nq2.htm



 
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:         11/30/10         
 
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, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 3.6% (3.5% of Total Investments)
      
$ 430
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
6/15 at 100.00
BBB
$ 399,436
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
      
2,000
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/17 at 100.00
Baa3
1,435,960
   
Bonds, Series 2007A-1, 5.750%, 6/01/47
      
11,010
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
Baa3
6,655,545
   
Bonds, Series 2007A-2, 0.000%, 6/01/37
      
13,440
  
Total Consumer Staples
    
8,490,941
   
Education and Civic Organizations – 0.8% (0.8% of Total Investments)
      
140
  
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series
10/15 at 100.00
A3
128,706
   
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
99,734
125
  
5.000%, 11/01/25
11/15 at 100.00
A2
128,559
1,500
  
California Statewide Community Development Authority, Certificates of Participation, San Diego
12/10 at 101.00
N/R
1,475,505
   
Space and Science Foundation, Series 1996, 7.500%, 12/01/26
      
1,860
  
Total Education and Civic Organizations
    
1,832,504
   
Health Care – 13.3% (13.2% of Total Investments)
      
310
  
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,
4/16 at 100.00
A+
294,326
   
Series 2006, 5.000%, 4/01/37
      
5,365
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
5,178,459
   
5.250%, 11/15/46 (UB)
      
1,450
  
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
Baa2
1,366,930
   
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
513,587
   
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+
3,052,020
   
Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured
      
990
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,
3/16 at 100.00
A+
929,818
   
Series 2006, 5.000%, 3/01/41
      
1,460
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
8/16 at 100.00
A+
1,465,563
   
Series 2001C, 5.250%, 8/01/31
      
2,710
  
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
No Opt. Call
A1
2,742,818
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
      
3,390
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
11/15 at 100.00
Aa3
3,147,818
   
2005A, 5.000%, 11/15/43
      
1,525
  
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
12/17 at 100.00
BBB
1,696,761
   
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
2,955,788
   
6.750%, 11/01/39
      
2,900
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Baa3
2,770,660
   
6.000%, 11/01/41
      
3,000
  
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,
8/17 at 100.00
A+
3,062,100
   
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
917,010
1,730
  
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,
7/14 at 100.00
A+
1,803,387
   
5.375%, 7/01/21 – AMBAC Insured
      
32,330
  
Total Health Care
    
31,897,045
   
Housing/Multifamily – 2.1% (2.0% of Total Investments)
      
1,040
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB–
1,007,271
   
Series 2010A, 6.400%, 8/15/45
      
2,430
  
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,
1/11 at 101.00
N/R
2,242,112
   
Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
      
435
  
Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile
4/11 at 100.00
N/R
410,979
   
Home Park Project, Series 1999B, 6.500%, 3/20/29
      
1,360
  
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile
1/11 at 100.00
N/R
1,262,991
   
Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
      
5,265
  
Total Housing/Multifamily
    
4,923,353
   
Housing/Single Family – 2.4% (2.4% of Total Investments)
      
250
  
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,
2/16 at 100.00
A
254,388
   
8/01/30 – FGIC Insured (Alternative Minimum Tax)
      
4,390
  
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006M, 4.700%, 8/01/36
2/16 at 100.00
A
3,622,189
   
(Alternative Minimum Tax)
      
2,125
  
California State Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007,
12/16 at 100.00
AA
1,828,244
   
5.000%, 12/01/42 (Alternative Minimum Tax)
      
6,765
  
Total Housing/Single Family
    
5,704,821
   
Industrials – 0.4% (0.4% of Total Investments)
      
1,000
  
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste
1/16 at 102.00
BBB
995,750
   
Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)
      
   
Long-Term Care – 4.6% (4.5% 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–
1,848,058
2,130
  
5.600%, 8/15/34
8/14 at 100.00
A–
2,033,106
4,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,
8/18 at 100.00
A–
3,832,400
   
The Insitute on Aging, Series 2008A, 5.650%, 8/15/38
      
2,000
  
California Statewide Community Development Authority, Certificates of Participation, Internext
4/11 at 100.00
BBB
2,007,200
   
Group, Series 1999, 5.375%, 4/01/17
      
1,385
  
Riverside County Public Financing Authority, California, Certificates of Participation, Air
5/11 at 100.00
BB–
1,287,939
   
