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:            08/31          

Date of reporting period:          05/31/05         

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, 2005             
 
 
 
 
Principal        Optional Call        Market 
Amount (000)    Description    Provisions*    Ratings**    Value 
 
 
    Consumer Staples - 1.9%             
$ 2,400    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/12 at 100.00    Baa3    $ 2,380,032 
    County Tobacco Funding Corporation, Series 2002B, 5.500%, 6/01/30             
2,500    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,    6/13 at 100.00    BBB    2,650,725 
    Series 2003A-1, 6.250%, 6/01/33             
 
 
    Education and Civic Organizations - 0.5%             
1,500    California Statewide Community Development Authority, Certificates of Participation, San Diego    12/06 at 105.00    N/R    1,566,570 
    Space and Science Foundation, Series 1996, 7.500%, 12/01/26             
 
 
    Healthcare - 10.8%             
915    Arcadia, California, Hospital Revenue Bonds, Methodist Hospital of Southern California, Series    11/05 at 100.00    BBB+    916,848 
    1992, 6.500%, 11/15/12             
12,000    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    12/09 at 101.00    A3    13,107,360 
    Series 1999A, 6.125%, 12/01/30             
    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+    264,743 
530    5.250%, 7/01/35    7/15 at 100.00    BBB+    554,518 
4,000    California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System,    No Opt. Call    AAA    4,432,520 
    Series 1998A, 5.000%, 8/01/22 - AMBAC Insured             
5,000    Central California Joint Powers Health Finance Authority, Certificates of Participation, Community    2/10 at 101.00    Baa2    5,265,150 
    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 1997A,    12/07 at 102.00    BBB+    1,526,789 
    5.300%, 12/01/08             
1,730    West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004,    7/14 at 100.00    AAA    1,914,487 
    5.375%, 7/01/21 - AMBAC Insured             
 
 
    Housing/Multifamily - 4.5%             
3,350    ABAG Finance Authority for Non-Profit Corporations, California, Multifamily Housing Revenue    No Opt. Call    Baa2    3,590,430 
    Refunding Bonds, United Dominion/2000 Post Apartments, Series 2000B, 6.400%, 8/15/30 (Alternative             
    Minimum Tax) (Mandatory put 8/15/08)             
2,590    California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor    7/09 at 102.00    N/R    2,663,297 
    City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)             
5,000    California Statewide Community Development Authority, Multifamily Housing Revenue Refunding Bonds,    No Opt. Call    BBB+    5,237,500 
    Archstone Communities Trust, Archstone Pelican Point Apartments, Series 1999H, 5.300%, 6/01/29             
    (Mandatory put 6/01/08)             
 
 
    Housing/Single Family - 0.1%             
35    California Rural Home Mortgage Finance Authority, GNMA Collateralized Single Family Mortgage    No Opt. Call    Aaa    35,194 
    Revenue Bonds, Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)             
260    California Rural Home Mortgage Finance Authority, Mortgage-Backed Securities Program Single Family    No Opt. Call    AAA    263,832 
    Mortgage Revenue Bonds, Series 1997D, 6.700%, 5/01/29 (Alternative Minimum Tax)             
 
 
    Industrials - 0.4%             
1,000    California Municipal Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc.,    No Opt. Call    BBB    1,005,800 
    Series 2004, 4.100%, 9/01/14 (Alternative Minimum Tax) (Mandatory put 9/01/09)             
 
 
    Long-Term Care - 4.5%             
    ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, Elder Care Alliance             
    of Union City, Series 2004:             
1,850    5.400%, 8/15/24    8/14 at 100.00    A    1,970,065 
2,130    5.600%, 8/15/34    8/14 at 100.00    A    2,278,163 
2,720    ABAG Finance Authority for Non-Profit Corporations, California, Certificates of Participation,    10/07 at 102.00    BB+    2,763,248 
    American Baptist Homes of the West, Series 1997A, 5.750%, 10/01/17             
3,000    California Statewide Community Development Authority, Certificates of Participation, Internext    4/09 at 101.00    BBB-    3,088,590 
    Group, Series 1999, 5.375%, 4/01/17             
1,500    Riverside County Public Financing Authority, California, Certificates of Participation, Air Force    5/09 at 101.00    BBB-    1,575,390 
    Village West, Series 1999, 5.750%, 5/15/19             
 
