Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-5235
 
Nuveen California Municipal Value Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            2/28          
 
Date of reporting period:         11/30/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
Item 1. Schedule of Investments
 

 
           
   
Portfolio of Investments (Unaudited) 
      
   
Nuveen California Municipal Value Fund, Inc. (NCA) 
      
   
November 30, 2011 
      
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 3.6% (3.7% of Total Investments) 
      
$      410 
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma 
6/15 at 100.00 
BBB 
$    382,866 
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 
      
4,895 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
BB+ 
3,460,471 
   
Bonds, Series 2007A-1, 5.750%, 6/01/47 
      
8,115 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
BB+ 
5,065,302 
   
Bonds, Series 2007A-2, 0.000%, 6/01/37 
      
13,420 
  
Total Consumer Staples 
    
8,908,639 
   
Education and Civic Organizations – 1.0% (1.0% of Total Investments) 
      
140 
  
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 
10/15 at 100.00 
A3 
134,435 
   
2005A, 5.000%, 10/01/35 
      
   
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006: 
      
95 
  
5.000%, 11/01/21 
11/15 at 100.00 
A2 
100,721 
125 
  
5.000%, 11/01/25 
11/15 at 100.00 
A2 
129,696 
700 
  
California Statewide Communitities Development Authority, School Facility Revenue Bonds, 
7/21 at 100.00 
N/R 
692,741 
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 
      
1,500 
  
California Statewide Community Development Authority, Certificates of Participation, San Diego 
6/12 at 100.00 
N/R 
1,480,905 
   
Space and Science Foundation, Series 1996, 7.500%, 12/01/26 
      
2,560 
  
Total Education and Civic Organizations 
    
2,538,498 
   
Health Care – 14.7% (14.8% of Total Investments) 
      
   
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – 
      
   
San Diego, Series 2011: 
      
560 
  
5.000%, 8/15/31 
8/21 at 100.00 
A+ 
548,615 
670 
  
5.250%, 8/15/41 
8/21 at 100.00 
A+ 
659,541 
5,365 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
AA– 
5,340,160 
   
Trust 3146, 5.250%, 11/15/46 (UB) 
      
1,000 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 
8/20 at 100.00 
AA– 
1,082,660 
   
6.000%, 8/15/42 
      
3,870 
  
California Municipal Financing Authority, Certificates of Participation, Community Hospitals 
2/17 at 100.00 
Baa2 
3,653,125 
   
of Central California, Series 2007, 5.250%, 2/01/27 
      
560 
  
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System 
3/15 at 100.00 
A 
549,763 
   
West, Series 2005A, 5.000%, 3/01/35 
      
3,000 
  
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, 
7/17 at 100.00 
AA– 
3,046,620 
   
Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured 
      
1,460 
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, 
8/16 at 100.00 
A+ 
1,486,178 
   
Series 2001C, 5.250%, 8/01/31 
      
2,710 
  
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health 
No Opt. Call 
A1 
2,873,657 
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured 
      
1,890 
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
11/15 at 100.00 
AA– 
1,841,408 
   
2005A, 5.000%, 11/15/43 
      
1,615 
  
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 
12/15 at 100.00 
BBB 
1,540,032 
   
2005A, 5.000%, 12/01/22 
      
1,525 
  
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 
12/17 at 100.00 
BBB 
1,684,530 
   
2008A, 8.250%, 12/01/38 
      
2,940 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
3,016,146 
   
6.750%, 11/01/39 
      
2,900 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Baa3 
2,757,175 
   
6.000%, 11/01/41 
      
1,750 
  
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
BB 
1,837,850 
   
7.500%, 12/01/41 
      
3,000 
  
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, 
8/17 at 100.00 
A+ 
3,086,550 
   
Series 2007A, 5.750%, 2/01/41 – AMBAC Insured 
      
1,000 
  
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37 
9/17 at 100.00 
N/R 
950,710 
35,815 
  
Total Health Care 
    
35,954,720 
   
Housing/Multifamily – 1.8% (1.8% of Total Investments) 
      
