Form N-Q

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:            8/31          

Date of reporting period:         5/31/07         

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)             
    May 31, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples - 3.3% (3.3% of Total Investments)             
$             590    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/15 at 100.00    BBB   $   574,920 
     County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21             
10,110    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/22 at 100.00    BBB    7,660,044 
     Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37             
10,700    Total Consumer Staples            8,234,964 
    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    144,712 
     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    99,412 
125     5.000%, 11/01/25    11/15 at 100.00    A2    130,000 
1,500    California Statewide Community Development Authority, Certificates of Participation, San Diego    6/07 at 105.00    N/R    1,576,635 
     Space and Science Foundation, Series 1996, 7.500%, 12/01/26             
1,860    Total Education and Civic Organizations            1,950,759 
    Health Care – 7.2% (7.2% of Total Investments)             
730    Arcadia, California, Hospital Revenue Bonds, Methodist Hospital of Southern California, Series    11/07 at 100.00    BBB+    731,241 
     1992, 6.500%, 11/15/12             
940    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    11/15 at 100.00    A2    956,187 
     Series 2005, 5.000%, 11/15/34             
3,780    California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,    11/16 at 100.00    AA–    3,952,141 
     5.250%, 11/15/46             
4,690    California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,    3/16 at 100.00    A+    4,745,999 
     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+    1,521,364 
     Series 2001C, 5.250%, 8/01/31             
2,710    California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health    No Opt. Call    AAA    2,919,293 
     System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured             
1,440    Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association, Series    12/07 at 102.00    BBB+    1,467,936 
     1997A, 5.300%, 12/01/08             
1,730    West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,    7/14 at 100.00    AAA    1,862,691 
     5.375%, 7/01/21 – AMBAC Insured             
17,480    Total Health Care            18,156,852 
    Housing/Multifamily – 3.2% (3.2% of Total Investments)             
3,350    ABAG Finance Authority for Non-Profit Corporations, California, Multifamily Housing Revenue    No Opt. Call    BBB    3,438,072 
     Refunding Bonds, United Dominion/The Highlands of Marin Apartments, Series 2000A, 6.400%,             
     8/15/30 (Mandatory put 8/15/08) Alternative Minimum Tax)             
2,520    California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,    7/09 at 102.00    N/R    2,630,048 
     Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)             
465    Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile    10/07 at 100.00    N/R    465,405 
     Home Park Project, Series 1999B, 6.500%, 3/20/29             
1,440    San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile    7/08 at 102.00    N/R    1,487,606 
     Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28             
7,775    Total Housing/Multifamily            8,021,131 
    Housing/Single Family – 0.1% (0.1% of Total Investments)             
400    California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,    2/16 at 100.00    AAA    425,140 
     8/01/30 – FGIC Insured (Alternative Minimum Tax)             
5    California Rural Home Mortgage Finance Authority, GNMA Collateralized Single Family Mortgage    No Opt. Call    Aaa    5,186 
     Revenue Bonds, Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)             
20    California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single    No Opt. Call    AAA    20,289 
     Family Mortgage Revenue Bonds, Series 1997D, 6.700%, 5/01/29 (Alternative Minimum Tax)             
425    Total Housing/Single Family            450,615 
    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    1,016,820 
     Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)             
    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    1,936,303 
2,130     5.600%, 8/15/34    8/14 at 100.00    A    2,260,569 
2,720    ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,    10/07 at 102.00    BBB–    2,750,763 
     American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17             
2,640    California Statewide Community Development Authority, Certificates of Participation, Internext    4/09 at 101.00    BBB    2,679,917 
     Group, Series 1999, 5.375%, 4/01/17             
1,500    Riverside County Public Financing Authority, California, Certificates of Participation, Air    5/09 at 101.00    BBB–    1,540,635 
     Force Village West, Series 1999, 5.750%, 5/15/19             
10,840    Total Long-Term Care            11,168,187 
    Tax Obligation/General – 6.9% (7.0% of Total Investments)             
5    California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34    4/14 at 100.00    A+    5,310 
    California, General Obligation Bonds, Series 2004:             
500     5.000%, 2/01/20    2/14 at 100.00    A+    525,245 
5,200     5.000%, 2/01/21    2/14 at 100.00    A+    5,453,292 
1,000    Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series    8/12 at 101.00    AAA    1,049,940 
     2002A, 5.000%, 8/01/21 – FGIC Insured             
1,500    Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,    7/16 at 100.00    AAA    1,589,205 
     5.000%, 7/01/24 – FGIC Insured             
1,845    Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series    8/08 at 101.00    AAA    1,890,608 
