<SEC-DOCUMENT>0001193125-20-268650.txt : 20210106
<SEC-HEADER>0001193125-20-268650.hdr.sgml : 20210106
<ACCEPTANCE-DATETIME>20201013172959
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-268650
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201013

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>
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<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>NUVEEN CALIFORNIA MUNICIPAL VALUE FUND INC</TITLE>
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</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Arial">October&nbsp;13, 2020</P></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT COLOR="#09305a">Chicago</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT
 COLOR="#09305a">New York</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT COLOR="#09305a">Washington, DC</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT COLOR="#09305a">London</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT COLOR="#09305a">San
Francisco</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT COLOR="#09305a">Los Angeles</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT
 COLOR="#09305a">Singapore</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT COLOR="#9caa00">vedderprice.com</FONT></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Jacob C. Tiedt</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Shareholder</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">+1 312 609 7697</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">jtiedt@vedderprice.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">100 F Street NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial" ALIGN="justify">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify">Ms.&nbsp;Lisa Larkin </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify">Ms.&nbsp;Megan Miller </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify">Nuveen California Municipal Value Fund, Inc. (the &#147;Registrant&#148;) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify">File <FONT STYLE="white-space:nowrap">No.&nbsp;333-248308</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">To the Commission: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">On behalf of the Registrant,
this letter is in response to the comments provided telephonically by the staff of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) to Vedder Price P.C. on September&nbsp;16, 2020 and September&nbsp;24, 2020, with respect to
the Registrant&#146;s Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-14</FONT> filed on August&nbsp;24, 2020 (the &#147;Registration Statement&#148;) relating to the issuance of shares in connection with the proposed
combination of Nuveen California Municipal Value Fund&nbsp;2 (the &#147;Target Fund&#148;) into the Registrant (the &#147;Reorganization&#148;). The Registrant and the Target Fund are each referred to herein as a &#147;Fund&#148; and collectively as
the &#147;Funds.&#148; Any capitalized terms used but not defined herein have the same meanings as given to them in the Registration Statement. Any page references refer to the initial Registration Statement. Set forth below are the staff&#146;s
comments and the Registrant&#146;s responses. The Registrant is filing <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registration Statement concurrently herewith to address the comments of the staff, to complete
all missing information in the Joint Proxy Statement/Prospectus and Statement of Additional Information and to file exhibits in Part&nbsp;C of the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Arial"><B>Legal Comments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;Please explain why the Registrant&#146;s shareholders are not required
to vote on the Reorganization. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is organized as a Minnesota corporation. For the
information of the staff, Section&nbsp;302A.613 of the Minnesota Business Corporation Act generally requires the shareholders of a Minnesota corporation to vote to approve a merger transaction similar to the Reorganization regardless of whether the
corporation is the acquiror or the target. However, Section&nbsp;302A.613 has an exception providing that the acquiror&#146;s shareholders need not vote to approve such a transaction if (1)&nbsp;the acquiror&#146;s articles of incorporation will not
be amended in the transaction, (2)&nbsp;each shareholder of the acquiror will hold the same number of shares of the </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:8pt; font-family:Times New Roman" ALIGN="center">222 North LaSalle Street&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois
60601&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;T +1 312 609 7500&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;F +1 312 609 5005 </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Arial" ALIGN="center">Vedder Price P.C. is affiliated with Vedder Price LLP, which operates in England and Wales, Vedder Price (CA), LLP, which operates in California, and
Vedder Price Pte. Ltd., which operates in Singapore. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">October 13, 2020 </P>
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 </P> <P STYLE="font-size:36pt;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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acquiror with identical rights both before and immediately after the transaction, (3)&nbsp;the transaction will not result in an issuance of shares representing more than 20% of the <FONT
STYLE="white-space:nowrap">pre-transaction</FONT> voting power of the acquiror, and (4)&nbsp;the transaction will not result in an issuance of &#147;participating shares&#148; (defined as the outstanding shares of the acquiror that entitle their
holders to participate without limitation in distributions by the acquiror) representing more than 20% of the <FONT STYLE="white-space:nowrap">pre-transaction</FONT> participating shares of the acquiror. Because the Reorganization satisfies each of
these criteria, no shareholder vote is required under Minnesota law. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify">In addition, the Registrant&#146;s common shares are listed on the New York Stock Exchange, and Section&nbsp;312.03 of
the New York Stock Exchange Listed Company Manual generally requires a shareholder vote prior to (1)&nbsp;the issuance of common shares to a director, officer or substantial security holders of a listed company (a &#147;Related Party&#148;), or
certain affiliates of Related Parties, if the number of shares to be issued to such parties exceeds either 1% of the listed company&#146;s <FONT STYLE="white-space:nowrap">pre-issuance</FONT> shares outstanding or 1% of the listed company&#146;s <FONT
STYLE="white-space:nowrap">pre-issuance</FONT> voting power, or (2)&nbsp;the issuance of common shares in an amount equal to or exceeding 20% of the listed company&#146;s <FONT STYLE="white-space:nowrap">pre-issuance</FONT> voting power or shares
outstanding, subject to certain exceptions. Because neither of these situations will apply in connection with the Reorganization, no shareholder vote is required under the New York Stock Exchange Listed Company Manual. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;In the Q&amp;A captioned &#147;Why has the Target Fund&#146;s Board
recommended the Proposal?&#148; please revise, in accordance with plain English principles, the statement that the Reorganization is &#147;part of an ongoing initiative to rationalize the product offerings of Nuveen&#146;s municipal <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has revised the disclosure to read as follows:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.27em; font-size:11pt; font-family:Arial" ALIGN="justify">Nuveen Fund Advisors, LLC (&#147;Nuveen Fund Advisors&#148;), a subsidiary of Nuveen, LLC (&#147;Nuveen&#148;)
and the Funds&#146; investment adviser, recommended the proposed Reorganization as part of an ongoing initiative to <B>streamline Nuveen</B><B>&#146;</B><B>s municipal <FONT STYLE="white-space:nowrap">closed-end</FONT> fund <FONT
STYLE="white-space:nowrap">line-up</FONT> and eliminate overlapping products.</B></P></TD></TR>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;In the Q&amp;A captioned &#147;Why has each Fund&#146;s Board
recommended the Proposal?&#148; please explain supplementally what is meant by &#147;exposure to state bonds where issuance remains diverse and robust.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the information of the staff, &#147;exposure to state bonds where
issuance remains diverse and robust&#148; refers to the variety of municipal bonds and number and activity of municipal bond issuers in the State of California, which remain significant in comparison to other U.S. states. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;In the Q&amp;A captioned &#147;Will shareholders of the Funds have to
pay any fees or expenses in connection with the Reorganization?&#148; please explain supplementally the method of allocating Reorganization costs between the Funds and explain why the Registrant is bearing more of the costs than the Target Fund.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the information of the staff, as described in the Joint Proxy
Statement/Prospectus, the allocation of the costs of the Reorganization to the Funds is based on </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">October 13, 2020 </P>
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the expected benefits of the Reorganization, as measured by forecasted increases to net earnings, if any. Forecasted net earnings are impacted by many factors including costs savings as a result
of the Reorganization and the anticipated portfolio post-Reorganization. By way of example, if the Acquiring Fund has a large number of bonds that are callable and reinvestment rates currently are low, it may benefit from the acquisition of Target
Fund bonds that are not callable or have longer call dates and are yielding higher than the current reinvestment rate. In this case, the primary benefits to the Acquiring Fund relate to Portfolio matters. </P></TD></TR></TABLE>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;In light of references to the Funds holding virtual meetings in the
Q&amp;A Section and elsewhere, please confirm that such meetings will be held in accordance with applicable staff guidance, and that you have reviewed staff guidance, applicable state law and governing documents and determined that virtual meetings
are permitted thereunder. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the information of the staff, the Registrant confirms that the
virtual meetings will be held in accordance with applicable staff guidance and has determined that virtual meetings are permitted under staff guidance, applicable state law and each Fund&#146;s governing documents. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that you have reviewed and will comply with the
Commission&#146;s rulemaking under the Fixing America&#146;s Surface Transportation (FAST) Act and will hyperlink each exhibit identified in the Part C and other information incorporated by reference. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the information of the staff, the Registrant has reviewed the
Commission&#146;s rulemaking under the FAST Act and has hyperlinked each exhibit identified in the Part C and other information incorporated by reference. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;In the <FONT STYLE="white-space:nowrap">sub-section</FONT> titled
&#147;Reasons for the Reorganization&#148; beginning on page 37 of the Joint Proxy Statement/Prospectus, you note that the Boards have determined that the Reorganization would be in the best interests of the applicable Fund and that the interests of
the existing shareholders of such Fund would not be diluted as a result of the Reorganization. Please confirm supplementally that the other conditions of Rule <FONT STYLE="white-space:nowrap">17a-8</FONT> have been met. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the information of the staff, the Registrant confirms that the
conditions of Rule <FONT STYLE="white-space:nowrap">17a-8</FONT> have been satisfied. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;In connection with the
<FONT STYLE="white-space:nowrap">sub-section</FONT> titled &#147;Reasons for the Reorganization&#148; beginning on page 37 of the Joint Proxy Statement/Prospectus and other discussions of the Boards&#146; considerations please confirm supplementally
(a)&nbsp;whether the Boards considered any factors that did not weigh in favor of the Reorganizations and (b)&nbsp;whether the Boards considered the comparative performance of the Funds. If the Boards considered any such factors that are not
discussed in the Joint Proxy Statement/Prospectus, please revise the disclosure to note such factors. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the information of the staff, the Registrant has been advised that
the principal factors considered by the Boards in approving the Reorganization (including, among other things, factors relating to secondary market performance and to certain similarities and differences between the Funds, each of which is a
California municipal fund) are set forth and discussed in the <FONT STYLE="white-space:nowrap">sub-section</FONT> titled &#147;Reasons for the Reorganization&#148; and that such disclosure is consistent with the Boards&#146; records.
</P></TD></TR></TABLE>
</DIV></Center>


