<SEC-DOCUMENT>0001193125-17-228310.txt : 20170914
<SEC-HEADER>0001193125-17-228310.hdr.sgml : 20170914
<ACCEPTANCE-DATETIME>20170714122556
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-228310
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
		CENTRAL INDEX KEY:			0000885732
		IRS NUMBER:				363828111
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129178200

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN INSURED CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
		DATE OF NAME CHANGE:	19920929

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVEEN CALIFORNIA SELECT TAX FREE INCOME PORTFOLIO
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Nuveen California Select Tax-Free Income Portfolio</TITLE>
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 </P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Kathleen M. Macpeak </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">+1.202.373.6149 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">kathleen.macpeak@morganlewis.com </P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July&nbsp;14, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Investment
Management, Disclosure Review Office </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington DC 20549 </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Nuveen California Select <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income Portfolio (&#147;NXC&#148; or the &#147;Fund&#148;) </TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman"><U>(File Nos. <FONT STYLE="white-space:nowrap">333-212519</FONT> and
<FONT STYLE="white-space:nowrap">811-06623)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Mr.&nbsp;Cowan: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The purpose of this
letter and attached exhibit is to respond to the comments you provided on August 12, 2016 to the Fund&#146;s initial registration statement on Form N-2, which was filed on July 14, 2016 for the purpose of registering additional common shares of the
Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The following summarizes your comments and our responses. Unless otherwise noted, capitalized terms have the same meaning as
contained in the Fund&#146;s Prospectus or Form N-2. Any bolded language is to distinguish new language from existing language and is bolded only for this correspondence. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>General </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B> Please apply any comments received on behalf of the Nuveen Minnesota Municipal Income Fund and the Nuveen Arizona Premium Income Municipal Fund, as applicable. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Morgan,&nbsp;Lewis&nbsp;&amp;&nbsp;Bockius&nbsp;</B><B><SMALL>LLP</SMALL></B><SMALL></SMALL></FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:ARIAL">1111 Pennsylvania Avenue, NW</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:ARIAL">Washington, DC 20004</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:ARIAL">United States</P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">+1.202.739.3000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">+1.202.739.3001</P></TD></TR></TABLE>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response: </U></B>To the extent applicable, comments received to the Nuveen Minnesota
Municipal Income Fund and the Nuveen Arizona Premium Income Municipal Fund have been incorporated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Cover Page </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B> Please include bolded cover page language disclosing that because the investment advisory fee is based on net assets (which include assets attributable to the Fund&#146;s use of effective
leverage), the advisors may have the potential to significantly inflate their investment advisory fee. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>When calculating assets upon which its advisory fee is based, Registrant does <U>not</U> include assets
attributable to the Fund&#146;s use of leverage. Accordingly, Registrant respectfully declines to add the requested disclosure as it is not applicable. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please provide the information required by Item 1.1.g of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please confirm supplementally that the cross-reference to the Risk Factors section of the prospectus is at least as large as ten point modern type and at least two points leaded. <I>See</I>
Item 1.1.j of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Confirmed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Prospectus Summary &#150; Use of Leverage</U>, page 4 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B><U>Comment:</U></B> 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 </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>See response to comment 2, above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Prospectus Summary &#150; Special Risk Considerations</U>, pages <FONT STYLE="white-space:nowrap">6-14</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B> Please include the following risks (described in the Risk Factors section of the prospectus) in the Prospectus Summary: insurance risk, taxability risk, borrowing risks, other investment companies
risk, deflation risk, sector and industry risk, special risks related to certain municipal obligations, impact of offering methods risk, and illiquid securities risk. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant respectfully submits that Form <FONT STYLE="white-space:nowrap">N-2</FONT> does not require a summary of
all of the risks disclosed in the prospectus. Item 3.2 of Form <FONT STYLE="white-space:nowrap">N-2</FONT> and its corresponding instruction instead requires that funds include &#147;a synopsis of information contained in the prospectus when the
