determining whether the fund is in compliance with its own concentration policies. Please add disclosure indicating that the Fund will
consider the concentration of underlying investment companies when determining compliance with its own concentration policy. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant will add disclosure indicating that it
will consider the concentration of underlying investment companies when determining compliance with its own concentration policy. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Portfolio Composition &#150; Municipal Securities</U>, pages <FONT STYLE="white-space:nowrap">7-10</FONT> </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">24.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please reconcile the disclosure on page 8 of the SAI, which states that the Fund may invest <I>not more than 10% </I>of its net assets in
municipal securities issued by United States possessions or territories, with the disclosure on page 26 of the prospectus, which does not state any maximum amount that may be invested in municipal securities issued by United States possessions or
territories. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant has removed the reference in the SAI to a 10% limitation on investments in municipal securities issued by United States
possessions or territories, as such limitation is no longer applicable. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Portfolio Composition - Hedging Strategies and Other Uses of
Derivatives</U>, pages <FONT STYLE="white-space:nowrap">10-14</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">25.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: With respect to your statement on page 11 that &#147;[t]he Fund intends to maintain in a segregated account with its custodian cash or liquid
securities having a value at least equal to the Fund&#146;s net payment obligations under any swap transaction, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">marked-to-market</FONT></FONT> daily,&#148; please confirm that when
the Fund sells or writes a credit default swap, it will segregate the full notional value of the swap. </FONT></TD></TR></TABLE>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 13
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: Confirmed. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Share Ownership</U>, page 43 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">26.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please furnish the information required by Item 19.3 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> as of a date within 30 days of the
filing of an amendment to the registration statement. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Such information will be provided within 30 days of the filing date of an amendment to the registration statement. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Investment Adviser, <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and Portfolio Manager</U>, pages
<FONT STYLE="white-space:nowrap">45-49</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">27.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please provide the information regarding the number of other accounts managed by the portfolio manager as of the most recent practicable date.
<I>See </I>Instruction 1 to Item 21.1 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Such information will be provided as of the most recent practicable date in the next filing. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Plan of Distribution &#150; Distribution Through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-The-Market</FONT></FONT>
Transactions</U>, pages <FONT STYLE="white-space:nowrap">54-55</FONT> </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">28.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please clarify whether the offering of Common Stock will terminate upon termination of the Distribution Agreement between the Fund and Nuveen
Securities, as stated on pages 4 and 54 of the prospectus, or upon termination of the Selected Dealer Agreement between Nuveen Securities and selected broker-dealers, as stated on page 55 of the SAI. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>: The offering of Common Stock will terminate upon termination of the Distribution Agreement between the Fund and
Nuveen Securities. The disclosure will be clarified, as needed. </FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 14
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>PART C </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">29.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: The consent for KPMG LLP is dated September 1, 2016. Please file a new auditor&#146;s consent that is dated less than thirty days prior to the
registration statement&#146;s date of effectiveness. <I>See </I>Section&nbsp;4810.3 of the Division of Corporation Finance&#146;s Financial Reporting Manual. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U>: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An updated consent will be filed with Registrant&#146;s
next amendment. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">30.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Please include the full undertaking required by Item 34.4.d of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U>: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Registrant will make the requested change. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>ANNUAL REPORT </U></B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">31.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Comment</U></B>: Disclosure related to offering costs found on page 98 of the Fund&#146;s Annual Report dated February 29, 2016 states the following:
</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Costs incurred by the Fund in connection with its Shelf Offering was recorded as a deferred charge and
recognized as a component of &#147;Deferred offering costs&#148; on the Statement of Assets and Liabilities. The deferred asset is reduced during the <FONT STYLE="white-space:nowrap">one-year</FONT> period that additional shares are sold by reducing
the proceeds from such sales and recognized as a component of &#147;Proceeds from shelf offering, net of offering costs&#148; on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the
<FONT STYLE="white-space:nowrap">one-year</FONT> life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Fund may incur. As Shelf Offering costs are expensed they are recognized as component
of &#147;Other expenses&#148; on the Statement of Operations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please explain how this accounting treatment of offering costs
is in line with ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">946-20-35-5,</FONT></FONT></FONT> which requires that offering costs of a continuously offered
<FONT STYLE="white-space:nowrap">closed-end</FONT> fund be amortized over a <FONT STYLE="white-space:nowrap">12-month</FONT> period on a straight-line basis. </FONT></P>

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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Elisabeth Bentzinger, Senior Counsel </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2, 2016 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"> Page
 15
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Response</U></B>:<B> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Registrant is following the guidance per Section&nbsp;8.31 of the May 2016 AICPA Audit&nbsp;&amp; Accounting Guide &#150; Investment
Companies which refers to &#147;Costs Incurred in Shelf Registration&#148; (AICPA, Technical Questions and Answers) Section&nbsp;4110.10, which reads as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Some <FONT STYLE="white-space:nowrap">closed-end</FONT> funds and business development companies offer stock through shelf registration statements. According to Q&amp;A section 4110.10, &#147;Costs
Incurred in Shelf Registration&#148; (AICPA, Technical Questions and Answers), legal and other fees incurred for a stock issue under a shelf registration should be capitalized as a prepaid expense. When securities are taken off the shelf and sold, a
portion of the costs attributable to the securities sold should be charged against <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital.</FONT></FONT> Any subsequent costs incurred to keep the filing &#147;alive&#148;
should be charged to expense as incurred. If the filing is withdrawn, the related capitalized costs should be charged to expense.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As such, the costs incurred with registering shares are capitalized as a deferred asset and charged against <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT>
on a <FONT STYLE="white-space:nowrap">pro-rata</FONT> basis as shares are sold. Any remaining deferred asset balance associated with &#147;unsold shares&#148; is expensed at the end of the program period (one year from the effective date of the
filing).&nbsp;Costs incurred in filing Form 486B, if necessary, are expensed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any additional questions or comments, please do not
hesitate to contact me at 202.373.6725 or Kathleen Macpeak at 202.373.6149. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely yours, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Thomas S. Harman </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kevin McCarthy </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gifford
Zimmerman </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mark Winget </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Kathleen Macpeak </FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
