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 811-05235
 
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:            2/29          
 
Date of reporting period:         5/31/16         
 
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
      
         
   
Nuveen California Municipal Value Fund, Inc. (NCA)
      
   
May 31, 2016 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 99.7% (100.0% of Total Investments)
      
           
   
MUNICIPAL BONDS – 99.7% (100.0% of Total Investments)
      
           
   
Consumer Staples – 4.9% (4.9% of Total Investments)
      
$ 2,000
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
12/18 at 100.00
B2
$ 2,029,500
   
Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
      
170
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
8/16 at 100.00
BBB+
170,054
   
Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
      
3,940
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/17 at 100.00
B–
3,965,846
   
Bonds, Series 2007A-1, 5.000%, 6/01/33
      
3,570
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B–
3,630,476
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
      
3,895
  
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed
6/17 at 26.07
BB
893,903
   
Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
      
3,500
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
8/16 at 100.00
B–
3,499,755
   
Bonds, Series 2005A-1, 5.500%, 6/01/45
      
17,075
  
Total Consumer Staples
    
14,189,534
   
Education and Civic Organizations – 0.8% (0.8% of Total Investments)
      
450
  
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education,
6/22 at 102.00
N/R
528,354
   
Multiple Projects, Series 2014A , 7.250%, 6/01/43
      
690
  
California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41
5/26 at 100.00
AA–
842,697
700
  
California Statewide Communities Development Authority, School Facility Revenue Bonds,
7/21 at 100.00
BBB–
814,387
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
      
1,840
  
Total Education and Civic Organizations
    
2,185,438
   
Health Care – 12.3% (12.3% of Total Investments)
      
285
  
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
8/25 at 100.00
AA–
337,081
   
Refunding Series 2015A, 5.000%, 8/15/43
      
555
  
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/24 at 100.00
AA
649,705
   
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
      
350
  
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/24 at 100.00
AA
413,133
   
Series 2014A, 5.000%, 10/01/38
      
690
  
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/24 at 100.00
AA
807,134
   
Series 2014B, 5.000%, 10/01/44
      
   
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
Aa3
653,503
670
  
5.250%, 8/15/41
8/21 at 100.00
Aa3
761,314
1,000
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B,
8/20 at 100.00
AA–
1,204,020
   
6.000%, 8/15/42
      
5,365
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
5,483,084
   
5.250%, 11/15/46 (UB)
      
2,270
  
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
A–
2,326,523
   
of Central California, Series 2007, 5.250%, 2/01/27
      
2,390
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
6/26 at 100.00
BB
2,656,174
   
University Medical Center, Series 2016A, 5.000%, 12/01/46
      
2,625
  
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
4/22 at 100.00
AA–
3,030,668
   
Series 2012A, 5.000%, 4/01/42
      
3,000
  
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
7/17 at 100.00
AA
3,133,740
   
Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
      
1,000
  
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
7/18 at 100.00
A
1,085,140
   
Healthcare West, Series 2008C, 5.625%, 7/01/35
      
1,460
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
8/16 at 100.00
AA–
1,470,132
   
Series 2001C, 5.250%, 8/01/31
      
2,710
  
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
No Opt. Call
AA–
3,088,153
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
      
2,940
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
11/19 at 100.00
Ba1
3,286,773
   
6.750%, 11/01/39
      
2,900
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Ba1
3,103,493
   
6.000%, 11/01/41
      
1,750
  
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
12/21 at 100.00
BB+
2,164,050
   
7.500%, 12/01/41
      
32,520
  
Total Health Care
    
35,653,820
   
Housing/Multifamily – 2.0% (2.0% of Total Investments)
      
1,010
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB
1,124,807
   
Series 2010A, 6.400%, 8/15/45
      
1,060
  
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
BBB
1,206,004
   
Series 2012A, 5.500%, 8/15/47
      
   
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas
      
   
Affordable Housing, Inc. Projects, Series 2014A:
      
65
  
5.250%, 8/15/39
8/24 at 100.00
BBB
74,194
175
  
5.250%, 8/15/49
8/24 at 100.00
BBB
198,984
2,255
  
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,
7/16 at 100.00
N/R
2,257,977
   
Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
      
1,045
  
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile
7/16 at 100.00
N/R
1,046,766
   
Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
      
5,610
  
Total Housing/Multifamily
    
5,908,732
   
Housing/Single Family – 0.7% (0.8% of Total Investments)
      
2,125
  
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%,
12/16 at 100.00
AA
2,160,573
   
12/01/42 (Alternative Minimum Tax)
      
   
Long-Term Care – 1.6% (1.6% of Total Investments)
      
4,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,
8/18 at 100.00
AA–
4,399,880
   
The Institute on Aging, Series 2008A, 5.650%, 8/15/38
      
180
  
California Statewide Community Development Authority, Certificates of Participation, Internext
10/16 at 100.00
BBB+
180,747
   
Group, Series 1999, 5.375%, 4/01/17
      
4,180
  
Total Long-Term Care
    
4,580,627
   
Tax Obligation/General – 22.4% (22.5% of Total Investments)
      
1,750
  
Antelope Valley Community College District, Los Angeles County, California, General Obligation
2/25 at 100.00
Aa2
2,093,473
   
Bonds, Refunding Series 2015, 5.000%, 8/01/39
      
1,000
  
California State, General Obligation Bonds, Refunding Various Purpose Series 2013,
No Opt. Call
AA–
1,211,870
   
5.000%, 2/01/29
      
1,000
  
California State, General Obligation Bonds, Various Purpose Refunding Series 2014,
8/24 at 100.00
AA–
1,232,600
   
5.000%, 8/01/31
      
3,000
  
California State, General Obligation Bonds, Various Purpose Refunding Series 2015,
8/25 at 100.00
AA–
3,668,700
   
5.000%, 8/01/34
      
   
California State, General Obligation Bonds, Various Purpose Series 2009:
      
2,500
  
6.000%, 4/01/38
4/19 at 100.00
AA–
2,855,100
1,000
  
6.000%, 11/01/39
11/19 at 100.00
AA–
1,170,840
2,000
  
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
AA–
2,333,620
   
California State, General Obligation Bonds, Various Purpose Series 2013:
      
2,500
  
5.000%, 4/01/37
4/23 at 100.00
AA–
2,980,250
2,500
  
5.000%, 2/01/43
No Opt. Call
AA–
2,945,350
2,240
  
5.000%, 11/01/43
11/23 at 100.00
AA–
2,680,541
   
California State, General Obligation Bonds, Various Purpose Series 2014:
      
5,000
  
5.000%, 5/01/32
5/24 at 100.00
AA–
6,109,500
1,970
  
5.000%, 10/01/39
10/24 at 100.00
AA–
2,377,849
290
  
Oceanside Unified School District, San Diego County, California, General Obligation Bonds,
8/20 at 13.60
AA
35,342
   
Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
      
10,000
  
Poway Unified School District, San Diego County, California, General Obligation Bonds, School
No Opt. Call
AA–
3,441,500
   
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46
      
2,000
  
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 –
No Opt. Call
AA–
2,114,620
   
NPFG Insured
      
3,000
  
San Diego Unified School District, San Diego County, California, General Obligation Bonds,
7/25 at 100.00
AAA
3,622,260
   
Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40
      
11,875
  
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,
9/36 at 100.00
Aaa
10,304,056
   
Election 2010 Series 2011A, 0.000%, 9/01/41 (4)
      
20,860
  
Yosemite Community College District, California, General Obligation Bonds, Capital
No Opt. Call
Aa2
13,925,926
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
      
74,485
  
Total Tax Obligation/General
    
65,103,397
   
Tax Obligation/Limited – 21.3% (21.3% of Total Investments)
      
1,000
  
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment
8/16 at 100.00
BBB+
1,001,740
   
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
8/16 at 100.00
AA
3,004,410
1,000
  
5.625%, 10/01/33 – RAAI Insured
8/16 at 100.00
AA
1,000,770
3,500
  
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/23 at 100.00
A+
4,301,150
   
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
      
1,250
  
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/24 at 100.00
A+
1,491,888
   
Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
      
1,000
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
10/19 at 100.00
A+
1,158,090
   
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
A+
2,389,120
   
2009-I, 6.375%, 11/01/34
      
3,000
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
11/22 at 100.00
A+
3,521,640
   
2012G, 5.000%, 11/01/37
      
1,005
  
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax
9/16 at 101.00
A
1,024,185
   
