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)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—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:          5/31/06         

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, 2006             
Principal        Optional Call         
Amount (000)    Description    Provisions (1)    Ratings (2)    Value 
    Consumer Staples – 1.3%             
$               630    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/15 at 100.00    BBB   $   609,279 
     County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21             
2,500    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/13 at 100.00    BBB    2,707,975 
     Bonds, Series 2003A-1, 6.250%, 6/01/33             
3,130    Total Consumer Staples            3,317,254 
    Education and Civic Organizations – 0.8%             
140    California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series    10/15 at 100.00    A3    140,872 
     2005A, 5.000%, 10/01/35             
    California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:             
95     5.000%, 11/01/21 (WI/DD, Settling 6/01/06)    11/15 at 100.00    A2    98,204 
125     5.000%, 11/01/25 (WI/DD, Settling 6/01/06)    11/15 at 100.00    A2    128,349 
1,500    California Statewide Community Development Authority, Certificates of Participation, San Diego    12/06 at 105.00    N/R    1,589,640 
     Space and Science Foundation, Series 1996, 7.500%, 12/01/26             
1,860    Total Education and Civic Organizations            1,957,065 
    Health Care – 7.3%             
825    Arcadia, California, Hospital Revenue Bonds, Methodist Hospital of Southern California, Series    11/06 at 100.00    BBB+    826,403 
     1992, 6.500%, 11/15/12             
940    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    11/15 at 100.00    A3    948,864 
     Series 2005, 5.000%, 11/15/34             
    California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity             
    Health System, Series 2005A:             
250     5.250%, 7/01/24    7/15 at 100.00    BBB+    256,710 
530     5.250%, 7/01/35    7/15 at 100.00    BBB+    541,109 
4,380    California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,    3/16 at 100.00    A+    4,399,798 
     Series 2006, 5.000%, 3/01/41 (WI/DD, Settling 6/08/06)             
2,710    California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health    No Opt. Call    AAA    2,856,638 
     System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured             
5,000    Central California Joint Powers Health Finance Authority, Certificates of Participation,    2/10 at 101.00    Baa2    5,189,050 
     Community Hospitals of Central California Obligated Group, Series 2000, 6.000%, 2/01/30             
1,440    Stockton, California, Health Facility Revenue Bonds, Dameron Hospital Association, Series    12/07 at 102.00    BBB+    1,482,638 
     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    1,857,622 
     5.375%, 7/01/21 – AMBAC Insured             
17,805    Total Health Care            18,358,832 
    Housing/Multifamily – 5.2%             
3,350    ABAG Finance Authority for Non-Profit Corporations, California, Multifamily Housing Revenue    No Opt. Call    BBB    3,477,602 
     Refunding Bonds, United Dominion/2000 Post Apartments, Series 2000B, 6.400%, 8/15/30             
     (Mandatory put 8/15/08) (Alternative Minimum Tax)             
2,565    California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,    7/09 at 102.00    N/R    2,664,779 
     Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)             
5,000    California Statewide Community Development Authority, Multifamily Housing Revenue Refunding    No Opt. Call    BBB+    5,092,750 
     Bonds, Archstone Communities Trust, Archstone Pelican Point Apartments, Series 1999H, 5.300%,             
     6/01/29 (Mandatory put 6/01/08)             
475    Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile    10/06 at 100.00    N/R    475,295 
     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    1,498,406 
     Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28             
12,830    Total Housing/Multifamily            13,208,832 
    Housing/Single Family – 0.0%             
10    California Rural Home Mortgage Finance Authority, GNMA Collateralized Single Family Mortgage    No Opt. Call    Aaa    10,049 
     Revenue Bonds, Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)             
80    California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single    No Opt. Call    AAA    81,830 
     Family Mortgage Revenue Bonds, Series 1997D, 6.700%, 5/01/29 (Alternative Minimum Tax)             
90    Total Housing/Single Family            91,879 
    Industrials – 0.8%             
1,000    California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management    No Opt. Call    BBB    998,950 
     Inc., Series 2004, 4.100%, 9/01/14 (Mandatory put 9/01/09) (Alternative Minimum Tax)             
1,000    California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste    1/16 at 102.00    BBB    1,007,840 
     Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)             
2,000    Total Industrials            2,006,790 
    Long-Term Care – 4.5%             
    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    1,920,226 
2,130     5.600%, 8/15/34    8/14 at 100.00    A    2,226,212 
2,720    ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,    10/07 at 102.00    BB+    2,728,323 
     American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17             
2,830    California Statewide Community Development Authority, Certificates of Participation, Internext    4/09 at 101.00    BBB    2,866,394 
     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–    1,547,985 
     Force Village West, Series 1999, 5.750%, 5/15/19             
11,030    Total Long-Term Care            11,289,140 
    Tax Obligation/General – 11.4%             
    California, General Obligation Bonds, Series 2004:             