1,035 
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
BBB– 
1,035,424 
   
Series 2010A, 6.400%, 8/15/45 
      
2,400 
  
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, 
1/12 at 100.00 
N/R 
2,148,960 
   
Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax) 
      
1,315 
  
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile 
1/12 at 100.00 
N/R 
1,299,654 
   
Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28 
      
4,750 
  
Total Housing/Multifamily 
    
4,484,038 
   
Housing/Single Family – 0.9% (0.9% of Total Investments) 
      
2,125 
  
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 
12/16 at 100.00 
AA 
2,026,931 
   
12/01/42 (Alternative Minimum Tax) 
      
195 
  
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – 
2/16 at 100.00 
BBB 
195,090 
   
FGIC Insured (Alternative Minimum Tax) 
      
2,320 
  
Total Housing/Single Family 
    
2,222,021 
   
Long-Term Care – 4.4% (4.4% of Total Investments) 
      
   
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Revenue Bonds, 
      
   
Elder Care Alliance of Union City, Series 2004: 
      
1,850 
  
5.400%, 8/15/24 
8/14 at 100.00 
A– 
1,871,368 
2,130 
  
5.600%, 8/15/34 
8/14 at 100.00 
A– 
2,133,238 
4,000 
  
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, 
8/18 at 100.00 
A– 
4,005,160 
   
The Insitute on Aging, Series 2008A, 5.650%, 8/15/38 
      
1,760 
  
California Statewide Community Development Authority, Certificates of Participation, Internext 
4/12 at 100.00 
BBB 
1,760,141 
   
Group, Series 1999, 5.375%, 4/01/17 
      
1,265 
  
Riverside County Public Financing Authority, California, Certificates of Participation, Air 
5/12 at 100.00 
BB– 
1,061,436 
   
Force Village West, Series 1999, 5.750%, 5/15/19 
      
11,005 
  
Total Long-Term Care 
    
10,831,343 
   
Tax Obligation/General – 9.3% (9.3% of Total Investments) 
      
500 
  
California State, General Obligation Bonds, Series 2004, 5.000%, 2/01/20 
2/14 at 100.00 
A1 
533,735 
   
California State, General Obligation Bonds, Various Purpose Series 2009: 
      
2,500 
  
6.000%, 4/01/38 
No Opt. Call 
A1 
2,767,300 
1,000 
  
6.000%, 11/01/39 
11/19 at 100.00 
A1 
1,113,400 
2,000 
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 
3/20 at 100.00 
A1 
2,092,240 
1,500 
  
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 
7/16 at 100.00 
Aa2 
1,617,990 
   
5.000%, 7/01/24 – FGIC Insured 
      
2,000 
  
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – 
No Opt. Call 
Baa1 
2,175,200 
   
NPFG Insured 
      
270 
  
Roseville Joint Union High School District, Placer County, California, General Obligation 
8/15 at 100.00 
AA– 
283,203 
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured 
      
11,875 
  
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, 
9/36 at 100.00 
Aa1 
4,484,238 
   
Election 2010 Series 2011A, 0.000%, 9/01/41 
      
1,320 
  
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation 
8/18 at 100.00 
Aa3 
1,390,963 
   
Bonds, Series 2010B, 5.500%, 8/01/35 
      
20,860 
  
Yosemite Community College District, California, General Obligation Bonds, Capital 
No Opt. Call 
Aa2 
6,195,211 
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 
      
43,825 
  
Total Tax Obligation/General 
    
22,653,480 
   
Tax Obligation/Limited – 28.0% (28.0% of Total Investments) 
      
1,000 
  
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment 
6/15 at 100.00 
BBB+ 
906,540 
   
Project Area, Series 2007, 5.375%, 6/01/27 
      
   
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, 
      
   
Series 2003: 
      
3,000 
  
5.500%, 10/01/23 – RAAI Insured 
10/13 at 100.00 
N/R 
2,704,140 
1,000 
  
5.625%, 10/01/33 – RAAI Insured 
10/13 at 100.00 
N/R 
810,480 
2,400 
  
Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central 
8/13 at 102.00 
A– 
2,268,696 
   
Business and Residential District Project, Series 2003C, 5.000%, 8/01/28 – AMBAC Insured 
      
