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 811-22272
 
Nuveen California Municipal Value Fund 2
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Gifford R. Zimmerman
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:         11/30/16         
 
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 2 (NCB) 
 
 
 
 
 
November 30, 2016 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 99.0% (100.0% of Total Investments) 
 
 
 
           
 
 
MUNICIPAL BONDS – 99.0% (100.0% of Total Investments) 
 
 
 
           
 
 
Consumer Staples – 6.5% (6.5% of Total Investments) 
 
 
 
$   2,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B– 
$  1,814,320 
 
 
Bonds, Series 2007A-1, 5.000%, 6/01/33 
 
 
 
1,000 
 
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
6/17 at 26.07 
N/R 
207,360 
 
 
Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41 
 
 
 
1,500 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, 
2/17 at 100.00 
B– 
1,402,245 
 
 
Series 2005A-1, 5.500%, 6/01/45 
 
 
 
4,500 
 
Total Consumer Staples 
 
 
3,423,925 
 
 
Education and Civic Organizations – 2.3% (2.3% of Total Investments) 
 
 
 
865 
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 
11/19 at 100.00 
A2 
936,587 
 
 
5.500%, 11/01/39 
 
 
 
100 
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education 
6/22 at 102.00 
N/R 
112,644 
 
 
Multiple Projects, Series 2014A , 7.250%, 6/01/43 
 
 
 
150 
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, 
7/21 at 100.00 
BBB– 
168,975 
 
 
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 
 
 
 
1,115 
 
Total Education and Civic Organizations 
 
 
1,218,206 
 
 
Health Care – 10.8% (10.9% of Total Investments) 
 
 
 
1,900 
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, 
7/19 at 100.00 
A 
2,074,477 
 
 
Series 2009A, 6.000%, 7/01/39 
 
 
 
1,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange 
11/19 at 100.00 
A 
1,121,530 
 
 
County, Series 2009A, 6.500%, 11/01/38 
 
 
 
70 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/24 at 100.00 
AA 
75,418 
 
 
Children’s Hospital, Series 2014A, 5.000%, 8/15/43 
 
 
 
75 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/24 at 100.00 
AA– 
83,409 
 
 
Refunding Series 2014A, 5.000%, 10/01/38 
 
 
 
150 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/24 at 100.00 
AA– 
161,250 
 
 
Series 2014B, 5.000%, 10/01/44 
 
 
 
500 
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of 
2/17 at 100.00 
A– 
502,345 
 
 
Central California, Series 2007, 5.250%, 2/01/27 
 
 
 
470 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB 
476,317 
 
 
University Medical Center, Series 2016A, 5.250%, 12/01/56 
 
 
 
725 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
BBB– 
791,599 
 
 
6.000%, 11/01/41 
 
 
 
380 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
BB+ 
442,008 
 
 
7.500%, 12/01/41 
 
 
 
5,270 
 
Total Health Care 
 
 
5,728,353 
 
 
Housing/Multifamily – 1.2% (1.3% of Total Investments) 
 
 
 
220 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
BBB 
242,114 
 
 
Series 2010A, 6.400%, 8/15/45 
 
 
 
70 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/22 at 100.00 
BBB 
76,252 
 
 
Series 2012A, 5.500%, 8/15/47 
 
 
 
250 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/22 at 100.00 
A1 
283,218 
 
 
Series 2012B, 7.250%, 8/15/47 
 
 
 
 
 
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas 
 
 
 
 
 
Affordable Housing, Inc. Projects, Series 2014A: 
 
 
 
15 
 
5.250%, 8/15/39 
8/24 at 100.00 
BBB 
16,663 
40 
 
5.250%, 8/15/49 
8/24 at 100.00 
BBB 
44,123 
595 
 
Total Housing/Multifamily 
 
 
662,370 
 
 
Long-Term Care – 2.2% (2.2% of Total Investments) 
 
 
 
1,000 
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for 
2/21 at 100.00 
AA– 
1,150,700 
 
 
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26 
 
 
 
 
 
Tax Obligation/General – 12.7% (12.8% of Total Investments) 
 
 
 
2,100 
 
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 
5/24 at 100.00 
AA 
2,151,681 
 
 
2009B, 0.000%, 5/01/34 (4) 
 
 
 
195 
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, 
8/20 at 13.60 
AA 
24,044 
 
 
Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured 
 
 
 
1,000 
 
Rio Hondo Community College District, California, General Obligation Bonds, Election of 2004, 
8/34 at 100.00 
AA 
921,160 
 
 
Series 2010C, 0.000%, 8/01/42 (4) 
 
 
 
1,000 
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, 
7/25 at 100.00 
AAA 
1,113,520 
 