     2001, 5.125%, 8/01/21 – FSA Insured             
2,000    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 –    No Opt. Call    AAA    2,271,480 
     MBIA Insured             
270    Roseville Joint Union High School District, Placer County, California, General Obligation    8/15 at 100.00    AAA    283,929 
     Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured             
1,395    San Diego Unified School District, San Diego County, California, General Obligation Bonds,    7/16 at 101.00    AAA    1,392,057 
     Series 2006G-1, 4.500%, 7/01/29 – FSA Insured (UB)             
1,500    San Ramon Valley Unified School District, Contra Costa County, California, General Obligation    8/13 at 100.00    AAA    1,567,005 
     Bonds, Series 2003, 5.000%, 8/01/23 – FSA Insured             
1,460    West Contra Costa Unified School District, Contra Costa County, California, General Obligation    8/11 at 101.00    AAA    1,528,503 
     Bonds, Series 2003B, 5.000%, 8/01/20 – FSA Insured             
16,675    Total Tax Obligation/General            17,556,574 
    Tax Obligation/Limited – 27.0% (27.2% of Total Investments)             
    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    AA    3,206,970 
1,000     5.625%, 10/01/33 – RAAI Insured    10/13 at 100.00    AA    1,074,150 
    Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment             
    Project, Series 2003:             
1,700     5.625%, 12/01/28 – FGIC Insured    12/13 at 100.00    AAA    1,847,628 
5,010     5.750%, 12/01/33 – FGIC Insured    12/13 at 100.00    AAA    5,471,521 
2,400    Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central    8/13 at 102.00    AAA    2,510,328 
     Business and Residential District Project, Series 2003C, 5.000%, 8/01/28 – AMBAC Insured             
1,790    California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15    7/14 at 100.00    AA+    1,909,071 
340    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/15 at 100.00    AAA    357,687 
     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    AAA    1,057,220 
       Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured (UB)             
1,500    Coachella Valley Unified School District, Riverside County, California, Certificates of    9/16 at 100.00    Aaa    1,565,955 
     Participation, Series 2007, 5.000%, 9/01/36 – AMBAC Insured             
2,800    Commerce Community Development Commission, California, Subordinate Lien Tax Allocation    8/07 at 102.00    N/R    2,861,516 
     Refunding Bonds, Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21             
1,695    Duarte Redevelopment Agency, California, Tax Allocation Refunding Bonds, Amended Davis    9/07 at 102.00    N/R    1,737,409 
     Addition Project Area, Series 1997A, 6.700%, 9/01/14             
    Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,             
    Series 2006A:             
160     5.000%, 9/01/26    9/16 at 100.00    N/R    160,635 
375     5.125%, 9/01/36    9/16 at 100.00    N/R    379,099 
2,500    Kern County Board of Education, California, Certificates of Participation, Series 2006A,    6/16 at 100.00    AAA    2,615,225 
     5.000%, 6/01/31 – MBIA Insured             
615    Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social    9/15 at 100.00    Aaa    639,176 
     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    AAA    2,855,105 
     Program, Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 –             
     FSA Insured             
3,665    Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A,    9/07 at 103.00    N/R    3,784,259 
     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    AAA    1,116,603 
1,145     5.250%, 9/01/23 – AMBAC Insured    9/14 at 100.00    AAA    1,221,978 
1,255     5.250%, 9/01/24 – AMBAC Insured    9/14 at 100.00    AAA    1,337,755 
420    Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central    3/13 at 100.00    AAA    453,054 
     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,    8/09 at 101.00    AAA    8,397,920 
     Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29 – FSA Insured             
290    Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series    9/15 at 100.00    AAA    301,197 
     2005A, 5.000%, 9/01/35 – XLCA Insured             
5,000    Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A,    10/14 at 100.00    AAA    5,171,750 
     5.000%, 10/01/37 – XLCA Insured             
360    Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,    8/13 at 100.00    AAA    373,799 
     8/01/25 – AMBAC Insured             
3,130    San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention    7/11 at 102.00    AAA    3,317,487 
     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    AAA    2,856,893 
     Project, Series 2001F, 5.000%, 9/01/20 – MBIA Insured             
1,400    Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community    7/07 at 101.00    A    1,416,086 
     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    AAA    1,044,720 
     AMBAC Insured             
1,925    Travis Unified School District, Solano County, California, Certificates of Participation,    9/16 at 100.00    Aaa    2,023,079 
     Series 2006, 5.000%, 9/01/26 – FGIC Insured             
3,845    Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,    12/11 at 100.00    AAA    3,973,115 
     5.000%, 12/01/27 – AMBAC Insured             
1,185    Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,    9/07 at 100.00    N/R    1,187,808 
     Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20             
65,055    Total Tax Obligation/Limited            68,226,198 
    Transportation – 3.7% (3.7% 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    2,624,525 
     2006, 5.000%, 4/01/31             
5,500    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding    1/14 at 101.00    BBB–    5,124,955 
     Bonds, Series 1999, 0.000%, 1/15/27             