prospectus is long or complex,&#148; which synopsis should provide &#147;a clear and concise description of the key features of the offering and the Registrant, with cross references to relevant disclosures elsewhere in the prospectus or Statement
of Additional Information.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Registrant has chosen to include in its synopsis information from the prospectus in accordance with this
Item and instruction, and refers shareholders to the prospectus for a complete discussion of all the risks of investing in the Fund by providing a cross-reference to the Risk Factors section as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">In addition, an investment in the Fund&#146;s Common Shares raises other risks, which are more fully disclosed in this Prospectus. See
&#147;Risk Factors.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">This is the approach taken by all Nuveen funds across the complex. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The Fund&#146;s Investments - Investment Objectives and Policies</U>, pages <FONT STYLE="white-space:nowrap">21-23</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please disclose here and elsewhere that AMT Bonds will generate alternative minimum taxable income. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant has added the following disclosure: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">The Fund may invest up to 20% of its net assets in <U>municipal securities that pay interest that is taxable under the federal alternative
minimum tax applicable to individuals</U> (&#147;AMT Bonds&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B> The Fund has adopted a fundamental policy to invest at least 80% of its net assets in municipal securities, the income from which is exempt from regular federal and California income taxes. When
describing this policy, please add &#147;plus the amount of any borrowings for investment purposes&#148; after net assets. <I>See </I>Rule <FONT STYLE="white-space:nowrap">35d-1</FONT> of the Investment Company Act of 1940 (the &#147;1940
Act&#148;).</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant will add the requested disclosure. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>The disclosure indicates that the Fund will use derivatives. In describing the Fund&#146;s strategies and risks with respect to derivatives, please consider the staff observations
concerning derivatives disclosure set forth in the letter from Barry D. Miller, Associate Director, Office of Legal and Disclosure, to Karrie McMillan, General Counsel, Investment Company Institute dated July&nbsp;30, 2010. <I>See </I><FONT
 COLOR="#0000ff"><U>www.sec.gov/divisions/investment/guidance/ici073010.pdf</U></FONT>. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Further, please confirm
supplementally that derivative instruments will be valued at market/fair value rather than notional value for purposes of calculating compliance with the Fund&#146;s 80% investment policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Acknowledged. Registrant notes that, based on a substantively identical comment from the Staff in a letter dated
April&nbsp;3, 2014 (File Nos. <FONT STYLE="white-space:nowrap">333-193749</FONT> and <FONT STYLE="white-space:nowrap">811-22323),</FONT> the registration statement contains the following disclosure: [&#147;As of [&nbsp;&nbsp;&nbsp;&nbsp;], the only
derivatives the Fund was invested in were [interest rate swaps], which represented [0.<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>%] of its net assets.&#148;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Registrant further confirms that, with respect to the Fund&#146;s policy to invest at least 80% of its net assets in municipal securities or
other related investments, the income from which are exempt from regular federal and California income tax, the Fund will value eligible derivatives at fair value or market value instead of notional value. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </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;instruments that
rely on Section&nbsp;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).&nbsp;We may have
additional comments after reviewing your response. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Except for tender option bond inverse
floaters as discussed below, registrant has not historically invested in such vehicles to any material degree nor does Registrant currently intend to invest in such vehicles to any material degree. Specifically, the Registrant will not invest more
than 15% of its net assets in interests issued by funds that rely on Section&nbsp;3(c)(1) or 3(c)(7) of the 1940 Act or more than </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 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:5%; font-size:12pt; font-family:Times New Roman">
35% of its net assets in the aggregate in interests issued by funds that rely on Section&nbsp;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. Any limitations set forth in this response do not apply to the Fund&#146;s investments in tender option bond inverse floaters to the extent such investments may rely on Section&nbsp;3(c)(1)
or 3(c)(7) of the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">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. </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%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </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. 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.&nbsp;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 40 and 41 of the prospectus.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant will add the following disclosure in the Fund&#146;s next <FONT
STYLE="white-space:nowrap">pre-effective</FONT> amendment: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">The Fund may invest in distressed securities. The Fund may not invest in the
securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e. rated below <FONT STYLE="white-space:nowrap">C-,</FONT> at
the time of investment); provided, however, that Nuveen Asset Management may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or
another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 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:15%; font-size:12pt; font-family:Times New Roman">
steps involving the investment of additional monies, but only if that issuer&#146;s securities are already held by the Fund. </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%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>The prospectus states on page 3 and 24 that during temporary defensive periods or in order to keep the Fund&#146;s cash fully invested, the Fund may deviate from its investment policies and
objectives and invest up to 100% of its <I>gross</I> assets in short-term investments, including high quality, short-term securities that may be either <FONT STYLE="white-space:nowrap">tax-exempt</FONT> or taxable. However, Page 13 of the SAI states
that the Fund may invest up to 100% of its <I>net</I> assets in such securities.&nbsp;Please resolve the apparent inconsistency. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant will revise the disclosures to clarify that during temporary defensive periods or in order to keep
the Fund&#146;s cash fully invested, the Fund may deviate from its investment policies and objectives and invest up to 100% of its net assets in short-term investments, including high quality, short-term securities that may be either <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> or taxable. </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%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please confirm supplementally whether the effective maturity of the Fund&#146;s portfolio as of May&nbsp;31, 2016 is the correct date in light of the Fund&#146;s fiscal year end of
March&nbsp;31, 2016. See section entitled Maturity and Duration on page 23 as well. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Because
a more current date than the fiscal year end was available at the time of filing, Registrant provided the maturity as of May&nbsp;31, 2016 and is correct as filed. The effective maturity of the Fund&#146;s portfolio as of the most recent practicable
date available will be provided in the next <FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Use of Leverage</U>, page 4 and page
37 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>The prospectus indicates that the Fund may borrow through a &#147;standby credit facility&#148; established by the Fund and its affiliates with a group of lenders. Please explain why this
would not be a joint transaction under Section&nbsp;17(d) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> thereunder or, alternatively, whether the Fund has obtained exemptive relief to engage in joint transactions.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The Fund is relying on long-standing <FONT STYLE="white-space:nowrap">no-action</FONT> letters
issued under Section&nbsp;17(d) and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> thereunder that permit registered investment companies advised by a common investment adviser to participate in a line of credit pursuant to certain conditions.
<I>See</I> <I>T. Rowe Price Funds</I>, SEC <FONT STYLE="white-space:nowrap">No-Act.</FONT> (July&nbsp;31, 1995); <I>Alliance Capital Mgmt. L.P.</I>, SEC <FONT STYLE="white-space:nowrap">No-Act.</FONT> (Apr.&nbsp;25, 1997); <I>Franklin Templeton
Investments, et al.</I>, SEC <FONT STYLE="white-space:nowrap">No-Act.</FONT> (Nov. 21, 2008). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 7
 </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%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B> Additionally, this paragraph states that the associated costs of such facility are &#147;described below.&#148; Please provide a cross-reference to the section of the prospectus where such costs
are described. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> This cross-reference has been deleted. Additional information regarding the standby
credit facility arrangement may be found in the Fund&#146;s shareholder report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Special Risk Considerations</U>, pages 8 <FONT
STYLE="white-space:nowrap">-11</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B><I>Economic and Political Events Risk</I>. Are risks relating to projects such as the education, health care, housing, transportation or utilities industries separately discussed? Compare
with &#147;Sector and Industry Risk&#148; on page 47. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The Fund does not currently invest nor
reasonably intend to invest in any industry in an amount sufficient to warrant more specific risk disclosure than what currently appears in this section. <B></B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Concentration in California Issuers. Please disclose more detail in the prospectus (as opposed to here in the Summary), the special risks associated with California municipal securities and
issuers. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response</U></B><U>:</U> Appendix A to the Prospectus, &#147;<I>FACTORS AFFECTING MUNICIPAL SECURITIES IN
CALIFORNIA</I>,&#148; provides extensive disclosure regarding the special risks associated with California municipal securities and issuers. </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%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please disclose any policy to concentrate in an industry or group of industries. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> As currently disclosed in the Fund&#146;s registration statement, &#147;the Fund as a fundamental policy, may not,
