nq2.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-05235
 
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:            2/28          
 
Date of reporting period:         5/31/15         
 
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, 2015 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 100.4% (99.6% of Total Investments)
     
           
   
MUNICIPAL BONDS – 100.4% (99.6% of Total Investments)
     
           
   
Consumer Staples – 4.2% (4.1% of Total Investments)
     
$    2,000
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
12/18 at 100.00
B+
$    1,788,000
   
Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
     
195
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
8/15 at 100.00
BBB+
194,692
   
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
3,296,086
   
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
2,940,752
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
     
3,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
8/15 at 100.00
B–
2,867,515
   
Bonds, Series 2005A-1, 5.500%, 6/01/45
     
13,205
 
Total Consumer Staples
   
11,087,045
   
Education and Civic Organizations – 0.5% (0.5% of Total Investments)
     
65
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series
10/15 at 100.00
A3
65,343
   
2005A, 5.000%, 10/01/35
     
450
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education –
6/22 at 102.00
N/R
511,007
   
Multiple Projects, Series 2014A , 7.250%, 6/01/43
     
700
 
California Statewide Communities Development Authority, School Facility Revenue Bonds,
7/21 at 100.00
BBB–
819,707
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
     
1,215
 
Total Education and Civic Organizations
   
1,396,057
   
Health Care – 14.2% (14.1% of Total Investments)
     
555
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/24 at 100.00
AA
620,040
   
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
390,908
   
Series 2014A, 5.000%, 10/01/38
     
690
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/24 at 100.00
AA
768,322
   
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
AA–
641,446
670
 
5.250%, 8/15/41
8/21 at 100.00
AA–
744,189
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B,
8/20 at 100.00
AA–
1,189,010
   
6.000%, 8/15/42
     
5,365
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
5,637,542
   
5.250%, 11/15/46 (UB)
     
3,870
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
A–
4,058,043
   
of Central California, Series 2007, 5.250%, 2/01/27
     
1,560
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System
3/15 at 100.00
A
1,562,683
   
West, Series 2005A, 5.000%, 3/01/35
     
2,625
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
4/22 at 100.00
A+
2,876,738
   
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
3,206,070
   
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
1,098,890
   
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
A+
1,528,065
   
Series 2001C, 5.250%, 8/01/31
     
2,710
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
No Opt. Call
Aa3
3,095,254
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
     
1,890
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
11/15 at 100.00
AA–
1,924,776
   
2005A, 5.000%, 11/15/43
     
2,940
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
11/19 at 100.00
Ba1
3,239,586
   
6.750%, 11/01/39
     
2,900
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Ba1
3,092,763
   
6.000%, 11/01/41
     
1,750
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
12/21 at 100.00
BB
2,134,195
   
7.500%, 12/01/41
     
34,895
 
Total Health Care
   
37,808,520
   
Housing/Multifamily – 2.2% (2.2% of Total Investments)
     
1,020
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB
1,125,478
   
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
1,145,563
   
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
70,682
175
 
5.250%, 8/15/49
8/24 at 100.00
BBB
189,807
2,290
 
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds,
7/15 at 100.00
N/R
2,292,244
   
Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
     
1,105
 
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile
7/15 at 100.00
N/R
1,106,503
   
Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
     
5,715
 
Total Housing/Multifamily
   
5,930,277
   
Housing/Single Family – 0.8% (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
2,158,533
   
12/01/42 (Alternative Minimum Tax)
     
55
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,
2/16 at 100.00
A
57,285
   
8/01/30 – FGIC Insured (Alternative Minimum Tax)
     
2,180
 
Total Housing/Single Family
   
2,215,818
   
Long-Term Care – 1.7% (1.7% of Total Investments)
     
4,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds,
8/18 at 100.00
A+
4,439,640
   
The Institute on Aging, Series 2008A, 5.650%, 8/15/38
     
180
 
California Statewide Community Development Authority, Certificates of Participation, Internext
10/15 at 100.00
BBB+
180,743
   
Group, Series 1999, 5.375%, 4/01/17
     
4,180
 
Total Long-Term Care
   
4,620,383
   
Tax Obligation/General – 18.7% (18.6% of Total Investments)
     
1,000
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2013,
No Opt. Call
AA–
1,147,930
   
5.000%, 2/01/29
     
   
California State, General Obligation Bonds, Various Purpose Series 2009:
     
2,500
 
6.000%, 4/01/38
4/19 at 100.00
AA–
2,937,525
1,000
 
6.000%, 11/01/39
11/19 at 100.00
AA–
1,199,430
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
AA–
2,331,780
   
California State, General Obligation Bonds, Various Purpose Series 2013:
     