Allocation 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
1,037,330
   
2007A, 5.000%, 9/01/23 – AMBAC Insured
      
750
  
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa
10/16 at 100.00
A
761,835
   
Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
      
8,250
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/25 at 100.00
A+
9,757,110
   
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
      
675
  
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
5/17 at 100.00
BBB+
689,918
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
      
   
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District
      
   
Series 2006A:
      
150
  
5.000%, 9/01/26
9/16 at 100.00
N/R
151,374
355
  
5.125%, 9/01/36
9/16 at 100.00
N/R
357,737
2,500
  
Kern County Board of Education, California, Certificates of Participation, Series 2006A,
6/16 at 100.00
AA–
2,507,300
   
5.000%, 6/01/31 – NPFG Insured
      
750
  
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
8/19 at 100.00
BBB
849,780
   
Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24
      
3,520
  
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
No Opt. Call
AA
4,127,482
   
Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
      
370
  
National City Community Development Commission, California, Tax Allocation Bonds, National
8/21 at 100.00
A
464,024
   
City Redevelopment Project, Series 2011, 6.500%, 8/01/24
      
140
  
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
9/21 at 100.00
BBB+
170,121
   
Project, Series 2011, 6.750%, 9/01/40
      
5,910
  
Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds,
No Opt. Call
AA
5,933,699
   
Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29
      
   
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District
      
   
2001-1, Senior Series 2013A:
      
950
  
5.250%, 9/01/30
9/23 at 100.00
N/R
1,063,326
860
  
5.750%, 9/01/39
9/23 at 100.00
N/R
966,700
160
  
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
9/23 at 100.00
N/R
178,637
   
2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
      
440
  
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
9/21 at 100.00
A–
515,046
   
2011A, 5.750%, 9/01/30
      
80
  
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A
99,048
   
Area, Series 2011B, 6.500%, 10/01/25
      
2,000
  
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,
9/16 at 100.00
N/R
2,009,640
   
Series 2005, 5.050%, 9/01/30
      
50
  
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1
9/25 at 100.00
N/R
57,040
   
Marblehead Coastal, Series 2015, 5.000%, 9/01/40
      
1,000
  
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
4/22 at 100.00
AAA
1,172,810
   
Refunding Series 2012A, 5.000%, 4/01/42
      
170
  
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax
No Opt. Call
N/R
187,768
   
Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
      
   
Refunding Series 2014, 5.000%, 8/01/39
      
2,750
  
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
9/16 at 100.00
AA
2,760,973
   
Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
      
780
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB+
812,744
   
Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
      
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
      
   
Project, Series 2006C:
      
400
  
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
AA–
419,372
590
  
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
AA–
618,149
110
  
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
4/21 at 100.00
N/R
131,540
   
7.000%, 10/01/26
      
1,330
  
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,
12/17 at 100.00
AA
1,371,004
   
12/01/37 – RAAI Insured
      
1,000
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A,
10/22 at 100.00
AA
1,116,860
   
5.000%, 10/01/32 – AGM Insured
      
590
  
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,
9/16 at 100.00
N/R
591,463
   
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,
8/16 at 100.00
N/R
1,755,639
   
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–
232,260
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
      
56,305
  
Total Tax Obligation/Limited
    
61,760,722
   
Transportation – 8.8% (8.9% of Total Investments)
      
1,820
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
1/24 at 100.00
BB+
2,187,149
   
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
      
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
      
   
Refunding Series 2013A:
      
1,945
  
5.000%, 1/15/42 – AGM Insured
1/24 at 100.00
AA
2,175,891
4,010
  
5.750%, 1/15/46
1/24 at 100.00
BBB–
4,732,281
4,010
  
6.000%, 1/15/53
1/24 at 100.00
BBB–
4,755,018
5,665
  
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
5/25 at 100.00
AA
6,626,520
   
Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)
      
3,000
  
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
8/24 at 100.00
AA
3,572,790
185
  
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue
7/16 at 100.00
N/R
185,220
   
Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
      
1,210
  
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29
No Opt. Call
A+
1,409,880
   
(Alternative Minimum Tax)
      
21,845
  
Total Transportation
    
25,644,749
   
U.S. Guaranteed – 17.9% (17.9% of Total Investments) (5)
      