without the approval of the holders of a majority of the outstanding Shares&#133;.(4) Invest more than 25% of its total assets in securities of issuers in any one industry; provided, however, that such limitation shall not be applicable to municipal
securities other than those municipal securities backed only by the assets and revenues of <FONT STYLE="white-space:nowrap">non-governmental</FONT> users, nor shall it apply to municipal securities issued or guaranteed by the U.S. Government, its
agencies or instrumentalities.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Registrant also notes that it intends to clarify its concentration policy as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">For the purpose of applying the 25% industry limitation set forth in subparagraph (4)&nbsp;above, such limitation will apply to <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> municipal </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<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">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 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:15%; font-size:12pt; font-family:Times New Roman">
securities if the payment of principal and interest for such securities is derived principally from a specific project associated with an issuer that is not a governmental entity or a political
subdivision of a government, and in that situation the Fund will consider such municipal securities to be in an industry associated with the project. </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%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Tax Risk. Please state whether the Fund&#146;s investments in inverse floaters may generate taxable income. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant has added the following disclosure: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman"><U>Generally, the Fund&#146;s investments in inverse floating rate securities do not generate taxable income.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Distributions, page 15 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please disclose the circumstances under which the Fund would change the policy to pay monthly distributions. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The language reserving the right to change at some point in the future a Registrant&#146;s common share distribution
policy and/or the basis for establishing monthly distributions is included in the Prospectus as a warning to investors in common shares 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 they might at some point in the future change their 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 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. <I>See, e.g</I>., Eaton
Vance High Income 2021 Target Term Fund (File Nos. <FONT STYLE="white-space:nowrap">333-209436</FONT> and <FONT STYLE="white-space:nowrap">811-23136);</FONT> Invesco Dynamic Credit Opportunities Fund (File Nos.
<FONT STYLE="white-space:nowrap">333-206401</FONT> and <FONT STYLE="white-space:nowrap">811-22043);</FONT> Guggenheim Credit Allocation Fund (File Nos. <FONT STYLE="white-space:nowrap">333-198646</FONT> and
<FONT STYLE="white-space:nowrap">811-22715);</FONT> and BlackRock Science&nbsp;&amp; Technology Trust (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 share distribution policy is appropriate and meets the requirements of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 9
 </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"><B><U>Summary of Fund Expenses, page 17 </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Annual Expenses. Please add a line item for Interest and Related Expenses from Inverse Floaters. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Currently, the Fund does not invest in inverse floaters. To the extent it does so in the future, Registrant
will add the requested information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Trading and Net Asset Value Information</U>, page <FONT STYLE="white-space:nowrap">20-21</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">22.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please explain to the staff the choice of May&nbsp;31, 2016 as the date selected for the number of Common Shares outstanding and net assets applicable to Common Shares. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant chose the most recent practicable date available prior to filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Portfolio Composition and Other Information</U>, page 28 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">23.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Special Considerations Relating to California Municipal Securities. There should be a more expansive discussion of the considerations here. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant notes that Appendix A to the Prospectus, &#147;<I>FACTORS AFFECTING MUNICIPAL SECURITIES IN
CALIFORNIA</I>,&#148; provides extensive disclosure regarding the special risks associated with California municipal securities and issuers, and that a cross-reference to Appendix A is included in this section. Registrant therefore respectfully
declines to make any further changes to this disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Risk Factors</U>, pages <FONT STYLE="white-space:nowrap">37-50</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">24.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>In describing the Fund&#146;s risks, please consider recent staff observations regarding the need for funds to review and assess their risk disclosures on an ongoing basis in light of