1,000 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
10/19 at 100.00 
A2 
1,045,750 
   
2009G-1, 5.750%, 10/01/30 
      
2,000 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/19 at 100.00 
A2 
2,176,560 
   
2009I-1, 6.375%, 11/01/34 
      
340 
  
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community 
9/15 at 100.00 
BBB 
337,759 
   
Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured 
      
1,005 
  
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation 
9/16 at 101.00 
A– 
874,863 
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured 
      
370 
  
Community Development Commission of City of National City, California, National City 
8/21 at 100.00 
A– 
409,150 
   
Redevelopment Project 2011 Tax Allocation Bonds, 6.500%, 8/01/24 
      
1,000 
  
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 
9/17 at 100.00 
N/R 
993,780 
   
2007A, 5.000%, 9/01/23 – AMBAC Insured 
      
750 
  
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation 
4/12 at 100.00 
A– 
750,165 
   
Refunding Bonds, 1997 Series A, 5.500%, 10/01/27 
      
16,610 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
AA– 
16,085,618 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured 
      
675 
  
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment 
5/17 at 100.00 
BBB+ 
612,772 
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured 
      
   
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, 
      
   
Series 2006A: 
      
150 
  
5.000%, 9/01/26 
9/16 at 100.00 
N/R 
145,871 
355 
  
5.125%, 9/01/36 
9/16 at 100.00 
N/R 
327,622 
2,500 
  
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 
6/16 at 100.00 
A 
2,370,225 
   
5.000%, 6/01/31 – NPFG Insured 
      
615 
  
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social 
9/15 at 100.00 
A1 
564,552 
   
Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured 
      
2,750 
  
Los Angeles County Schools, California, Certificates of Participation, Pooled Financing Program, 
9/13 at 100.00 
AA– 
2,785,475 
   
Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 – AGM Insured 
      
1,570 
  
Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A, 
3/12 at 103.00 
N/R 
1,625,327 
   
5.650%, 9/02/13 
      
   
Modesto Schools Infrastructure Financing Agency, Stanislaus County, California, Special Tax 
      
   
Revenue Bonds, Series 2004: 
      
1,045 
  
5.250%, 9/01/22 – AMBAC Insured 
9/14 at 100.00 
N/R 
1,055,304 
1,145 
  
5.250%, 9/01/23 – AMBAC Insured 
9/14 at 100.00 
N/R 
1,152,775 
1,255 
  
5.250%, 9/01/24 – AMBAC Insured 
9/14 at 100.00 
N/R 
1,238,836 
140 
  
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
A– 
150,975 
   
Project, Series 2011, 6.750%, 9/01/40 
      
420 
  
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central 
3/13 at 100.00 
A– 
427,157 
   
District Redevelopment Project, Series 2003, 5.500%, 9/01/18 – FGIC Insured 
      
8,000 
  
Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, 
2/12 at 100.00 
AA– 
8,008,240 
   
Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29 – AGM Insured 
      
   
Perris Union High School District Financing Authority, Riverside County, California, Revenue 
      
   
Bonds, Series 2011: 
      
125 
  
6.000%, 9/01/33 
9/21 at 100.00 
N/R 
124,535 
275 
  
6.125%, 9/01/41 
9/21 at 100.00 
N/R 
274,409 
1,130 
  
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
9/18 at 100.00 
BBB 
1,128,712 
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 
      
440 
  
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 
9/21 at 100.00 
BBB+ 
448,840 
   
2011A, 5.750%, 9/01/30 
      
290 
  
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 
9/15 at 100.00 
A– 
259,744 
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured 
      
80 
  
Riverside County Redevelopment Agency, California, Jurupa Valley Project Area 2011 Tax Allocation 
10/21 at 100.00 
A– 
83,172 
   
Bonds Series B, 6.500%, 10/01/25 
      
5,000 
  
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A, 
10/14 at 100.00 
A– 
4,427,800 
   
5.000%, 10/01/37 – SYNCORA GTY Insured 
      
360 
  
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 
8/13 at 100.00 
AA– 
363,100 
   
