<SEC-DOCUMENT>0001193125-21-069965.txt : 20210402
<SEC-HEADER>0001193125-21-069965.hdr.sgml : 20210402
<ACCEPTANCE-DATETIME>20210304210759
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-069965
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210304

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>NUVEEN CALIFORNIA MUNICIPAL VALUE FUND</TITLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">Chicago</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">New York</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">Washington, DC</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">London</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#09305a">San&nbsp;Francisco</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">Los Angeles</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">Singapore</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#09305a">Dallas</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#9caa00">vedderprice.com</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">March&nbsp;4, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Deborah Bielicke Eades</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Shareholder</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">+1 312 609 7661</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">deades@vedderprice.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><U>VIA <FONT STYLE="white-space:nowrap">E-MAIL</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">100 F Street NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Attn:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Ms.&nbsp;Lisa Larkin</P></TD></TR>
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<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">Re:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Nuveen California Municipal Value Fund (the &#147;Fund&#148;)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Post-Effective Amendment No.&nbsp;2 to Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">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">To the Commission: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">On behalf of
the Fund, 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 March&nbsp;2, 2021, in connection with the Fund&#146;s
filing on March&nbsp;2, 2021 of Post-Effective Amendment No.&nbsp;2 to the Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;N-14</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-248308)</FONT> relating to the issuance
of shares in connection with the proposed combination of Nuveen California Municipal Value Fund&nbsp;2 into the Fund. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">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> Article VIII, Section&nbsp;8.2, of the Fund&#146;s
<FONT STYLE="white-space:nowrap">By-Laws</FONT> states that in any Covered Action (as defined in the <FONT STYLE="white-space:nowrap">By-Laws),</FONT> there shall be no right to a jury trial, and that the right to a trial by jury is expressly waived
by the parties to such Covered Action to the fullest extent permitted by law. In the next prospectus to be filed by the Fund, please add a risk factor relating to the waiver of jury trial contained in this
<FONT STYLE="white-space:nowrap">By-Law</FONT> provision. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B><U>Response:</U></B>&nbsp;&nbsp;The Fund undertakes
to include the requested risk factor in its next prospectus filing, if any, and to the extent required by the applicable form, in its shareholder reports. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">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; Article VI, Section&nbsp;6.10, of the Fund&#146;s
<FONT STYLE="white-space:nowrap">By-Laws</FONT> sets forth certain procedural requirements regarding derivative and direct claims of shareholders, including a requirement that a shareholder make a written demand on the Fund&#146;s Board of Trustees,
requesting the Trustees to bring an action, before the shareholder is entitled to bring or maintain a derivative action in the right of or name of or on behalf of the Fund. Please amend the <FONT STYLE="white-space:nowrap">By-Laws</FONT> to state
that the provisions of Section&nbsp;6.10 do not apply to claims under the federal securities laws (see, e.g., Article VIII of the <FONT STYLE="white-space:nowrap">By-Laws).</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B><U>Response:</U></B> As discussed with the Staff, we strongly disagree with the Staff&#146;s views regarding the Fund&#146;s
derivative demand provisions, which are modelled after the demand statute applicable to a Massachusetts corporation. We respectfully submit that the Section&nbsp;6.10 of the Fund&#146;s <FONT STYLE="white-space:nowrap">By-Laws</FONT> are procedural
in nature and do not place substantive &#147;limits&#148; on a shareholder&#146;s ability to bring a </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">222 North LaSalle
Street&nbsp;&nbsp;|&nbsp;&nbsp; Chicago, Illinois 60601&nbsp;&nbsp;|&nbsp;&nbsp; T +1 312 609 7500&nbsp;&nbsp;|&nbsp;&nbsp; F +1 312 609 5005 </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;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">March 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL" ALIGN="justify">
derivative lawsuit. We further submit that demand procedures are governed by state law.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> Nevertheless, for purposes of this filing, the Fund
agrees to undertake to request the Board of Trustees to remove Section&nbsp;6.10 from the <FONT STYLE="white-space:nowrap">By-Laws</FONT> as soon reasonably practicable but not later than the interim Board meeting scheduled to occur on
April&nbsp;21, 2021. </P> <P STYLE="margin-top:18pt; 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;609-7661.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:ARIAL">Very truly yours,</P></TD></TR>
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<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/ Deborah Bielicke Eades</U></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">Deborah Bielicke Eades</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">Shareholder</P></TD></TR>
</TABLE> <P STYLE="font-size:150pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:150pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="justify">See <I>ING Principal Prot. Funds Derivative Litig.</I>, 369 F. Supp. 2d 163, 171 (D. Mass. 2005) (holding in a mutual
fund derivative case that Massachusetts state corporate demand law applies to business trusts); <I>Halebian v. Berv</I>, 631 F. Supp. 2d 284, 291 (S.D.N.Y. 2007) (&#147;Since CitiTrust is a Massachusetts business trust, the parties correctly
conclude that Massachusetts substantive law governs this action.&#148;). See also <I>Kamen v. Kemper Fin. Svcs., Inc</I>. (500 U.S. 90, 500 U.S. 97 (1991))(state law governs the determination of whether a plaintiff has made an adequate demand in
connection with a derivative action under federal law). </P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