changing market conditions. <I>See</I> IM Guidance Update <FONT STYLE="white-space:nowrap">2016-02,</FONT> Fund Disclosure Reflecting Risks Related to Current Market Conditions, <FONT COLOR="#0000ff"><U><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">http://www.sec.gov/investment/im-guidance-2016-02.pdf.</FONT></FONT></U></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant has updated relevant disclosure in light of current market and global events. Please see the Recent
Market Circumstances (pages <FONT STYLE="white-space:nowrap">6-8</FONT> and <FONT STYLE="white-space:nowrap">37-38),</FONT> Legislation and Regulatory Risk (pages <FONT STYLE="white-space:nowrap">7-8</FONT> and 39), and Market Disruption and
Geopolitical Risk (page 38) disclosures in the prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 10
 </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%" VALIGN="top" ALIGN="left">25.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please include in response to Item 8.3.a. of Form <FONT STYLE="white-space:nowrap">N-2</FONT> a discussion on Economic and Political Events Risk and Potential Conflicts of Interest Risk, as
such risks are described in the Summary. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant will make the requested change. </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%" VALIGN="top" ALIGN="left">26.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>For clarity, please consider combining the discussion on Market Disruption and Geopolitical Risk (page 38) with the discussion on Market Disruption Risk (page 49). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant will make the requested change. </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%" VALIGN="top" ALIGN="left">27.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>When discussing hedging risk, please explain how hedging strategies and the use of structured notes and derivatives may generate taxable income. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant believes the current disclosure is sufficient and appropriate given its current investments in derivatives
and structured notes, both of which state unequivocally when discussing each type of investment: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">These types of investments may generate
taxable income. </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%" VALIGN="top" ALIGN="left">28.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please expand the discussion of risks associated with investing in other investment companies to address: (a)&nbsp;the duplicative fees paid by Fund shareholders as a result of the layering
of fees encompassing both the expenses of the Fund and those of the underlying investment companies in which the Fund invests; (b)&nbsp;the specific risks associated with investing in ETFs (<I>e.g.</I>, brokerage costs incurred by the Fund when
purchasing and selling ETF shares, the potential absence of an active trading market for ETF shares, etc.); and (c)&nbsp;the fact that investment in such securities may generate taxable income (as noted on page 30 of the prospectus).
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Disclosure relating to (a)&nbsp;and (c) currently appears in the registration statement. With
respect to (b), Registrants do not believe the extensive disclosure requested regarding ETFs is warranted given the Fund&#146;s current lack of investment in such funds. Moreover, we do not believe that the specific risks cited in (b)&nbsp;are
either significant enough, or applicable enough, to warrant specific additional disclosure: the costs incurred in buying and selling ETF shares are not meaningfully different than the costs of buying and selling other types of securities, and
therefore are not truly &#147;risks;&#148; and Registrant does not believe that the potential absence of an active trading market is any greater for ETF shares than for the other types of securities in which the Fund invests, and therefore such
risks are adequately covered elsewhere, such as in the &#147;Investment and Market Risk,&#148; &#147;Recent Market Circumstances&#148; and &#147;Market Disruption and Geopolitical Risk&#148; sections. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 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%" VALIGN="top" ALIGN="left">29.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please add a separate risk factor here and in the Summary to describe the various ways in which the Fund is subject to leverage risk. In this discussion, please describe the leverage
factors enumerated in Guide 6 to Form <FONT STYLE="white-space:nowrap">N-2</FONT> that could increase the investment risk and the volatility of the price of Common Stock (<I>e.g.</I>, a decline in net asset value resulting from leverage could affect
the ability of the Fund to make dividend payments).&nbsp;Please also disclose that the amount of fees paid to the advisers for investment advisory services will be higher if the Fund uses leverage because such fees will be calculated based on the
Fund&#146;s net assets, and that this may create an incentive for the advisers to leverage the Fund. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The Fund does not engage in leverage, and therefore advisory fees are not higher based on the Fund&#146;s use of
leverage. The Fund may invest in inverse floating rate securities. Registrant has therefore added the following to its Risks section: &#147;Inverse Floating Rate Securities/Leverage Risk.&#148; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">30.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>The prospectus states on page 27 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, <FONT