1,250    Fresno, California, Airport Revenue Bonds, Series 2000A, 5.500%, 7/01/30 – FSA Insured    7/10 at 101.00    AAA    1,314,900 
240    Palm Springs Financing Authority, California, Palm Springs International Airport Revenue    7/14 at 102.00    N/R    244,634 
     Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)             
9,490    Total Transportation            9,309,014 
    U.S. Guaranteed – 36.2% (36.5% of Total Investments) (4)             
2,400    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/12 at 100.00    N/R (4)    2,542,728 
     County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30 (Pre-refunded 6/01/12)             
4,500    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,    5/12 at 101.00    Aaa    4,807,575 
     5/01/18 (Pre-refunded 5/01/12)             
3,115    California Educational Facilities Authority, Revenue Bonds, Pooled College and University    6/10 at 101.00    Baa3 (4)    3,401,050 
     Projects, Series 2000C, 6.750%, 6/01/30 (ETM)             
12,000    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    12/09 at 101.00    N/R (4)    12,826,558 
     Series 1999A, 6.125%, 12/01/30 (Pre-refunded 12/01/09)             
2,845    California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)    4/14 at 100.00    A1 (4)    3,081,277 
6,260    California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27    3/10 at 101.00    AAA    6,637,854 
     (Pre-refunded 3/01/10) – MBIA Insured             
5,000    Central California Joint Powers Health Finance Authority, Certificates of Participation,    2/10 at 101.00    AAA    5,311,550 
     Community Hospitals of Central California Obligated Group, Series 2000, 6.000%, 2/01/30             
     (Pre-refunded 2/01/10)             
2,065    Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue    No Opt. Call    AAA    2,757,167 
     Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)             
    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement             
    Asset-Backed Bonds, Series 2003B:             
3,800     5.500%, 6/01/33 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    4,129,878 
3,000     5.625%, 6/01/38 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    3,280,350 
2,500    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    AAA    2,739,500 
     Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)             
2,500    Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds,    7/07 at 100.00    BBB (4)    2,506,050 
     Central Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)             
3,200    Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A,    7/13 at 100.00    AAA    3,405,824 
     5.000%, 7/01/22 (Pre-refunded 7/01/13) – FSA Insured             
1,460    Merced Irrigation District, California, Subordinated Revenue Certificates of Participation,    3/08 at 102.00    AAA    1,522,532 
     Electric System Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded 3/01/08)             
5,000    Orange County Sanitation District, California, Certificates of Participation, Series 2003,    8/13 at 100.00    AAA    5,382,150 
     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    5,666,604 
     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    3,529,449 
     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    9,361,298 
     Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)             
5,000    San Diego Unified School District, California, General Obligation Bonds, Series 2004F, 5.000%,    7/14 at 100.00    AAA    5,351,750 
     7/01/29 (Pre-refunded 7/01/14) – FSA Insured             
3,000    Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,    10/10 at 101.00    BBB+ (4)    3,269,250 
     10/01/24 (Pre-refunded 10/01/10)             
99,925    Total U.S. Guaranteed            91,510,394 
    Utilities – 2.7% (2.8% of Total Investments)             
2,600    California Statewide Community Development Authority, Certificates of Participation Refunding,    6/07 at 101.00    N/R    2,554,006 
     Rio Bravo Fresno Project, Series 1999A, 6.300%, 12/01/18             
605    Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,    9/15 at 100.00    AAA    636,097 
     9/01/31 – XLCA Insured             
3,470    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    6/10 at 101.00    Baa3    3,745,102 
     Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26             
     (Alternative Minimum Tax)             
6,675    Total Utilities            6,935,205 
    Water and Sewer – 3.4% (3.4% of Total Investments)             
1,500    California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,    6/15 at 100.00    AAA    1,583,430 
     Series 2005AD, 5.000%, 12/01/22 – FSA Insured             
410    Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,    4/16 at 100.00    AAA    428,585 
     5.000%, 4/01/36 – MBIA Insured             
500    Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,    10/13 at 100.00    AAA    522,865 
     Capital Projects, Series 2003A, 5.000%, 10/01/23 – FSA Insured             
625    Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series    6/16 at 100.00    AAA    659,038 
     2006, 5.000%, 12/01/31 – FGIC Insured             
1,580    San Diego County Water Authority, California, Water Revenue Refunding Certificates of    5/12 at 101.00    AAA    1,643,042 
     Participation, Series 2002A, 5.000%, 5/01/26 – MBIA Insured             
3,500    Woodbridge Irrigation District, California, Certificates of Participation, Water Systems    7/13 at 100.00    BBB+    3,669,436 
     Project, Series 2003, 5.625%, 7/01/43             
8,115    Total Water and Sewer            8,506,396 
$      256,015    Total Investments (cost $236,687,256) – 99.3%            251,043,109 
    Floating Rate Obligations – (0.6)%            (1,600,000) 
    Other Assets Less Liabilities – 1.3%            3,382,463 
    Net Assets Applicable to Common Shares – 100%           $   252,825,572 

