nq1.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

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

Kevin J. McCarthy Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            2/28          
 
Date of reporting period:         11/30/09         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


 
 
 


 

Item 1. Schedule of Investments
 
  Portfolio of Investments (Unaudited)      
  Nuveen California Municipal Value Fund, Inc. (NCA)      
  November 30, 2009      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3)                    Value
  Consumer Staples – 3.6% (3.5% of Total Investments)      
$        465  California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  6/15 at 100.00  BBB  $ 435,003 
  County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21       
2,000  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/17 at 100.00  BBB  1,445,760 
  Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47       
11,010  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/22 at 100.00  BBB  6,674,482 
  Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37       
13,475  Total Consumer Staples      8,555,245 
  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  131,127 
  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  98,555 
125  5.000%, 11/01/25  11/15 at 100.00  A2  126,528 
1,500  California Statewide Community Development Authority, Certificates of Participation, San Diego  12/09 at 102.00  N/R  1,471,950 
  Space and Science Foundation, Series 1996, 7.500%, 12/01/26       
1,860  Total Education and Civic Organizations      1,828,160 
  Health Care – 11.4% (11.2% of Total Investments)      
310  California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,  4/16 at 100.00  A+  283,697 
  Series 2006, 5.000%, 4/01/37       
5,365  California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,  11/16 at 100.00  Aa3  5,061,931 
  5.250%, 11/15/46 (UB)       
560  California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System  3/15 at 100.00  A  505,047 
  West, Series 2005A, 5.000%, 3/01/35       
3,000  California Statewide Community Development Authority, Insured Health Facility Revenue Bonds,  7/17 at 100.00  AAA  3,033,180 
  Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured       
990  California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,  3/16 at 100.00  A+  895,990 
  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+  1,421,208 
  Series 2001C, 5.250%, 8/01/31       
2,710  California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health  No Opt. Call  A  2,638,402 
  System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured       
3,390  California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series  11/15 at 100.00  Aa3  3,088,561 
  2005A, 5.000%, 11/15/43       
1,525  Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series  12/17 at 100.00  BBB  1,676,524 
  2008A, 8.250%, 12/01/38       
2,940  Palomar Pomerado Health, Calfornia, Certificates of Participation, Series 2009, 6.750%, 11/01/39  11/19 at 100.00  Baa2  2,877,701 
3,000  Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,  8/17 at 100.00  A+  3,052,710 
  Series 2007A, 5.750%, 2/01/41 – AMBAC Insured       
1,000  Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37  9/17 at 100.00  N/R  893,260 
1,730  West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,  7/14 at 100.00  A+  1,802,937 
  5.375%, 7/01/21 – AMBAC Insured       
27,980  Total Health Care      27,231,148 
  Housing/Multifamily – 1.6% (1.5% of Total Investments)      
2,460  California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,  1/10 at 102.00  N/R  2,055,035 
  Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)       
445  Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile  4/10 at 100.00  N/R  407,531 
  Home Park Project, Series 1999B, 6.500%, 3/20/29       
1,400  San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile  1/10 at 101.00  N/R  1,252,342 
  Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28       
4,305  Total Housing/Multifamily      3,714,908 
  Housing/Single Family – 2.3% (2.3% of Total Investments)      
310  California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  2/16 at 100.00  AA–  321,954 
  8/01/30 – FGIC Insured (Alternative Minimum Tax)       
4,390  California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2007M, 4.700%,  2/16 at 100.00  AA–  3,474,641 
  8/01/36 (Alternative Minimum Tax)       
2,125  California State Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007,  12/16 at 100.00  Aa2  1,799,025 
  5.000%, 12/01/42 (Alternative Minimum Tax)       
6,825  Total Housing/Single Family      5,595,620 
  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  946,930 
  Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)       
  Long-Term Care – 5.8% (5.7% 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  1,895,362 
2,130  5.600%, 8/15/34  8/14 at 100.00  A  2,146,422 
2,270  ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,  4/10 at 100.00  BBB–  2,255,676 
  American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17       
4,000  ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,  8/18 at 100.00  A  3,910,720 
  The Institute on Aging, Series 2008A, 5.650%, 8/15/38       
2,230  California Statewide Community Development Authority, Certificates of Participation, Internext  4/10 at 100.50  BBB  2,241,663 
  Group, Series 1999, 5.375%, 4/01/17       
