<SEC-DOCUMENT>0001193125-20-268647.txt : 20210315
<SEC-HEADER>0001193125-20-268647.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20201013172953
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-268647
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201013

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUVEEN NEW YORK MUNICIPAL VALUE FUND INC
		CENTRAL INDEX KEY:			0000818850
		IRS NUMBER:				363529057
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 W WACKER DR
		STREET 2:		32ND FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129177794

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR
		STREET 2:		32ND FL
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>NUVEEN NEW YORK MUNICIPAL VALUE FUND INC</TITLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow"><FONT COLOR="#09305a">Chicago</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow"><FONT
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Francisco</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow"><FONT COLOR="#09305a">Los Angeles</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow"><FONT
 COLOR="#09305a">Singapore</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial narrow"><FONT COLOR="#9caa00">vedderprice.com</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:11pt">October 13, 2020</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow">Jacob C. Tiedt</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow">Shareholder</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial narrow">+1 312 609 7697</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:arial narrow">jtiedt@vedderprice.com</P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><U>VIA EDGAR</U></B></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">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> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.82em; text-indent:-3.82em; font-size:11pt; font-family:ARIAL">Attn:&#8195;&#8194;&#8201;Ms.&nbsp;Lisa Larkin</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.82em; font-size:11pt; font-family:ARIAL">Mr.&nbsp;Jason Fox</P></TD></TR>
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<TD WIDTH="8%" 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="left">Nuveen New York Municipal Value Fund, Inc. (the &#147;Registrant&#148;) </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL">Registration Statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:11pt; font-family:ARIAL">File <FONT STYLE="white-space:nowrap">No.&nbsp;333-248305</FONT> </P> <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 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;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 New York 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:12pt; 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="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="left"><B><U>Comment:</U></B> &nbsp;&nbsp;In the Q&amp;A captioned &#147;Why has each 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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B><U>Response:</U></B> &nbsp;&nbsp;The Registrant has revised the disclosure to read as follows: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:20%; font-size:11pt; font-family:ARIAL">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 </P>
 <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;Chicago, Illinois 60601&nbsp;&nbsp;|&nbsp;&nbsp;T +1 312 609 7500&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">October&nbsp;13, 2020 </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:22%; font-size:11pt; font-family:ARIAL">
Reorganization as part of an ongoing initiative to <B>streamline Nuveen&#146;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> <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="left"><B><U>Comment:</U></B> &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 WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U><B>Response:</B></U> &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 New York, 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="8%" 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="left"><B><U>Comment:</U></B> &nbsp;&nbsp;In the Q&amp;A captioned &#147;Do the Funds have similar investment objectives,
policies and risks?&#148; please explain supplementally or revise the statement that &#147;[t]he Funds have substantially similar (but not identical) investment objectives&#148; to reflect any differences between the Funds. The staff notes the
differences highlighted in the chart on page 7 in the row labelled &#147;Distressed Securities&#148; and on page 8 in the row labelled &#147;Other Investment Companies&#148; as potential differences between the Funds. </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="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U><B>Response:</B></U> &nbsp;&nbsp;For the information of the staff, the differences noted in the Q&amp;A reflect minor
variations in how the investment objectives of the Funds are worded, and are not reflective of substantive differences in how the Funds are operated. In addition, although there are other differences in the Funds&#146; stated investment policies
regarding distressed securities and investments in other investment companies, as a result of internal guidelines, there are no material differences in how the Funds use these investments. </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="8%" 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="left"><B><U>Comment:</U></B> &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 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>
<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="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U><B>Response:</B></U> &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>
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<TD WIDTH="8%" 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="left"><B><U>Comment:</U></B> &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="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U><B>Response:</B></U> &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="8%" 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="left"><B><U>Comment:</U></B> &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="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">October&nbsp;13, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Page
 3
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B><U>Response:</U></B> &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>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" 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="left"><B><U>Comment:</U></B> &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="8%" VALIGN="top" ALIGN="left">&nbsp;<U><B></B></U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><U><B>Response:</B></U> &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 New York 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Accounting Comments </B></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">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B><U>Comment:</U></B> &nbsp;&nbsp;Please incorporate by reference the Funds&#146; unaudited financial statements for the
most recently completed semi-annual period into the Registration Statement. </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="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B><U>Response:</U></B> &nbsp;&nbsp;Each Fund&#146;s audited financial statements for the fiscal year ended
February&nbsp;29, 2020, which are incorporated by reference into the Registration Statement, remain current pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;3-18</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X,</FONT> and unaudited
financial statements for the semi-annual period ended August&nbsp;31, 2020 are not yet available or otherwise required. Accordingly, the Registrant respectfully declines to make the requested change. </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="8%" 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="left"><B><U>Comment:</U></B> &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="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B><U>Response:</U></B> &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="8%" 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="left"><B><U>Comment:</U></B> &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. Supplementally, please describe if there will be any day
one gain or loss and how transaction costs will be allocated in relation to the purchase price. </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="8%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B><U>Response:</U></B> &nbsp;&nbsp;The Reorganization will be accounted for as a business combination under
ASC&nbsp;805. The&nbsp;Registrant has added language to this effect to Note&nbsp;2 of the pro forma financial statements at <FONT STYLE="white-space:nowrap">page&nbsp;S-63</FONT> of the Statement of Additional Information. For the information of the
staff, there will not be any day one gain or loss. Each Fund will accrue the expenses incurred in </P></TD></TR></TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">October&nbsp;13, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">
connection with the Reorganization at or before the Valuation Time (as defined in the Agreement and Plan of Reorganization). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">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="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" ALIGN="center">


<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> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<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>
<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;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;Shareholder</P></TD></TR>
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