8/01/25 – AMBAC Insured 
      
65 
  
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
A– 
69,666 
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 
      
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
      
   
Mission Bay South Redevelopment Project, Series 2011D: 
      
65 
  
7.000%, 8/01/33 
2/21 at 100.00 
BBB 
68,821 
80 
  
7.000%, 8/01/41 
2/21 at 100.00 
BBB 
84,416 
2,750 
  
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center 
3/12 at 100.00 
AA+ 
2,758,993 
   
Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured 
      
590 
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
Baa1 
550,570 
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured 
      
780 
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
BBB 
740,875 
   
Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured 
      
110 
  
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 
4/21 at 100.00 
N/R 
112,402 
   
7.000%, 10/01/26 
      
1,000 
  
Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 – 
9/14 at 100.00 
A+ 
1,009,670 
   
AMBAC Insured 
      
1,450 
  
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 
No Opt. Call 
BBB 
1,183,606 
   
12/01/37 – RAAI Insured 
      
1,925 
  
Travis Unified School District, Solano County, California, Certificates of Participation, 
9/16 at 100.00 
N/R 
1,755,716 
   
Series 2006, 5.000%, 9/01/26 – FGIC Insured 
      
960 
  
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, 
3/12 at 100.00 
N/R 
959,894 
   
Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20 
      
1,730 
  
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 
7/14 at 100.00 
A+ 
1,811,881 
   
5.375%, 7/01/21 – AMBAC Insured 
      
190 
  
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, 
9/21 at 100.00 
A– 
199,852 
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32 
      
70,490 
  
Total Tax Obligation/Limited 
    
68,245,306 
   
Transportation – 4.3% (4.3% of Total Investments) 
      
2,500 
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/16 at 100.00 
AA 
2,629,600 
   
2006F, 5.000%, 4/01/31 (UB) 
      
5,500 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding 
1/14 at 101.00 
BBB– 
5,485,920 
   
Bonds, Series 1999, 5.875%, 1/15/27 
      
1,250 
  
Fresno, California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 – AGM Insured 
1/12 at 100.00 
AA– 
1,250,775 
215 
  
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue 
7/14 at 102.00 
N/R 
182,991 
   
Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax) 
      
945 
  
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, 
2/12 at 100.00 
A+ 
928,774 
   
Second Series 1999, Issue 23A, 5.000%, 5/01/30 – FGIC Insured (Alternative Minimum Tax) 
      
10,410 
  
Total Transportation 
    
10,478,060 
   
U.S. Guaranteed – 16.9% (16.9% of Total Investments) (4) 
      
5,010 
  
Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment 
12/13 at 100.00 
N/R (4) 
5,511,050 
   
Project, Series 2003, 5.750%, 12/01/33 (Pre-refunded 12/01/13) – FGIC Insured 
      
2,845 
  
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14) 
4/14 at 100.00 
Aaa 
3,158,092 
2,065 
  
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue 
No Opt. Call 
Aaa 
2,824,982 
   
Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM) 
      
1,565 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
Aaa 
1,678,963 
   
Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13) 
      
5,000 
  
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 
8/13 at 100.00 
AAA 
5,405,500 
   
5.250%, 2/01/27 (Pre-refunded 8/01/13) – FGIC Insured 
      
8,565 
  
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue 
No Opt. Call 
AAA 
7,904,382 
   
Bonds, Series 1988A, 0.000%, 3/01/17 (ETM) 
      
1,000 
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%, 
7/12 at 100.00 
AA+ (4) 
1,029,780 
   
7/01/36 (Pre-refunded 7/01/12) 
      
20,415 
  
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home 
No Opt. Call 
Aaa 
12,953,726 
   
Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM) 
      
625 
  
San Mateo Union High School District, San Mateo County, California, Certificates of 
12/17 at 100.00 
AA– (4) 
751,456 
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured 
      
47,090 
  
Total U.S. Guaranteed 
    
41,217,931 
   
Utilities – 7.6% (7.6% of Total Investments) 
      
2,445 
  
California Statewide Community Development Authority, Certificates of Participation Refunding, 
6/12 at 100.00 
N/R 
2,242,285 
   
Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18 (5) 
      