 
Dedicated Unlimited Ad Valorem Property Tax, 2012 Election Series 2016F, 5.000%, 7/01/40 
 
 
 
10,000 
 
San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
1,947,000 
 
 
2010 Election, Series 2012B, 0.000%, 8/01/51 
 
 
 
500 
 
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western 
8/19 at 100.00 
AA+ 
541,620 
 
 
Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured 
 
 
 
14,795 
 
Total Tax Obligation/General 
 
 
6,699,025 
 
 
Tax Obligation/Limited – 14.8% (15.0% of Total Investments) 
 
 
 
1,965 
 
California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside 
4/19 at 100.00 
A+ 
2,149,435 
 
 
Campus Project, Series 2009B, 5.750%, 4/01/23 
 
 
 
500 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
A+ 
563,370 
 
 
2010A-1, 6.000%, 3/01/35 
 
 
 
160 
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa 
4/17 at 100.00 
A 
162,139 
 
 
Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 
 
 
 
180 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/25 at 100.00 
A+ 
196,252 
 
 
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40 
 
 
 
145 
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment 
5/17 at 100.00 
BBB+ 
145,974 
 
 
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured 
 
 
 
425 
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment 
No Opt. Call 
BBB 
471,100 
 
 
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 
 
 
 
80 
 
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A 
95,481 
 
 
City Redevelopment Project, Series 2011, 6.500%, 8/01/24 
 
 
 
30 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
BBB+ 
34,981 
 
 
Project, Series 2011, 6.750%, 9/01/40 
 
 
 
35 
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 
9/23 at 100.00 
N/R 
37,569 
 
 
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: 
 
 
 
210 
 
5.250%, 9/01/30 
9/23 at 100.00 
N/R 
223,087 
190 
 
5.750%, 9/01/39 
9/23 at 100.00 
N/R 
202,356 
15 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project 
10/21 at 100.00 
A 
17,677 
 
 
Area, Series 2011B, 6.500%, 10/01/25 
 
 
 
20 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 
9/25 at 100.00 
N/R 
21,031 
 
 
Marblehead Coastal, Series 2015, 5.000%, 9/01/40 
 
 
 
1,000 
 
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation 
8/19 at 100.00 
AA– 
1,116,880 
 
 
Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39 
 
 
 
1,500 
 
San Francisco City and County, California, Certificates of Participation, Multiple Capital 
4/19 at 100.00 
AA 
1,613,550 
 
 
Improvement Projects, Series 2009A, 5.250%, 4/01/31 
 
 
 
585 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
BBB+ 
599,900 
 
 
Project, Refunding Series 2006D, 5.000%, 8/01/22 – AMBAC Insured 
 
 
 
125 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
AA– 
128,175 
 
 
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured 
 
 
 
25 
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 
4/21 at 100.00 
N/R 
28,528 
 
 
7.000%, 10/01/26 
 
 
 
40 
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, 
9/21 at 100.00 
A– 
46,306 
 
 
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26 
 
 
 
7,230 
 
Total Tax Obligation/Limited 
 
 
7,853,791 
 
 
Transportation – 8.9% (9.0% of Total Investments) 
 
 
 
395 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
1/24 at 100.00 
BB+ 
450,027 
 
 
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
865 
 
5.750%, 1/15/46 
1/24 at 100.00 
BBB– 
953,377 
865 
 
6.000%, 1/15/53 
1/24 at 100.00 
BBB– 
970,435 
305 
 
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 
No Opt. Call 
A+ 
333,222 
 
 
(Alternative Minimum Tax) 
 
 
 
1,820 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/26 at 100.00 
A+ 
1,988,514 
 
 
Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46 
 
 
 
4,250 
 
Total Transportation 
 
 
4,695,575 
 
 
U.S. Guaranteed – 21.1% (21.3% of Total Investments) (5) 
 
 
 
1,000 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health 
5/19 at 100.00 
AA– (5) 
1,110,210 
 
 
Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29 
 
 
 
 
 
(Pre-refunded 5/15/19) 
 
 
 
 
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, 
 
 
 
 
 
Series 2009: 
 
 
 
55 
 
5.500%, 11/01/39 (Pre-refunded 11/01/19) 
11/19 at 100.00 
N/R (5) 
61,433 
80 
 
5.500%, 11/01/39 (Pre-refunded 11/01/19) 
11/19 at 100.00 
A2 (5) 
89,358 
350 
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of 
2/17 at 100.00 
N/R (5) 
352,576 
 
 
Central California, Series 2007, 5.250%, 2/01/27 (Pre-refunded 2/01/17) 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2007: 
 
 
 
1,230 
 
5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured 
6/17 at 100.00 
AA– (5) 
1,255,990 
770 
 