500     5.000%, 2/01/20    2/14 at 100.00    A    518,490 
5,200     5.000%, 2/01/21    2/14 at 100.00    A    5,382,052 
2,850     5.250%, 4/01/34    4/14 at 100.00    A    2,971,068 
1,000    Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series    8/12 at 101.00    AAA    1,038,970 
     2002A, 5.000%, 8/01/21 – FGIC Insured             
3,200    Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A,    7/13 at 100.00    AAA    3,329,664 
     5.000%, 7/01/22 – FSA Insured             
1,500    Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,    7/16 at 100.00    AAA    1,570,740 
     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    1,909,169 
     2001, 5.125%, 8/01/21 – FSA Insured             
    Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2005:             
360     5.000%, 8/01/25 – MBIA Insured    8/15 at 100.00    AAA    374,335 
380     5.000%, 8/01/26 – MBIA Insured    8/15 at 100.00    AAA    394,265 
2,000    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 –    No Opt. Call    AAA    2,243,600 
     MBIA Insured             
5,000    San Diego Unified School District, California, General Obligation Bonds, Series 2004F, 5.000%,    7/14 at 100.00    AAA    5,159,100 
     7/01/29 – FSA Insured             
    San Jose-Evergreen Community College District, Santa Clara County, California, General             
    Obligation Bonds, Series 2005A:             
285     5.000%, 9/01/25 – MBIA Insured    9/15 at 100.00    AAA    297,309 
415     5.000%, 9/01/27 – MBIA Insured    9/15 at 100.00    AAA    431,007 
1,500    San Ramon Valley Unified School District, Contra Costa County, California, General Obligation    8/13 at 100.00    AAA    1,557,990 
     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    1,526,912 
     Bonds, Series 2003B, 5.000%, 8/01/20 – FSA Insured             
27,495    Total Tax Obligation/General            28,704,671 
    Tax Obligation/Limited – 28.3%             
    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    3,200,850 
1,000     5.625%, 10/01/33 – RAAI Insured    10/13 at 100.00    AA    1,064,400 
    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    1,852,422 
5,010     5.750%, 12/01/33 – FGIC Insured    12/13 at 100.00    AAA    5,502,483 
2,400    Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central    8/13 at 102.00    AAA    2,477,352 
     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–    1,908,068 
2,800    Commerce Community Development Commission, California, Subordinate Lien Tax Allocation    8/07 at 102.00    N/R    2,904,888 
     Refunding Bonds, Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21             
1,855    Duarte Redevelopment Agency, California, Tax Allocation Refunding Bonds, Amended Davis    9/07 at 102.00    N/R    1,932,632 
     Addition Project Area, Series 1997A, 6.700%, 9/01/14             
260    Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A,    9/15 at 100.00    AAA    271,833 
     5.000%, 9/01/20 – XLCA Insured             
    Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,             
    Series 2006A:             
160     5.000%, 9/01/26    9/06 at 103.00    N/R    160,944 
375     5.125%, 9/01/36    9/06 at 103.00    N/R    375,116 
2,500    Kern County Board of Education, California, Certificates of Participation, Series 2006A,    6/16 at 100.00    AAA    2,576,400 
     5.000%, 6/01/31 – MBIA Insured             
2,750    Los Angeles County Schools, California, Certificates of Participation, Pooled Financing Program,    9/13 at 100.00    AAA    2,822,930 
     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,    9/06 at 103.00    N/R    3,782,940 
     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    1,113,646 
1,145     5.250%, 9/01/23 – AMBAC Insured    9/14 at 100.00    AAA    1,219,391 
1,255     5.250%, 9/01/24 – AMBAC Insured    9/14 at 100.00    AAA    1,334,743 
420    Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central    3/13 at 100.00    AAA    457,825 
     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    8,548,640 
     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    296,554 
     2005A, 5.000%, 9/01/35 – XLCA Insured             
615    Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple    10/15 at 100.00    AAA    629,004 
     Projects, Series 2005A, 5.000%, 10/01/35 – XLCA Insured             
5,000    Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A,    10/14 at 100.00    AAA    5,096,250 
     5.000%, 10/01/37 – XLCA Insured             
3,130    San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention    7/11 at 102.00    AAA    3,323,152 
     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    2,864,208 
     Project, Series 2001F, 5.000%, 9/01/20 – MBIA Insured             
1,700    Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community    1/07 at 101.00    A–    1,735,683 
     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    1,035,820 
     AMBAC Insured             
1,925    Travis Unified School District, Solano County, California, Certificates of Participation,    9/16 at 100.00    Aaa    1,992,799 
     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    3,929,282 
     5.000%, 12/01/27 – AMBAC Insured             
3,000    Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A,    10/10 at 101.00    BBB    3,286,860 
     6.500%, 10/01/24             
1,300    Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%,    10/14 at 100.00    AA    1,331,057 
     10/01/33 – RAAI Insured             
2,570    Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,    9/06 at 101.00    N/R    2,595,906 
     Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20             
68,255    Total Tax Obligation/Limited            71,624,078 
    Transportation – 3.5%             
2,500    Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series    4/16 at 100.00    AA    2,585,225 
     2006, 5.000%, 4/01/31             
5,500    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding    1/14 at 101.00    BBB–    4,804,415 