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

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">October 13, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify"> Page
 4
 </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Arial"><B>Accounting Comments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;For the fee and expense tables on page 15 of the Joint Proxy
Statement/Prospectus, please confirm that the tables accurately reflect each Fund&#146;s current fees and expenses or provide the information as of a more recent date. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;The Registrant confirms that the fees and expenses for the current
fiscal period of the Funds through July 2020 do not differ materially from the information presented. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Comment:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;Please explain supplementally and disclose in the Joint Proxy
Statement/Prospectus whether the Reorganization will be accounted for as a business combination or asset acquisition in accordance with Accounting Standards Codification Topic 805 (ASC 805), Business Combinations. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Arial; " ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;&nbsp;&nbsp;The Reorganization will be accounted for as a business combination
under ASC 805. The Registrant has added language to this effect to Note 2 of the pro forma financial statements at page <FONT STYLE="white-space:nowrap">S-41</FONT> of the Statement of Additional Information. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Arial" ALIGN="justify">If you have any questions regarding these responses, please contact the undersigned at <FONT STYLE="white-space:nowrap">(312)&nbsp;609-7697</FONT> or
Deborah Bielicke Eades at <FONT STYLE="white-space:nowrap">(312)&nbsp;609-7661.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Arial">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Arial"><U>/s/ Jacob C. Tiedt</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacob C. Tiedt</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder</P></TD></TR>
</TABLE>
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