1,800 
  
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 
No Opt. Call 
A 
1,714,446 
   
2007A, 5.500%, 11/15/37 
      
21,500 
  
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric 
9/16 at 64.56 
A 
10,556,930 
   
Series 2008B, 0.000%, 9/01/23 
      
605 
  
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 
9/15 at 100.00 
N/R 
550,018 
   
9/01/31 – SYNCORA GTY Insured 
      
3,470 
  
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
6/12 at 100.00 
Baa3 
3,469,653 
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 
      
   
(Alternative Minimum Tax) 
      
29,820 
  
Total Utilities 
    
18,533,332 
   
Water and Sewer – 7.3% (7.3% of Total Investments) 
      
1,480 
  
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, 
6/15 at 100.00 
AAA 
1,638,908 
   
Series 2005AD, 5.000%, 12/01/22 – AGM Insured 
      
1,500 
  
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 
8/16 at 100.00 
AA– 
1,511,385 
   
8/01/36 – NPFG Insured 
      
410 
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 
4/16 at 100.00 
AA– 
415,793 
   
5.000%, 4/01/36 – NPFG Insured 
      
500 
  
Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, 
10/13 at 100.00 
AA+ 
532,740 
   
Capital Projects, Series 2003A, 5.000%, 10/01/23 – AGM Insured 
      
5,000 
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 
7/17 at 100.00 
AA 
5,115,900 
   
2007A-2, 5.000%, 7/01/44 – AMBAC Insured 
      
   
Madera Irrigation District, California, Water Revenue Refunding Bonds, Series 2008: 
      
1,850 
  
5.500%, 1/01/33 
1/18 at 100.00 
A– 
1,918,062 
3,000 
  
5.500%, 1/01/38 
1/18 at 100.00 
A– 
3,084,870 
3,500 
  
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems 
7/13 at 100.00 
A+ 
3,502,695 
   
Project, Series 2003, 5.625%, 7/01/43 
      
17,240 
  
Total Water and Sewer 
    
17,720,353 
$ 288,745 
  
Total Investments (cost $236,739,070) – 99.8% 
    
243,787,721 
   
Floating Rate Obligations – (1.8)% 
    
(4,490,000)
   
Other Assets Less Liabilities – 2.0% 
    
4,865,650 
   
Net Assets – 100% 
    
$ 244,163,371 
 
 
 
 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of November 30, 2011:
 
         
 
Level 1 
Level 2 
Level 3 
Total 
Investments: 
        
Municipal Bonds 
$ — 
$243,787,721 
$ — 
$243,787,721 
 
 
During the period ended November 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At November 30, 2011, the cost of investments was $232,254,168.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$13,287,383 
Depreciation 
(6,242,933)
Net unrealized appreciation (depreciation) of investments 
$ 7,044,450 
 
 
     
(1) 
  
All percentages in the Portfolio of Investments are based on net assets applicable to Common shares 
   
unless otherwise noted. 
(2) 
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
   
may be subject to periodic principal paydowns. 
(3) 
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. 
   
(“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB 
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of 
   
these national rating agencies. 
(4) 
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, 
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(5) 
  
This debt has been restructured to accommodate capital maintenance at the facility. Major highlights of 
   
the debt restructuring include the following: (1) the principal balance outstanding on and after December 1, 
   
2007, shall accrue interest at a rate of 6.500% per annum commencing December 1, 2007; (2) the interest 
   
shall accrue but not be payable on June 1, 2008 or December 1, 2008, but shall instead be deferred and 
   
paid by the end of calendar year 2011; (3) no principal component shall be pre-payable from the Minimum 
   
Sinking Fund Account during calendar years 2008 and 2009 but such pre-payments shall recommence 
   
beginning in calendar year 2010 according to a revised schedule. Management believes that the 
   
restructuring is in the best interest of Fund shareholders and that it is more-likely-than-not that the 
   
borrower will fulfill its obligation. Consequently, the Fund continues to accrue interest on this obligation. 
N/R 
  
Not rated. 
(ETM) 
  
Escrowed to maturity. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 
 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen California Municipal Value Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         January 27, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         January 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2012