     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    1,332,038 
240    Palm Springs Financing Authority, California, Palm Springs International Airport Revenue    7/14 at 102.00    N/R    240,372 
     Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)             
9,490    Total Transportation            8,962,050 
    U.S. Guaranteed – 29.2% (3)             
2,400    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/12 at 100.00    Baa3 (3)    2,595,144 
     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    4,867,065 
     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 (3)    3,485,997 
     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    A3 (3)    13,058,877 
     Series 1999A, 6.125%, 12/01/30 (Pre-refunded 12/01/09)             
4,000    California State Public Works Board, Lease Revenue Bonds, Department of Health Services,    11/09 at 101.00    AAA    4,304,760 
     Series 1999A, 5.750%, 11/01/24 (Pre-refunded 11/01/09) – MBIA Insured             
290    California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health    8/08 at 102.00    AAA    303,775 
     System, Series 1998A, 5.000%, 8/01/22 (Pre-refunded 8/01/08) – AMBAC Insured             
6,260    California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27    3/10 at 101.00    AAA    6,779,142 
     (Pre-refunded 3/01/10) – MBIA Insured             
2,000    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/09 at 102.00    N/R (3)    2,161,640 
     Facilities District 98-2 – Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)             
2,065    Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue    No Opt. Call    AAA    2,757,374 
     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    4,178,594 
3,000     5.625%, 6/01/38 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    3,321,720 
1,475    Long Beach Community College District, California, General Obligation Bonds, Series 2003A,    5/13 at 100.00    AAA    1,582,837 
     5.000%, 5/01/28 (Pre-refunded 5/01/13) – MBIA Insured             
2,500    Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds,    7/06 at 100.00    BBB (3)    2,584,500 
     Central Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)             
4,188    Merced Irrigation District, California, Subordinated Revenue Certificates of Participation,    3/08 at 102.00    AAA    4,504,445 
     Electric System Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded 3/01/08)             
8,565    Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue    No Opt. Call    AAA    5,229,275 
     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    3,573,306 
     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    8,624,317 
     Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)             
83,873    Total U.S. Guaranteed            73,912,768 
    Utilities – 3.1%             
2,740    California Statewide Community Development Authority, Certificates of Participation Refunding,    6/06 at 101.50    N/R    2,782,388 
     Rio Bravo Fresno Project, Series 1999A, 6.300%, 12/01/18             
500    Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series    7/13 at 100.00    AAA    519,425 
     2003A-2, 5.000%, 7/01/21 – MBIA Insured             
605    Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,    9/15 at 100.00    AAA    627,512 
     9/01/31 – XLCA Insured             
3,470    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    6/10 at 101.00    Baa3    3,787,921 
     Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26             
     (Alternative Minimum Tax)             
7,315    Total Utilities            7,717,246 
    Water and Sewer – 5.5%             
1,500    California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,    6/15 at 100.00    AAA    1,570,260 
     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    422,665 
     5.000%, 4/01/36 (WI/DD, Settling 6/06/06) – MBIA Insured             
500    Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,    10/13 at 100.00    AAA    519,460 
     Capital Projects, Series 2003A, 5.000%, 10/01/23 – FSA Insured             
820    Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series    7/16 at 100.00    AAA    853,923 
     2006A-2, 5.000%, 7/01/27 – AMBAC Insured             
5,000    Orange County Sanitation District, California, Certificates of Participation, Series 2003,    8/13 at 100.00    AAA    5,263,200 
     5.250%, 2/01/27 – FGIC Insured             
1,580    San Diego County Water Authority, California, Water Revenue Refunding Certificates of    5/12 at 101.00    AAA    1,629,770 
     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+    3,600,170 
     Project, Series 2003, 5.625%, 7/01/43             
13,310    Total Water and Sewer            13,859,448 
$        258,483    Total Investments (cost $240,636,014) – 100.9%            255,010,053 
    Other Assets Less Liabilities – (0.9)%            (2,307,444) 
    Net Assets – 100%           $   252,702,609 

(1)    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. 
(2)    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. 
(3)    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. 
N/R    Not rated. 
WI/DD    Purchased on a when-issued or delayed delivery basis. 
(ETM)    Escrowed to maturity. 

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 and timing differences in recognizing certain gains and losses on investment transactions.

At May 31, 2006, the cost of investments was $240,586,053.

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2006, were as follows:

Gross unrealized:     
  Appreciation    $14,586,483 
  Depreciation    (162,483) 
Net unrealized appreciation (depreciation) of investments    $14,424,000 

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/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         July 28, 2006        

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 28, 2006        

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

Date        July 28, 2006        

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