1,600
  
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
N/R (5)
1,650,064
   
of Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17)
      
1,000
  
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
7/17 at 100.00
AA+ (5)
1,050,680
   
System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
      
1,500
  
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
8/16 at 100.00
AA (5)
1,511,265
   
8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
      
1,855
  
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue
No Opt. Call
Aaa
2,168,217
   
Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
      
1,525
  
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
12/17 at 100.00
BB (5)
1,698,667
   
2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
      
1,500
  
Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004,
7/16 at 100.00
Aa2 (5)
1,505,490
   
Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
      
18,475
  
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric
9/16 at 64.56
A (5)
11,912,495
   
Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)
      
5,710
  
Oceanside Unified School District, San Diego County, California, General Obligation Bonds,
8/20 at 13.60
AA (5)
734,934
   
Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
      
8,565
  
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage
No Opt. Call
AA+ (5)
8,524,402
   
Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
      
1,130
  
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB– (5)
1,275,352
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
      
14,950
  
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home
No Opt. Call
Aaa
11,328,064
   
Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
      
65
  
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
2/21 at 100.00
A– (5)
81,575
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
      
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
      
   
Mission Bay South Redevelopment Project, Series 2011D:
      
65
  
7.000%, 8/01/33 (Pre-refunded 2/01/21)
2/21 at 100.00
BBB+ (5)
82,244
80
  
7.000%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
BBB+ (5)
101,223
625
  
San Mateo Union High School District, San Mateo County, California, Certificates of
12/17 at 100.00
N/R (5)
667,025
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) –
      
   
AMBAC Insured
      
3,000
  
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,
8/17 at 100.00
A+ (5)
3,180,480
   
Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
      
910
  
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, 2000 Measure
4/17 at 100.00
AA+ (5)
943,697
   
A, Refunding Series 2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
      
1,320
  
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation
8/18 at 100.00
Aa3 (5)
1,456,145
   
Bonds, Series 2010B, 5.500%, 8/01/35 (Pre-refunded 8/01/18)
      
1,925
  
Travis Unified School District, Solano County, California, Certificates of Participation,
9/16 at 100.00
A3 (5)
1,946,676
   
Series 2006, 5.000%, 9/01/26 (Pre-refunded 9/01/16) – FGIC Insured
      
65,800
  
Total U.S. Guaranteed
    
51,818,695
   
Utilities – 1.9% (1.9% of Total Investments)
      
2,000
  
California Statewide Communities Development Authority, Certificates of Participation, Rio
6/16 at 100.00
N/R
2,000,500
   
Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
      
1,800
  
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series
No Opt. Call
A
2,375,658
   
2007A, 5.500%, 11/15/37
      
1,000
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
1/26 at 100.00
Aa2
1,224,270
   
2016A, 5.000%, 7/01/37
      
4,800
  
Total Utilities
    
5,600,428
   
Water and Sewer – 5.1% (5.1% of Total Investments)
      
   
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon
      
   
Resources Channelside LP Desalination Project, Series 2012:
      
1,375
  
5.000%, 7/01/37 (Alternative Minimum Tax)
No Opt. Call
Baa3
1,526,030
2,675
  
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
Baa3
2,953,173
5,000
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
7/17 at 100.00
AA+
5,224,350
   
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
1,980,740
3,000
  
5.500%, 1/01/38
1/18 at 100.00
A
3,192,870
13,900
  
Total Water and Sewer
    
14,877,163
$ 300,485
  
Total Long-Term Investments (cost $253,675,865)
    
289,483,878
   
Floating Rate Obligations – (1.1)%
    
(3,240,000)
   
Other Assets Less Liabilities – 1.4%
    
4,147,696
   
Net Assets Applicable to Common Shares – 100%
    
$ 290,391,574
 

Fair Value Measurements
Fair value is defined as the price that would be received 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 following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using 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 risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$ —
$289,483,878
$ —
$289,483,878
 
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.
As of May 31, 2016, the cost of investments was $250,464,502.
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2016, were as follows:
   
Gross unrealized:
  
Appreciation
$36,097,522
Depreciation
(317,516)
Net unrealized appreciation (depreciation) of investments
$35,780,006
 
(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 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)
  
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(5)
  
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.
(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:         July 29, 2016        
 
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 29, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         July 29, 2016