 
    Tax Obligation/General - 10.6%             
    California, General Obligation Bonds, Series 2004:             
500    5.000%, 2/01/20    2/14 at 100.00    A    535,720 
5,200    5.000%, 2/01/21    2/14 at 100.00    A    5,551,884 
2,850    5.250%, 4/01/34    4/14 at 100.00    A    3,050,327 
1,000    Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series    8/12 at 101.00    AAA    1,084,610 
    2002A, 5.000%, 8/01/21 - FGIC Insured             
2,475    Long Beach Community College District, California, General Obligation Bonds, Series 2003A, 5.000%,    5/13 at 100.00    AAA    2,616,496 
    5/01/28 - MBIA Insured             
1,110    Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,    8/15 at 100.00    AAA    1,191,840 
    Series 2005A, 5.000%, 6/01/26 - FSA Insured             
3,200    Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%,    7/13 at 100.00    AAA    3,457,376 
    7/01/22 - FSA Insured             
1,845    Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2001,    8/08 at 101.00    AAA    1,954,003 
    5.125%, 8/01/21 - FSA Insured             
2,000    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 - MBIA    No Opt. Call    AAA    2,383,720 
    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    306,891 
415    5.000%, 9/01/27 - MBIA Insured    9/15 at 100.00    AAA    444,718 
1,500    San Ramon Valley Unified School District, Contra Costa County, California, General Obligation    8/13 at 100.00    AAA    1,617,750 
    Bonds, Series 2003, 5.000%, 8/01/23 - FSA Insured             
1,570    Southwestern Community College District, San Diego County, California, General Obligation Bonds,    8/15 at 102.00    AAA    1,717,549 
    Series 2005, 5.000%, 8/01/23 - MBIA Insured             
1,460    West Contra Costa Unified School District, Contra Costa County, California, General Obligation    8/11 at 101.00    AAA    1,557,046 
    Bonds, Series 2003B, 5.000%, 8/01/20 - FSA Insured             
 
 
    Tax Obligation/Limited - 36.8%             
    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    3,262,860 
1,000    5.625%, 10/01/33 - RAAI Insured    10/13 at 100.00    AA    1,088,990 
    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    1,939,479 
5,010    5.750%, 12/01/33 - FGIC Insured    12/13 at 100.00    AAA    5,761,099 
2,400    Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central Business    8/13 at 102.00    AAA    2,556,384 
    and Residential District Project, Series 2003C, 5.000%, 8/01/28 - AMBAC Insured             
    California, Economic Recovery Revenue Bonds, Series 2004A:             
3,400    5.000%, 7/01/15    7/14 at 100.00    AA-    3,753,430 
2,000    5.000%, 7/01/16    7/11 at 100.00    AA-    2,162,480 
9,000    California State Public Works Board, Lease Revenue Bonds, Department of Corrections, State    1/06 at 100.00    AAA    9,111,780 
    Substance Abuse Treatment Facility and Corcoran II State Prison, Series 1996A, 5.250%, 1/01/21 -             
    AMBAC Insured             
4,000    California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Series    11/09 at 101.00    AAA    4,422,040 
    1999A, 5.750%, 11/01/24 - MBIA Insured             
3,025    Chino Unified School District, California, Certificates of Participation, Master Lease Program,    9/05 at 102.00    AAA    3,108,097 
    Series 1995, 6.000%, 9/01/20 - FSA Insured             
2,800    Commerce Community Development Commission, California, Subordinate Lien Tax Allocation Refunding    8/07 at 102.00    N/R    2,903,376 
    Bonds, Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21             
2,000    Duarte Redevelopment Agency, California, Tax Allocation Refunding Bonds, Amended Davis Addition    9/07 at 102.00    N/R    2,134,720 
    Project Area, Series 1997A, 6.700%, 9/01/14             
    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement             
    Asset-Backed Bonds, Series 2003B:             
3,800    5.500%, 6/01/33    6/13 at 100.00    A-    4,126,002 
3,000    5.625%, 6/01/38    6/13 at 100.00    A-    3,271,980 
260    Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%,    9/15 at 100.00    AAA    280,875 
    9/01/20 (WI, settling 6/07/05) - XLCA Insured             
2,750    Los Angeles County Schools, California, Certificates of Participation, Pooled Financing Program,    9/13 at 100.00    AAA    2,900,892 
    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,    9/05 at 103.00    N/R    3,786,128 
    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    1,151,475 
1,145    5.250%, 9/01/23 - AMBAC Insured    9/14 at 100.00    AAA    1,259,798 
1,255    5.250%, 9/01/24 - AMBAC Insured    9/14 at 100.00    AAA    1,378,781 
420    Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District    3/13 at 100.00    AAA    467,964 
    Redevelopment Project, Series 2003, 5.500%, 9/01/18 - FGIC Insured             
8,000    Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community    8/09 at 101.00    AAA    8,798,640 
    Facilities District 90-1, Series 1999, 5.800%, 8/01/29 - FSA Insured             
3,300    Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.375%,    7/12 at 100.00    A    3,532,617 
    7/01/36             
480    Riverside County, California, Subordinate Lien Mobile Home Park Revenue Bonds, Bravo Mobile Home    10/05 at 100.00    N/R    480,163 
    Park Project, Series 1999B, 6.500%, 3/20/29             
1,440    San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home    7/08 at 102.00    N/R    1,484,885 
    Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28             
3,130    San Francisco Redevelopment Agency, California, Lease Revenue Bonds, Moscone Convention Center,    7/11 at 102.00    AAA    3,405,910 
    Series 2004, 5.250%, 7/01/23 - AMBAC Insured             
345    San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project,    8/05 at 101.00    AAA    348,912 
    Series 1993, 5.000%, 8/01/20 - MBIA Insured             
2,750    San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project,    9/11 at 100.00    AAA    2,925,615 
    Series 2001F, 5.000%, 9/01/20 - MBIA Insured             
1,700    Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community Correctional    1/07 at 101.00    A-    1,788,128 
    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 - AMBAC    9/14 at 100.00    AAA    1,068,250 
    Insured             
3,845    Ventura County Superintendent of Schools, California, Certificates Participation, Series 2003,    12/11 at 100.00    AAA    4,019,525 
    5.000%, 12/01/27 - AMBAC Insured             
3,000    Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%,    10/10 at 101.00    BBB    3,419,850 
    10/01/24             
2,570    Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds,    9/05 at 102.00    N/R    2,627,671 
    Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20             
 