1,500  Riverside County Public Financing Authority, California, Certificates of Participation, Air  5/10 at 100.50  BB+  1,462,110 
  Force Village West, Series 1999, 5.750%, 5/15/19       
13,980  Total Long-Term Care      13,911,953 
  Tax Obligation/General – 1.9% (1.8% of Total Investments)      
500  California, General Obligation Bonds, Series 2004, 5.000%, 2/01/20  2/14 at 100.00  A  508,295 
1,500  Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,  7/16 at 100.00  AA–  1,576,290 
  5.000%, 7/01/24 – FGIC Insured       
2,000  Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 –  No Opt. Call  A  2,104,020 
  NPFG Insured       
270  Roseville Joint Union High School District, Placer County, California, General Obligation  8/15 at 100.00  AA–  278,170 
  Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured       
4,270  Total Tax Obligation/General      4,466,775 
  Tax Obligation/Limited – 29.3% (28.8% of Total Investments)      
1,000  Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment  6/15 at 100.00  BBB+  914,630 
  Project Area, Series 2007, 5.375%, 6/01/27       
  Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,       
  Series 2003:       
3,000  5.500%, 10/01/23 – RAAI Insured  10/13 at 100.00  BBB–  3,044,250 
1,000  5.625%, 10/01/33 – RAAI Insured  10/13 at 100.00  BBB–  990,200 
2,400  Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central  8/13 at 102.00  BBB+  2,252,880 
  Business and Residential District Project, Series 2003C, 5.000%, 8/01/28 – AMBAC Insured       
1,000  California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series  10/19 at 100.00  A–  979,710 
  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–  2,013,740 
  2009I-1, 6.375%, 11/01/34 (WI/DD, Settling 12/01/09)       
340  Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  9/15 at 100.00  A  329,283 
  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  BBB  859,496 
  Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured       
20,110  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/15 at 100.00  A–  17,738,629 
  Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured       
  Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,       
  Series 2006A:       
150  5.000%, 9/01/26  9/16 at 100.00  N/R  131,250 
355  5.125%, 9/01/36  9/16 at 100.00  N/R  291,888 
2,500  Kern County Board of Education, California, Certificates of Participation, Series 2006A,  6/16 at 100.00  A  2,490,200 
  5.000%, 6/01/31 – NPFG Insured       
615  Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social  9/15 at 100.00  A2  527,885 
  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  2,780,718 
  Program, Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/28 –       
  FSA Insured       
2,975  Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A,  3/10 at 103.00  N/R  3,019,863 
  5.650%, 9/02/13       
  Modesto Schools Infrastructure Financing Agency, Stanislaus County, California, Special Tax       
  Revenue Bonds, Series 2004:       
1,045  5.250%, 9/01/22 – AMBAC Insured  9/14 at 100.00  N/R  993,879 
1,145  5.250%, 9/01/23 – AMBAC Insured  9/14 at 100.00  N/R  1,071,651 
1,255  5.250%, 9/01/24 – AMBAC Insured  9/14 at 100.00  N/R  1,164,740 
420  Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central  3/13 at 100.00  A  434,255 
  District Redevelopment Project, Series 2003, 5.500%, 9/01/18 – FGIC Insured       
8,000  Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds,  2/10 at 101.00  AAA  8,045,680 
  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  A–  252,868 
  2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured       
5,000  Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A,  10/14 at 100.00  A–  4,291,000 
  5.000%, 10/01/37 – SYNCORA GTY Insured       
360  Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  8/13 at 100.00  AA–  354,978 
  8/01/25 – AMBAC Insured       
3,130  San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention  7/11 at 102.00  AA–  3,312,479 
  Center, Series 2004, 5.250%, 7/01/23 – AMBAC Insured       
2,750  San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center  9/11 at 100.00  AA+  2,885,823 
  Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured       
625  San Mateo Union High School District, San Mateo County, California, Certificates of  12/17 at 100.00  N/R  566,069 
  Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured       
740  Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community  1/10 at 100.00  A–  742,620 
  Correctional Facility Acquisition Project, Series 1997A, 5.950%, 1/01/11       
1,000  Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 –  9/14 at 100.00  A+  1,017,690 
  AMBAC Insured       
1,500  Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,  No Opt. Call  BBB  1,220,205 
  12/01/37 – RAAI Insured       
1,925  Travis Unified School District, Solano County, California, Certificates of Participation,  9/16 at 100.00  N/R  1,798,354 
  Series 2006, 5.000%, 9/01/26 – FGIC Insured       
2,500  Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,  12/11 at 100.00  AA–  2,537,125 
  5.000%, 12/01/27 – AMBAC Insured       
1,115  Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,  3/10 at 100.00  N/R  1,037,084 
  Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20       
74,000  Total Tax Obligation/Limited      70,091,122 
  Transportation – 4.4% (4.4% of Total Investments)      