 COLOR="#0000ff"><U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">http://www.sec.gov/investment/im-guidance-2016-02.pdf.</FONT></FONT></U></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The Fund does not have significant exposure to Puerto Rico debt. </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%" VALIGN="top" ALIGN="left">31.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B><I>Sector and Industry Risk.</I> Please state whether the Fund is concentrated in any of the industries or groups of industries identified. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>The Fund is not concentrated in any of the industries or groups of industries identified. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Plan of Distribution</U>, pages <FONT STYLE="white-space:nowrap">55-56</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">32.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>If any underwriting agreement provides for indemnification by the Fund of the underwriter or its controlling persons against any liability arising under the Securities Act of 1933 (the
&#147;1933 Act&#148;) or the 1940 Act, then please briefly describe such indemnification provisions. <I>See</I> Item 5.4 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> The Distribution Agreement between Registrant and Nuveen Securities, LLC does not provide for any indemnification by
Registrant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </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; font-size:12pt; font-family:Times New Roman"><B><U>Repurchase of Fund Shares; Conversion to <FONT STYLE="white-space:nowrap">Open-End</FONT> Fund</U>,
page 59 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">33.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </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 requisite shareholder vote to effect a conversion; (b)&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; (c)&nbsp;whether the Fund may charge sales or redemption fees upon conversion; (d)&nbsp;whether redemptions will be made in cash or
with portfolio securities; and (e)&nbsp;if the Fund, after conversion, intends to retain the ability to make <FONT STYLE="white-space:nowrap">in-kind</FONT> redemptions, the costs and risks to shareholders relating to such redemptions.&nbsp;<I>See
</I>Guidelines to Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Guide 4. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant has
added the following disclosure: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">If the Fund converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company, the
Common Shares 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. <U>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 in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment 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, it is likely that new Common Shares would be sold at net asset value plus a sales
load</U>. See the SAI under &#147;Certain Provisions in the Declaration of Trust&#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.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 13
 </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"><B><U>Prospectus Back Cover Page </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">34.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please provide on the outside back cover page of the prospectus the information required by paragraph (e)&nbsp;of Rule 481 under the 1933 Act. <I>See</I> Item 2.3 of Form <FONT
STYLE="white-space:nowrap">N-2.</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Rule 481(e) requires a registered investment company to
provide, on the outside back cover of its prospectus, certain disclosure regarding dealer prospectus delivery obligations (the &#147;Delivery Disclosure&#148;). The rule also states that the Delivery Disclosure need not be included if dealers are
not required to deliver a prospectus under Rule 174 of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), or Section&nbsp;24(d) of the 1940 Act. Under Rule 174(b), no prospectus need be delivered if the issuer is subject,
immediately prior to the time of filing the registration statement, to the reporting requirements of Sections 13 or 15(d) of the 1934 Act. Because the Fund was subject to the reporting requirements of Sections 13 and 15(d) of the 1934 Act
immediately prior to the filing of the Registration Statement, Registrant does not believe the Delivery Disclosure is required to be included in the Fund&#146;s back cover. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>STATEMENT OF ADDITIONAL INFORMATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Investment Restrictions</U>, pages <FONT STYLE="white-space:nowrap">1-3</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">35.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </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. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant has added the following
disclosure: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">The Fund will consider the investments of underlying investment companies when determining compliance with its own
concentration policy, to the extent the Fund has sufficient information about such investments. </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%" VALIGN="top" ALIGN="left">36.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Investment Restriction (4)&nbsp;states that its 25% concentration limit shall not be applicable to municipal securities other than those municipal securities backed only by the assets and
revenues of <FONT STYLE="white-space:nowrap">non-governmental</FONT> users. Does this mean the Fund will concentrate in privately issued municipal securities? Please explain and clarify. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </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:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant is not familiar with the term &#147;privately
issued municipal security.&#148; The purpose of the exclusion from Investment Restriction (4)&nbsp;described in the Staff&#146;s comment is to reflect the Staff&#146;s long-standing position that a fund&#146;s concentration policy &#147;is not