 
    Transportation - 4.4%             
5,500    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds,    1/14 at 101.00    BBB-    4,671,920 
    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    1,364,338 
5,000    San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,    5/06 at 102.00    AAA    5,194,750 
    Second Series Issue 10A, 5.625%, 5/01/21 (Alternative Minimum Tax) - MBIA Insured             
 
 
    U.S. Guaranteed *** - 14.9%             
3,115    California Educational Facilities Authority, Revenue Bonds, Pooled College and University Projects,    6/10 at 101.00    Baa3***    3,661,028 
    Series 2000C, 6.750%, 6/01/30             
7,260    California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27 (Pre-refunded    3/10 at 101.00    AAA    8,206,631 
    to 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***    2,228,540 
    Facilities District 98-2 - Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded to 9/01/09)             
2,065    Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue    No Opt. Call    AAA    3,022,086 
    Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)             
2,500    Los Angeles Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, Central    7/05 at 100.00    BBB***    2,649,475 
    Business District Redevelopment Project, Series 1987G, 6.750%, 7/01/10             
4,401    Merced Irrigation District, California, Subordinated Revenue Certificates of Participation,    3/08 at 102.00    AAA    4,928,240 
    Electric System Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded to 3/01/08)             
8,565    Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds,    No Opt. Call    AAA    5,195,443 
    Series 1988A, 0.000%, 3/01/17             
20,415    San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home    No Opt. Call    AAA    8,577,566 
    Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax)             
 
 
    Utilities - 6.0%             
4,500    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,    5/12 at 101.00    A2    4,850,055 
    5/01/18             
2,875    California Statewide Community Development Authority, Certificates of Participation Refunding, Rio    6/05 at 102.00    N/R    2,933,506 
    Bravo Fresno Project, Series 1999A, 6.300%, 12/01/18             
500    Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,    7/13 at 100.00    AAA    542,240 
    5.000%, 7/01/21 - MBIA Insured             
3,300    Merced Irrigation District, California, Revenue Refunding Bonds, Electric System Project, Series    9/05 at 102.00    Baa3    3,382,599 
    2001, 6.850%, 9/01/36             
3,470    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    6/10 at 101.00    Baa3    3,774,319 
    Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26             
    (Alternative Minimum Tax)             
 
 
    Water and Sewer - 3.8%             
500    Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,    10/13 at 100.00    AAA    539,485 
    Capital Projects, Series 2003A, 5.000%, 10/01/23 - FSA Insured             
5,000    Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%,    8/13 at 100.00    AAA    5,397,150 
    2/01/27 - FGIC Insured             
1,580    San Diego County Water Authority, California, Water Revenue Refunding Certificates of    5/12 at 101.00    AAA    1,668,147 
    Participation, Series 2002A, 5.000%, 5/01/26 - MBIA Insured             
3,500    Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project,    7/13 at 100.00    BBB+    3,710,420 
    Series 2003, 5.625%, 7/01/43             
 
 
$ 256,641    Total Long-Term Investments (cost $236,686,675) - 99.3%            257,747,915 
 
 
    Other Assets Less Liabilities - 0.7%            1,853,384 
 
 
    Net Assets - 100%            $259,601,299 

*    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.     
**    Ratings: Using the higher of Standard & Poor's or Moody's rating.     
***    Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency     
    securities which ensures the timely payment of principal and interest. Such securities are normally considered     
    to be equivalent to AAA rated securities.     
N/R    Investment is not rated.     
(WI)    Security purchased on a when-issued basis.     
 
    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 income on taxable market     
    discount securities and timing differences in recognizing certain gains and losses on investment transactions.     
 
    At May 31, 2005, the cost of investments was $236,618,587.     
 
    Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2005, were as     
    follows:     
 
    Gross unrealized:     
     Appreciation    $21,163,363 
     Depreciation    (34,035) 
 
    Net unrealized appreciation of investments    $21,129,328 

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--Vice President and Secretary        

Date         07/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         07/29/05        

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

Date         07/29/05        

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