Forward Swaps outstanding at May 31, 2007:                         
        Fund            Fixed Rate            Unrealized 
    Notional    Pay/Receive    Floating Rate    Fixed Rate    Payment    Effective    Termination    Appreciation 
Counterparty    Amount    Floating Rate    Index    (Annualized)    Frequency    Date (5)    Date    (Depreciation) 
JPMorgan    $3,800,000    Pay    3-Month USD-LIBOR    5.869%    Semi-Annually    7/27/07    7/27/34    $132,978 
Morgan Stanley    9,500,000    Pay    3-Month USD-LIBOR           5.816      Semi-Annually    7/27/07    7/27/29    246,918 
                                $379,896 
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)                     

    The Fund may invest in “zero coupon” securities. A zero coupon security does not pay a regular interest 
    coupon to its holders during the life of the security. Tax-exempt income to the holder of the security 
    comes from accretion of the difference between the original purchase price of the security at issuance 
    and the par value of the security at maturity and is effectively paid at maturity. Such securities are 
    included in the portfolio with a 0.00% coupon rate in their description. The market prices of zero 
    coupon securities generally are more volatile than the market prices of securities that pay 
    interest periodically. 
(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 higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & 
    Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. 
(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)    Effective date represents the date on which both the Fund and counterparty commence interest 
    payment accruals on each forward swap contract. 
N/R    Not rated. 
(ETM)    Escrowed to maturity. 
(UB)    Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
    provisions of SFAS 140. 

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 the treatment of paydown gains and losses, 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 transactions subject to SFAS No. 140.

At May 31, 2007, the cost of investments was $235,030,691.

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2007, were as follows:

Gross unrealized:     
  Appreciation    $14,541,676 
  Depreciation    (129,259) 
Net unrealized appreciation (depreciation) of investments    $14,412,417 

Item 2. Controls and Procedures.

  1. 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)).
  2. 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: 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         July 27, 2007        

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         July 27, 2007        

By (Signature and Title)*         /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                   Vice President and Controller (principal financial officer) 

Date        July 27, 2007        

* Print the name and title of each signing officer under his or her signature.