2,500  Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series  4/16 at 100.00  AA  2,551,525 
  2006F, 5.000%, 4/01/31 (UB)       
5,500  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding  1/14 at 101.00  BBB–  5,438,180 
  Bonds, Series 1999, 5.875%, 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  1,265,250 
220  Palm Springs Financing Authority, California, Palm Springs International Airport Revenue  7/14 at 102.00  N/R  189,017 
  Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)       
1,245  San Francisco Airports Commission, California, Revenue Bonds, San Francisco International  5/11 at 100.00  A1  1,189,722 
  Airport, Second Series 1999, Issue 23A, 5.000%, 5/01/30 – FGIC Insured       
  (Alternative Minimum Tax)       
10,715  Total Transportation      10,633,694 
  U.S. Guaranteed – 25.4% (24.9% of Total Investments) (4)      
  Burbank Redevelopment Agency, California, Tax Allocation Bonds, Golden State Redevelopment       
  Project, Series 2003:       
1,700  5.625%, 12/01/28 (Pre-refunded 12/01/13) – FGIC Insured  12/13 at 100.00  N/R (4)  1,979,225 
5,010  5.750%, 12/01/33 (Pre-refunded 12/01/13) – FGIC Insured  12/13 at 100.00  N/R (4)  5,857,191 
2,400  California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  6/12 at 100.00  N/R (4)  2,582,520 
  County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30 (Pre-refunded 6/01/12)       
3,300  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,  5/12 at 101.00  Aaa  3,680,622 
  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)  3,240,784 
  Projects, Series 2000C, 6.750%, 6/01/30 (ETM)       
2,845  California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)  4/14 at 100.00  AAA  3,334,312 
3,260  California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27  3/10 at 101.00  AAA  3,337,164 
  (Pre-refunded 3/01/10) – NPFG Insured       
2,065  Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue  No Opt. Call  AAA  2,826,324 
  Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)       
2,105  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  2,349,790 
  Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)       
685  Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds,  1/10 at 100.00  BBB (4)  691,261 
  Central Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)       
5,000  Orange County Sanitation District, California, Certificates of Participation, Series 2003,  8/13 at 100.00  AAA  5,766,600 
  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  6,877,695 
  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  3,671,679 
  7/01/36 (Pre-refunded 7/01/12)       
20,415  San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home  No Opt. Call  AAA  11,201,302 
  Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)       
3,000  Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,  10/10 at 101.00  BBB+ (4)  3,185,760 
  10/01/24 (Pre-refunded 10/01/10)       
66,765  Total U.S. Guaranteed      60,582,229 
  Utilities – 7.1% (7.0% of Total Investments)      
2,445  California Statewide Community Development Authority, Certificates of Participation Refunding,  12/09 at 100.00  N/R  2,209,889 
  Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18 (5)       
1,800  Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  No Opt. Call  A  1,629,180 
  2007A, 5.500%, 11/15/37       
21,500  Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric  9/16 at 64.56  A  9,136,210 
  System Projects, Series 2008A, 0.000%, 9/01/23       
605  Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,  9/15 at 100.00  N/R  534,409 
  9/01/31 – SYNCORA GTY Insured       
3,470  Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities  6/10 at 101.00  Baa3  3,502,757 
  Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26       
  (Alternative Minimum Tax)       
29,820  Total Utilities      17,012,445 
  Water and Sewer – 7.8% (7.7% of Total Investments)      
1,480  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  6/15 at 100.00  AAA  1,579,101 
  Series 2005AD, 5.000%, 12/01/22 – FSA Insured       
1,500  Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,  8/16 at 100.00  AA–  1,442,235 
  8/01/36 – NPFG Insured       
410  Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  4/16 at 100.00  AA–  396,003 
  5.000%, 4/01/36 – NPFG Insured       
500  Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,  10/13 at 100.00  AAA  525,525 
  Capital Projects, Series 2003A, 5.000%, 10/01/23 – FSA Insured       
5,000  Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series  7/17 at 100.00  AA  4,914,900 
  2007A-2, 5.000%, 7/01/44 – AMBAC Insured       
  Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:       
1,850  5.500%, 1/01/33  1/18 at 100.00  A–  1,884,947 
3,000  5.500%, 1/01/38  1/18 at 100.00  A–  3,019,290 
1,580  San Diego County Water Authority, California, Water Revenue Refunding Certificates of  5/12 at 101.00  AA+  1,629,770 
  Participation, Series 2002A, 5.000%, 5/01/26 – NPFG Insured       
3,500  Woodbridge Irrigation District, California, Certificates of Participation, Water Systems  7/13 at 100.00  A+  3,315,897 
  Project, Series 2003, 5.625%, 7/01/43       
18,820  Total Water and Sewer      18,707,668 
$    273,815  Total Investments (cost $237,436,384) – 101.8%      243,277,897 
  Floating Rate Obligations – (1.9)%      (4,490,000)
  Other Assets Less Liabilities – 0.1%      236,376 
  Net Assets – 100%      $ 239,024,273 