applicable to investments in <FONT STYLE="white-space:nowrap">tax-exempt</FONT> securities issued by governments or political subdivisions of governments since such issuers are not members of any industry&#148; but that &#147;[s]uch a policy would
apply to <FONT STYLE="white-space:nowrap">tax-exempt</FONT> bonds issued by <FONT STYLE="white-space:nowrap">non-governmental</FONT> users as well as to other securities to which such policies normally apply.&#148; <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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Additionally, as previously noted, Registrant intends to clarify its concentration policy as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">For the purpose of applying the 25% industry limitation set forth in subparagraph (4)&nbsp;above, such limitation will apply to <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> municipal securities if the payment of principal and interest for such securities is derived principally from a specific project associated with an issuer that is not a governmental entity or a political
subdivision of a government, and in that situation the Fund will consider such municipal securities to be in an industry associated with the project. </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%" VALIGN="top" ALIGN="left">37.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please note the duplicative disclosure in this section and the incorrect reference to subparagraph (10). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant will revise the disclosure as necessary to remove any such duplicative and incorrect disclosure.
</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%" VALIGN="top" ALIGN="left">38.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>The second to last paragraph in this section should exclude the limitations on borrowings in subparagraph (2). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant has revised the fourth to last paragraph as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman"><U>Except for the limitations on borrowings set forth in subparagraph (2),</U> the restrictions and other limitations set forth above will
apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of an acquisition of securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Investment Policies and Techniques &#150; Municipal Securities</U>, pages <FONT STYLE="white-space:nowrap">5-8</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">39.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please clarify in the second paragraph that income is exempt from both regular federal income tax and California state income tax. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 15
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant will make the requested change in the Fund&#146;s next <FONT
STYLE="white-space:nowrap">pre-effective</FONT> amendment. </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%" VALIGN="top" ALIGN="left">40.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please remove the last paragraph of the section discussing tobacco settlement bonds, which appears to be misplaced and redundant disclosure. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>Registrant will make the requested change in the Fund&#146;s next
<FONT STYLE="white-space:nowrap">pre-effective</FONT> amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Investment Policies and Techniques - Hedging Strategies and Other Uses of
Derivatives</U>, pages <FONT STYLE="white-space:nowrap">9-13</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">41.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>With respect to your statement on page 12 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. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Confirmed. When the Fund sells or writes a
credit default swap, it will segregate the full notional value of the swap. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Investment Adviser, <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT>
and Portfolio Manager</U>, pages <FONT STYLE="white-space:nowrap">40-44</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">42.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please provide the information regarding the portfolio manager&#146;s beneficial ownership of Fund securities as of the most recent practicable date. <I>See</I> Instruction 1 to Item 21.3
of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> This information will be provided in the next
amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Portfolio Transactions and Brokerage</U>, pages <FONT STYLE="white-space:nowrap">45-46</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">43.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please briefly describe how evaluations will be made of the overall reasonableness of brokerage commissions paid, as required by Item 22.3. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> Registrant will add the requested information relating to brokerage commissions paid. With respect to the overall
reasonableness of brokerage commissions paid, Registrant has the following disclosure which it believes is appropriate and meets the requirements of Form <FONT STYLE="white-space:nowrap">N-2:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">It is Nuveen Asset Management&#146;s policy to seek the best execution under the circumstances of each trade. Nuveen Asset Management will
evaluate price as the primary consideration, with the financial condition, reputation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 16
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; font-size:12pt; font-family:Times New Roman">
and responsiveness of the dealer considered secondary in determining best execution. Given the best execution obtainable, it will be Nuveen Asset Management&#146;s practice to select dealers