2,500
 
5.000%, 4/01/37
4/23 at 100.00
AA–
2,813,400
2,500
 
5.000%, 2/01/43
No Opt. Call
AA–
2,782,300
2,240
 
5.000%, 11/01/43
11/23 at 100.00
AA–
2,514,467
   
California State, General Obligation Bonds, Various Purpose Series 2014:
     
5,000
 
5.000%, 5/01/32
5/24 at 100.00
AA–
5,735,450
1,970
 
5.000%, 10/01/39
10/24 at 100.00
AA–
2,228,740
6,000
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds,
No Opt. Call
AA
673,680
   
Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
     
2,000
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 –
No Opt. Call
AA–
2,115,960
   
NPFG Insured
     
10,000
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds,
No Opt. Call
AA–
2,394,100
   
Series 2010C, 0.000%, 7/01/47
     
11,875
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,
9/36 at 100.00
AA+
7,938,200
   
Election 2010 Series 2011A, 0.000%, 9/01/41
     
1,320
 
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation
8/18 at 100.00
Aa3
1,471,378
   
Bonds, Series 2010B, 5.500%, 8/01/35
     
20,860
 
Yosemite Community College District, California, General Obligation Bonds, Capital
No Opt. Call
Aa2
11,642,382
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
     
72,765
 
Total Tax Obligation/General
   
49,926,722
   
Tax Obligation/Limited – 23.7% (23.5% of Total Investments)
     
1,000
 
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment
8/15 at 100.00
BBB+
1,001,020
   
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
8/15 at 100.00
AA
3,001,980
1,000
 
5.625%, 10/01/33 – RAAI Insured
8/15 at 100.00
AA
1,000,190
3,500
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/23 at 100.00
A+
4,083,065
   
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+
1,405,500
   
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+
1,174,870
   
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+
2,410,080
   
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+
3,343,680
   
2012G, 5.000%, 11/01/37
     
340
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community
9/15 at 100.00
AA–
343,519
   
Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
     
1,005
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation
9/16 at 101.00
A
1,026,849
   
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
1,045,340
   
2007A, 5.000%, 9/01/23 – AMBAC Insured
     
750
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa
10/15 at 100.00
A–
756,960
   
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
A1
9,067,575
   
Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/40
     
675
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
5/17 at 100.00
BBB+
696,830
   
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
152,564
355
 
5.125%, 9/01/36
9/16 at 100.00
N/R
360,723
2,500
 
Kern County Board of Education, California, Certificates of Participation, Series 2006A,
6/16 at 100.00
AA–
2,584,550
   
5.000%, 6/01/31 – NPFG Insured
     
750
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
8/19 at 100.00
BBB
865,388
   
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
3,875,626
   
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–
463,529
   
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+
168,875
   
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
5,933,936
   
Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29
     
160
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
9/23 at 100.00
N/R
173,621
   
2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
     
   
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
1,025,107
860
 
5.750%, 9/01/39
9/23 at 100.00
N/R
939,782
1,130
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB–
1,239,949
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28
     
440
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
9/21 at 100.00
BBB+
498,595
   
2011A, 5.750%, 9/01/30
     
80
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A–
98,714
   
Area, Series 2011B, 6.500%, 10/01/25
     
2,000
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,
9/15 at 100.00
N/R
2,006,080
   
Series 2005, 5.050%, 9/01/30
     
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
4/22 at 100.00
AAA
1,113,630
   
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
182,587
   
Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
     
   
Refunding Series 2014, 5.000%, 8/01/39
     
65
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
2/21 at 100.00
A–
78,657
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
     
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
     
   
Mission Bay South Redevelopment Project, Series 2011D:
     
65
 
7.000%, 8/01/33
2/21 at 100.00
BBB+
78,255
80
 
7.000%, 8/01/41
2/21 at 100.00
BBB+
96,314
2,750
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
9/15 at 100.00
AA
2,761,110
   
Project, Series 2001F, 5.000%, 9/01/20 – NPFG 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–
430,984
590
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
AA–
635,701
780
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB+
836,238
   
Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
     
110
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
4/21 at 100.00
N/R
124,411
   
7.000%, 10/01/26
     
1,360
 
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%,
12/17 at 100.00
AA
1,401,453
   
12/01/37 – RAAI Insured
     
1,925
 
Travis Unified School District, Solano County, California, Certificates of Participation,
9/16 at 100.00
A3
2,018,709
   
Series 2006, 5.000%, 9/01/26 – FGIC Insured
     
690
 
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,
9/15 at 100.00
N/R
691,221
   
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,
8/15 at 100.00
N/R
1,736,020
   
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–
230,478
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
     
58,990
 
Total Tax Obligation/Limited
   
63,160,265
   
Transportation – 7.0% (6.9% of Total Investments)
     
1,820
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
1/24 at 100.00
BB+
2,166,692
   