 
Fair Value Measurements
 
In determining the value of the Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of November 30, 2009:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $243,277,897  $ —  $243,277,897 

Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At November 30, 2009, the cost of investments was $232,946,754.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
 
Gross unrealized:   
  Appreciation  $13,885,442 
  Depreciation  (8,043,674)
Net unrealized appreciation (depreciation) of investments  $  5,841,768 

(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 Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's 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)  This debt has been restructured to accommodate capital maintenance at the facility. Major highlights of 
  the debt restructuring include the following: (1) the principal balance outstanding on and after 
  December 1, 2007, shall accrue interest at a rate of 6.500% per annum commencing December 1, 2007; 
  (2) the interest shall accrue but not be payable on June 1, 2008 or December 1, 2008, but shall instead be 
  deferred and paid by the end of calendar year 2011; (3) no principal component shall be pre-payable from 
  the Minimum Sinking Fund Account during calendar years 2008 and 2009 but such pre-payments shall 
  recommence beginning in calendar year 2010 according to a revised schedule. Management believes that 
  the restructuring is in the best interest of Fund shareholders and that it is more-likely-than-not that the 
  borrower will fulfill its obligation. Consequently, the Fund continues to accrue interest on this obligation. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(ETM)  Escrowed to maturity. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 
Item 2. Controls and Procedures.

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

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



 
 
 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen California Municipal Value Fund, Inc. 
 
By (Signature and Title)      /s/ Kevin J. McCarthy                    
                                                Kevin J. McCarthy
                                                Vice President and Secretary
 
Date         January 29, 2010        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                               Gifford R. Zimmerman
                                               Chief Administrative Officer (principal executive officer) 
 
Date         January 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                               Stephen D. Foy
                                               Vice President and Controller (principal financial officer) 
 
Date        January 29, 2010