Force Village West, Series 1999, 5.750%, 5/15/19
      
11,365
  
Total Long-Term Care
    
11,008,703
   
Tax Obligation/General – 5.8% (5.7% of Total Investments)
      
2,000
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
A1
2,006,280
500
  
California, General Obligation Bonds, Series 2004, 5.000%, 2/01/20
2/14 at 100.00
A1
527,655
1,000
  
California, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
A1
1,049,550
1,500
  
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,
7/16 at 100.00
Aa2
1,555,365
   
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
A
2,132,600
   
NPFG Insured
      
270
  
Roseville Joint Union High School District, Placer County, California, General Obligation
8/15 at 100.00
AA–
275,670
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured
      
1,120
  
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation
8/18 at 100.00
Aa3
1,152,357
   
Bonds, Series 2010B, 5.500%, 8/01/35
      
20,860
  
Yosemite Community College District, California, General Obligation Bonds, Capital
No Opt. Call
Aa2
5,081,496
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
      
29,250
  
Total Tax Obligation/General
    
13,780,973
   
Tax Obligation/Limited – 28.3% (28.1% of Total Investments)
      
1,000
  
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment
6/15 at 100.00
BBB+
921,330
   
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
2,695,380
1,000
  
5.625%, 10/01/33 – RAAI Insured
10/13 at 100.00
N/R
836,830
2,400
  
Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central
8/13 at 102.00
A–
2,245,968
   
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
1,011,990
   
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
2,111,860
   
2009I-1, 6.375%, 11/01/34
      
340
  
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community
9/15 at 100.00
A
328,651
   
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–
866,853
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
      
1,000
  
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series
9/17 at 100.00
N/R
959,830
   
2007A, 5.000%, 9/01/23 – AMBAC Insured
      
16,610
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
AA+
15,952,742
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC 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
136,260
355
  
5.125%, 9/01/36
9/16 at 100.00
N/R
311,548
2,500
  
Kern County Board of Education, California, Certificates of Participation, Series 2006A,
6/16 at 100.00
A
2,417,525
   
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
532,424
   
Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
      
2,750
  
Los Angeles County Schools, California, Certificates of Participation, Pooled Financing
9/13 at 100.00
AA+
2,762,073
   
Program, Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 –
      
   
AGM Insured
      
2,290
  
Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A,
3/11 at 103.00
N/R
2,367,677
   
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
1,017,046
1,145
  
5.250%, 9/01/23 – AMBAC Insured
9/14 at 100.00
N/R
1,092,857
1,255
  
5.250%, 9/01/24 – AMBAC Insured
9/14 at 100.00
N/R
1,179,324
420
  
Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central
3/13 at 100.00
A
431,819
   
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,
2/11 at 100.00
AA+
8,043,840
   
Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29 – AGM Insured
      
290
  
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series
9/15 at 100.00
A–
252,660
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
      
5,000
  
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A,
10/14 at 100.00
A2
4,327,850
   
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–
357,206
   
8/01/25 – AMBAC Insured
      
3,130
  
San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention
7/11 at 102.00
AA–
3,256,640
   
Center, Series 2004, 5.250%, 7/01/23 – AMBAC Insured
      
2,750
  
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
9/11 at 100.00
AA+
2,821,638
   
Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
      
625
  
San Mateo Union High School District, San Mateo County, California, Certificates of
12/17 at 100.00
AA–
581,938
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured
      
380
  
Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community
No Opt. Call
A2
381,292
   
Correctional Facility Acquisition Project, Series 1997A, 5.950%, 1/01/11
      
1,000
  
Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 –
9/14 at 100.00
A+
1,016,160
   
AMBAC Insured
      
1,475
  
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,
No Opt. Call
BBB
1,228,764
   
12/01/37 – RAAI Insured
      
1,925
  
Travis Unified School District, Solano County, California, Certificates of Participation,
9/16 at 100.00
N/R
1,758,834
   
Series 2006, 5.000%, 9/01/26 – FGIC Insured
      
2,500
  
Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,
12/11 at 100.00
AA–
2,529,375
   
5.000%, 12/01/27 – AMBAC Insured
      
1,040
  
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,
3/11 at 100.00
N/R
1,003,642
   
Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
      
70,355
  
Total Tax Obligation/Limited
    
67,739,826
   
Transportation – 4.4% (4.4% 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
2,528,400
   
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–
5,395,775
   
Bonds, Series 1999, 5.875%, 1/15/27
      
1,250
  
Fresno, California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 – AGM Insured
1/11 at 101.00
AA+
1,252,613
215
  
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue
7/14 at 102.00
N/R
190,352
   
Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
      
1,245
  
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
5/11 at 100.00
A1
1,159,282
   
Airport, Second Series 1999, Issue 23A, 5.000%, 5/01/30 – FGIC Insured (Alternative
      
   
Minimum Tax)
      
10,710
  
Total Transportation
    
10,526,422
   
U.S. Guaranteed – 20.0% (19.8% of Total Investments) (4)
      
5,010
  
Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment
12/13 at 100.00
N/R (4)
5,697,522
   
Project, Series 2003, 5.750%, 12/01/33 (Pre-refunded 12/01/13) – FGIC Insured
      
2,015
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
6/12 at 100.00
N/R (4)
2,112,123
   
County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30 (Pre-refunded 6/01/12)
      
3,300
  
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,
5/12 at 101.00
Aaa
3,549,942
   
5/01/18 (Pre-refunded 5/01/12)
      
2,845
  
California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
4/14 at 100.00
AAA
3,245,747
2,065
  
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue
No Opt. Call
AAA
2,793,986
   
Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
      
1,850
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/13 at 100.00
AAA
2,031,245
   
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
5,605,100
   
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
7,392,623
   
Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
      
3,300
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%,
7/12 at 100.00
AAA
3,540,438
   
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
11,833,963
   
Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
      
54,365
  
Total U.S. Guaranteed
    
47,802,689
   
Utilities – 7.4% (7.4% of Total Investments)
      
2,445
  
California Statewide Community Development Authority, Certificates of Participation Refunding,
12/10 at 100.00
N/R
2,212,774
   
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
1,772,604
   
2007A, 5.500%, 11/15/37
      
21,500
  
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric
9/16 at 64.56
A
9,790,670
   
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
523,246
   
9/01/31 – SYNCORA GTY Insured
      
3,470
  
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
12/10 at 101.00
Baa3
3,483,221
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26
      
   
(Alternative Minimum Tax)
      
29,820
  
Total Utilities
    
17,782,515
   
Water and Sewer – 7.9% (7.8% of Total Investments)
      
1,480
  
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
6/15 at 100.00
AAA
1,589,727
   
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–
1,453,515
   
8/01/36 – NPFG Insured
      
410
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA–
401,890
   
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+
536,175
   
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
4,979,600
   
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–
1,873,162
3,000
  
5.500%, 1/01/38
1/18 at 100.00
A–
3,035,790
1,580
  
San Diego County Water Authority, California, Water Revenue Refunding Certificates of
5/12 at 101.00
AA+
1,620,464
   
Participation, Series 2002A, 5.000%, 5/01/26 – NPFG Insured
      
3,500
  
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems
7/13 at 100.00
A+
3,385,754
   
Project, Series 2003, 5.625%, 7/01/43
      
18,820
  
Total Water and Sewer
    
18,876,077
$ 285,345
  
Total Investments (cost $238,818,961) – 101.0%
    
241,361,619
   
Floating Rate Obligations – (1.9)%
    
(4,490,000)
   
Other Assets Less Liabilities – 0.9%
    
1,994,101
   
Net Assets Applicable to Common Shares – 100%
    
$ 238,865,720
 
 
 
 
 
 

 
 
Fair Value Measurements
 
 
In determining the fair value of the Fund’s investments, various inputs are used. These inputs are 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, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments:
        
Municipal Bonds
$ —
$241,361,619
$ —
$241,361,619
 
 
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, 2010, the cost of investments was $234,354,797.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2010, were as follows:
 
   
Gross unrealized:
  
Appreciation
$ 10,799,649
Depreciation
(8,281,960)
Net unrealized appreciation (depreciation) of investments
$   2,517,689
 
     
(1)
  
All percentages shown 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 Investor 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. Such investments are normally considered to
   
be equivalent to AAA rated 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, 2011        
 
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, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2011