5.000%, 6/01/37 (Pre-refunded 6/01/17) – NPFG Insured 
6/17 at 100.00 
AA– (5) 
786,270 
685 
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health 
5/18 at 100.00 
AA (5) 
721,668 
 
 
System West, Series 2007B, 5.000%, 3/01/37 (Pre-refunded 5/23/18) – AGC Insured 
 
 
 
575 
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment 
8/19 at 100.00 
N/R (5) 
657,081 
 
 
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
1,120 
 
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 
1/19 at 100.00 
Aa2 (5) 
1,212,277 
 
 
(Pre-refunded 1/15/19) 
 
 
 
3,805 
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, 
8/20 at 13.60 
AA (5) 
483,083 
 
 
Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured 
 
 
 
2,000 
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option 
2/19 at 100.00 
AAA 
2,628,200 
 
 
Bond Trust 3020, 16.206%, 2/01/35 (Pre-refunded 2/01/19) (IF) (6) 
 
 
 
250 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Ba1 (5) 
285,328 
 
 
6.625%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
240 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
9/18 at 100.00 
BB+ (5) 
262,181 
 
 
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18) 
 
 
 
95 
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 
9/21 at 100.00 
A– (5) 
111,905 
 
 
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21) 
 
 
 
15 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission 
2/21 at 100.00 
A– (5) 
18,010 
 
 
Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21) 
 
 
 
 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
 
 
 
 
 
Mission Bay South Redevelopment Project, Series 2011D: 
 
 
 
15 
 
7.000%, 8/01/33 (Pre-refunded 2/01/21) 
2/21 at 100.00 
BBB+ (5) 
18,160 
15 
 
7.000%, 8/01/41 (Pre-refunded 2/01/21) 
2/21 at 100.00 
BBB+ (5) 
18,160 
1,000 
 
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 
1/19 at 100.00 
AA– (5) 
1,088,710 
 
 
2009A, 5.625%, 1/01/29 (Pre-refunded 1/01/19) 
 
 
 
13,300 
 
Total U.S. Guaranteed 
 
 
11,160,600 
 
 
Utilities – 15.6% (15.8% of Total Investments) 
 
 
 
 
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, 
 
 
 
 
 
Series 2016B: 
 
 
 
705 
 
5.000%, 7/01/31 
1/26 at 100.00 
Aa2 
811,554 
210 
 
5.000%, 7/01/32 
1/26 at 100.00 
Aa2 
240,305 
235 
 
5.000%, 7/01/33 
1/26 at 100.00 
Aa2 
267,522 
415 
 
5.000%, 7/01/34 
1/26 at 100.00 
Aa2 
470,681 
1,000 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
1,290,920 
 
 
2009C, 6.500%, 11/01/39 
 
 
 
2,495 
 
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 
No Opt. Call 
A 
2,510,369 
 
 
5.000%, 2/15/17 
 
 
 
2,400 
 
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 
No Opt. Call 
A 
2,668,943 
 
 
5.250%, 11/01/24 
 
 
 
7,460 
 
Total Utilities 
 
 
8,260,294 
 
 
Water and Sewer – 2.9% (2.9% of Total Investments) 
 
 
 
1,075 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon 
No Opt. Call 
Baa3 
1,146,531 
 
 
Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
335 
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, 
8/26 at 100.00 
Aa3 
382,697 
 
 
Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/32 
 
 
 
1,410 
 
Total Water and Sewer 
 
 
1,529,228 
$ 60,925 
 
Total Long-Term Investments (cost $47,171,858) 
 
 
52,382,067 
 
 
Other Assets Less Liabilities – 1.0% 
 
 
515,644 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$52,897,711 
 

 
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 risks 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 
$ — 
$52,382,067 
$ — 
$52,382,067 
 
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 November 30, 2016, the cost of investments was $46,571,212.
Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2016, were as follows:
   
Gross unrealized: 
 
Appreciation 
$6,373,063 
Depreciation 
(562,208) 
Net unrealized appreciation (depreciation) of investments 
$5,810,855 
 
(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) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group 
 
 
(“Standard & Poor's”), Moody’s Investors Service, Inc. (“Moody's”) or Fitch, Inc. (“Fitch”) rating. This 
 
 
treatment of split-rated securities may differ from that used for other purposes, such as for Fund 
 
 
investment policies. 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) 
 
Step-up coupon. The rate shown is the coupon as of the end of the reporting period. 
(5) 
 
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. 
(6) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
 
 
investments in inverse floating rate transactions. 
(IF) 
 
Inverse floating rate investment. 
 

 
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 2 
 
By (Signature and Title) /s/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         January 27, 2017        
 
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/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         January 27, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         January 27, 2017