<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>2
<FILENAME>nca77d0816.txt
<TEXT>
Form N-SAR, Sub-Item 77D

Policies with respect to security investments

Nuveen California Municipal Value Fund, Inc.

811-05235


The Board of the above referenced Fund approved changes to
the Funds investment policies regarding AMT Bonds.  The
Fund added an AMT policy that the Fund will invest no more
than 20% in AMT-eligible municipal securities.




</TEXT>
</DOCUMENT>