that, in addition, furnish research information (primarily credit analyses of issuers and general economic reports) and statistical and other services to Nuveen Asset Management. It is not possible to place a dollar value on information and
statistical and other services received from dealers. Since it is only supplementary to Nuveen Asset Management&#146;s own research efforts, the receipt of research information is not expected to reduce significantly Nuveen Asset Management&#146;s
expenses. While Nuveen Asset Management will be primarily responsible for the placement of the business of the Fund, Nuveen Asset Management&#146;s policies and practices in this regard must be consistent with the foregoing and will, at all times,
be subject to review by the Board of Trustees of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Repurchase of Fund Shares; Conversion to
<FONT STYLE="white-space:nowrap">Open-End</FONT> Fund</U>, pages <FONT STYLE="white-space:nowrap">55-56</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">44.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>As disclosed in the SAI, the Fund&#146;s Board of Directors considers annually whether to take action to reduce or eliminate any material discount from net asset value, such as through a
share repurchase program, and in 2009, the Board approved a repurchase program (although to date the Fund has not repurchased any Common Stock). Please explain supplementally the specific features of the 2009 repurchase program, including the
repurchase price under the plan.&nbsp;Please also describe with specificity any additional repurchase program currently being considered by the Board.&nbsp;<I>See generally</I> Guidelines for Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Guide
2. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B><B> </B>The Plan was initially established for selected Nuveen
<FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds in 2007, and the following year was extended to include all Nuveen <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds. The Plan has been renewed annually by the Fund&#146;s Board since
then, most recently at its August <FONT STYLE="white-space:nowrap">2-4,</FONT> 2016 meetings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Unlike operating company repurchase
programs, which typically systematically repurchase a stated number of shares over a defined time period, the Fund&#146;s Plan is discretionary, and share repurchases are made on a dynamic basis based on prevailing market conditions. Generally,
repurchases under the Plan are effected when a Fund&#146;s common shares are trading at a significant discount to their current net asset value and an order imbalance exists due to large sell orders entering the market without offsetting buy orders.
The goal of the Fund&#146;s repurchases in such circumstances is to provide counterbalancing demand that over time may enable a Fund&#146;s common shares to trade at a narrower discount to their then current net asset value. By repurchasing its
common shares below net asset value at the then prevailing market </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mark Cowan </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">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 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:5%; font-size:12pt; font-family:Times New Roman">
price, the Fund also generates immediate benefits for common shareholders through accretion to net asset value as well as common net earnings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">The Fund to date has not repurchased common shares pursuant to the Plan because the general market conditions and circumstances described in
the preceding paragraph under which such repurchases would occur have not existed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Control Persons and Principal Holders of Securities </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">45.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>Please furnish the information required by Item 19 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. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> This information will be included in the next amendment. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PART C </U></B></P> <P STYLE="font-size:24pt;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%" VALIGN="top" ALIGN="left">46.</TD>
<TD ALIGN="left" VALIGN="top"><B><U>Comment:</U></B><B> </B>The consent for KPMG LLP is to be filed herewith. Please be sure to file an auditor&#146;s consent that is dated less than thirty days prior to the registration statement&#146;s date of
effectiveness.&nbsp;<I>See </I>Section&nbsp;4810.3 of the Division of Corporation Finance&#146;s Financial Reporting Manual. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B><U>Response:</U></B> A new auditor&#146;s consent will be filed with next amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>*** </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">If you have any additional questions
or comments, please do not hesitate to contact me at 202.373.6149. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sincerely yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>/s/ Kathleen M. Macpeak </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Kathleen M. Macpeak </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Kevin McCarthy </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Gifford Zimmerman </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Mark Winget </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Thomas S. Harman
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">encl. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>

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