Nuveen California Municipal Value Fund, Inc. (the Fund) is a closed-end management investment company. The Fund seeks to provide current income exempt from both regular federal and California state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of California or certain United States territories. The Fund invests substantially all of its assets in a diversified portfolio of long-term California municipal obligations. The Fund invests at least 80% of its net assets in investment grade quality municipal bonds (Baa/BBB or better). The Fund may invest up to 20% of its net assets in municipal bonds that are rated Ba/BB or B or that are unrated but judged to be of comparable quality by the Fund's investment adviser. The Fund's investment advisor is Nuveen Asset Management, a wholly owned subsidiary of Nuveen Investments, Inc.