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
2,148,369
4,010
 
5.750%, 1/15/46
1/24 at 100.00
BBB–
4,650,798
4,010
 
6.000%, 1/15/53
1/24 at 100.00
BBB–
4,692,181
3,000
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
8/24 at 100.00
AA
3,390,510
195
 
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue
7/16 at 100.00
N/R
195,741
   
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+
1,354,607
   
(Alternative Minimum Tax)
     
16,190
 
Total Transportation
   
18,598,898
   
U.S. Guaranteed – 19.8% (19.6% of Total Investments) (4)
     
2,500
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/16 at 100.00
AA (4)
2,597,275
   
2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
     
95
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series
11/15 at 100.00
A2 (4)
96,796
   
2006, 5.000%, 11/01/21 (Pre-refunded 11/02/15)
     
1,000
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
7/17 at 100.00
AA+ (4)
1,074,380
   
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– (4)
1,581,030
   
8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
     
2,065
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue
No Opt. Call
Aaa
2,511,969
   
Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
     
410
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA (4)
423,731
   
5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
     
1,525
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
12/17 at 100.00
BBB– (4)
1,801,650
   
2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
     
1,500
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,
7/16 at 100.00
Aa2 (4)
1,576,665
   
5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
     
21,500
 
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric
9/16 at 64.56
A (4)
13,777,844
   
Series 2008B, 0.000%, 9/01/23 (Pre-refunded 9/01/16)
     
605
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,
9/15 at 100.00
N/R (4)
612,472
   
9/01/31 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
     
8,565
 
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue
No Opt. Call
AA+ (4)
8,450,058
   
Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
     
18,520
 
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home
No Opt. Call
Aaa
13,147,347
   
Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
     
625
 
San Mateo Union High School District, San Mateo County, California, Certificates of
12/17 at 100.00
N/R (4)
690,281
   
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+ (4)
3,321,840
   
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, Series
4/17 at 100.00
AA+ (4)
981,016
   
2007A, 5.000%, 4/01/36 (Pre-refunded 4/01/17) – AMBAC Insured
     
64,320
 
Total U.S. Guaranteed
   
52,644,354
   
Utilities – 1.6% (1.6% of Total Investments)
     
2,160
 
California Statewide Community Development Authority, Certificates of Participation Refunding,
12/15 at 100.00
N/R
2,112,890
   
Rio Bravo Fresno Project, 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
2,126,412
   
2007A, 5.500%, 11/15/37
     
3,960
 
Total Utilities
   
4,239,302
   
Water and Sewer – 6.0% (6.0% of Total Investments)
     
1,000
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost
4/23 at 100.00
AA–
1,163,010
   
Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/29
     
   
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
1,460,841
2,675
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
Baa3
2,806,610
5,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
7/17 at 100.00
AA
5,342,499
   
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–
2,019,405
3,000
 
5.500%, 1/01/38
1/18 at 100.00
A–
3,247,740
14,900
 
Total Water and Sewer
   
16,040,105
$ 292,515
 
Total Long-Term Investments (cost $241,326,000)
   
267,667,746
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
SHORT-TERM INVESTMENTS – 0.4% (0.4% of Total Investments)
     
           
   
MUNICIPAL BONDS – 0.4% (0.4% of Total Investments)
     
           
   
Health Care – 0.4% (0.4% of Total Investments)
     
$       880
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
$       882,174
   
Health System, Series 2014A, 6.000%, 7/10/15 (5)
     
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
100,247
   
Health System, Series 2014B, 6.000%, 7/10/15 (5)
     
130
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
130,321
   
Health System, Series 2014C, 6.000%, 7/10/15 (5)
     
$    1,110
 
Total Short-Term Investments (cost $1,110,000)
   
1,112,742
   
Total Investments (cost $242,436,000) – 100.8%
   
268,780,488
   
Floating Rate Obligations – (1.7)%
   
(4,490,000)
   
Other Assets Less Liabilities – 0.9%
   
2,452,935
   
Net Assets Applicable to Common Shares – 100%
   
$ 266,743,423
 
 
 
 

 
 
 
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 risk 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
$ —
$267,667,746
$           —
$267,667,746
Short-Term Investments:
       
Municipal Bonds
1,112,742
1,112,742
Total
$ —
$267,667,746
$1,112,742
$268,780,488
 
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, 2015, the cost of investments was $238,001,052.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2015, were as follows:
   
Gross unrealized:
 
Appreciation
$27,625,685
Depreciation
(1,335,363)
Net unrealized appreciation (depreciation) of investments
$26,290,322
 
(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)
 
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.
(5)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board.
   
For fair value measurement disclosure purposes, investment classified as Level 3.
(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 30, 2015        
 
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 30, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         July 30, 2015