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 811-6081
 
Nuveen California Municipal Market Opportunity 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:          5/31/13         
 
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 Market Opportunity Fund, Inc. (NCO)  
     
   
                 May 31, 2013  
     
 
 
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Staples – 7.5% (5.3% of Total Investments)  
     
$    3,650  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los  
12/18 at 100.00  
BB–  
$   3,601,236  
   
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36  
     
195  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  
6/15 at 100.00  
BB+  
190,794  
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21  
     
6,440  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/17 at 100.00  
B  
6,065,836  
   
Bonds, Series 2007A-1, 5.750%, 6/01/47  
     
10,285  
 
Total Consumer Staples  
   
9,857,866  
   
Education and Civic Organizations – 3.1% (2.2% of Total Investments)  
     
100  
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series  
10/15 at 100.00  
A3  
102,909  
   
2005A, 5.000%, 10/01/35  
     
   
California Educational Facilities Authority, Revenue Bonds, University of the Pacific,  
     
   
Series 2006:  
     
70  
 
5.000%, 11/01/21  
11/15 at 100.00  
A2  
75,417  
95  
 
5.000%, 11/01/25  
11/15 at 100.00  
A2  
102,001  
1,000  
 
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research  
7/15 at 100.00  
Aa3  
1,079,020  
   
Institute, Series 2005A, 5.000%, 7/01/24  
     
1,680  
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents,  
3/18 at 100.00  
Aa2  
1,989,926  
   
Tender Option Bond Trust 1065, 9.221%, 3/01/33 (IF)  
     
260  
 
California Statewide Communities Development Authority, Charter School Revenue Bonds,  
12/21 at 100.00  
N/R  
298,867  
   
Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41  
     
450  
 
California Statewide Communities Development Authority, School Facility Revenue Bonds,  
7/21 at 100.00  
BBB–  
503,820  
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46  
     
3,655  
 
Total Education and Civic Organizations  
   
4,151,960  
   
Health Care – 26.4% (18.8% of Total Investments)  
     
5,260  
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los  
7/20 at 100.00  
AA–  
5,560,504  
   
Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured  
     
515  
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –  
8/21 at 100.00  
A+  
560,562  
   
San Diego, Series 2011, 5.250%, 8/15/41  
     
5,305  
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,  
11/16 at 100.00  
AA–  
5,596,298  
   
5.250%, 11/15/46 (UB)  
     
1,060  
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals  
2/17 at 100.00  
BBB  
1,100,481  
   
of Central California, Series 2007, 5.250%, 2/01/46  
     
2,000  
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System  
3/15 at 100.00  
A  
2,106,600  
   
West, Series 2005A, 5.000%, 3/01/35  
     
1,160  
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health  
7/17 at 100.00  
N/R  
1,142,774  
   
System, Series 2007A, 5.125%, 7/15/31  
     
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity  
     
   
Health System, Series 2005A:  
     
1,500  
 
5.250%, 7/01/24  
7/15 at 100.00  
BBB–  
1,587,915  
1,000  
 
5.250%, 7/01/30  
7/15 at 100.00  
BBB–  
1,045,810  
135  
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,  
8/16 at 100.00  
A+  
148,856  
   
Series 2001C, 5.250%, 8/01/31  
     
675  
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health  
No Opt. Call  
A1  
739,800  
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured  
     
2,585  
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series  
11/15 at 100.00  
AA–  
2,715,749  
   
2005A, 5.000%, 11/15/43  
     
200  
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series  
8/17 at 100.00  
AA–  
214,230  
   
2007C, 5.000%, 8/15/38 – AMBAC Insured  
     
569  
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health  
7/18 at 100.00  
AA–  
752,719  
   
System, Trust 2554, 18.368%, 7/01/47 – AGM Insured (IF)  
     
1,000  
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series  
12/15 at 100.00  
BBB  
1,015,180  
   
2005A, 5.000%, 12/01/23  
     
1,150  
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series  
12/17 at 100.00  
BBB  
1,319,131  
   
2008A, 8.250%, 12/01/38  
     
2,205  
 
Madera County, California, Certificates of Participation, Children’s Hospital Central  
3/20 at 100.00  
A+  
2,393,792  
   
California, Series 2010, 5.375%, 3/15/36  
     
1,800  
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,  
11/20 at 100.00  
Baa3  
1,939,770  
   
6.000%, 11/01/41  
     
1,000  
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  
7/17 at 100.00  
Baa2  
1,015,630  
   
Center, Series 2007A, 5.000%, 7/01/38  
     
1,200  
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,  
12/21 at 100.00  
BB  
1,461,912  
   
7.500%, 12/01/41  
     
1,250  
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,  
8/17 at 100.00  
A+  
1,363,925  
   
Series 2007A, 5.750%, 2/01/41 – AMBAC Insured  
     
1,000  
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series  
5/17 at 101.00  
Aa2  
1,058,150  
   
2009E, 5.000%, 5/15/38  
     
32,569  
 
Total Health Care  
   
34,839,788  
   
Housing/Multifamily – 2.9% (2.1% of Total Investments)  
     
695  
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects  
8/20 at 100.00  
BBB  
757,939  
   
Series 2010A, 6.400%, 8/15/45  
     
1,665  
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects  
8/22 at 100.00  
BBB  
1,763,218  
   
Series 2012A, 5.125%, 8/15/32  
     
1,230  
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta  
5/22 at 100.00  
A–  
1,272,140  
   
Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39  
     
3,590  
 
Total Housing/Multifamily  
   
3,793,297  
   
Housing/Single Family – 0.1% (0.1% of Total Investments)  
     
100  
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 –  
2/16 at 100.00  
BBB  
104,618  
   
FGIC Insured (Alternative Minimum Tax)  
     
   
Long-Term Care – 3.4% (2.4% of Total Investments)  
     
4,000  
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue  
5/20 at 100.00  
A  
4,507,720  
   
Bonds, Channing House, Series 2010, 6.125%, 5/15/40  
     
   
Tax Obligation/General – 24.5% (17.4% of Total Investments)  
     
4,125  
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series  
No Opt. Call  
Aa2  
2,596,069  
   
2004A, 0.000%, 8/01/25 – AGM Insured  
     
2,000  
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39  
11/19 at 100.00  
A1  
2,402,720  
6,040  
 
California State, General Obligation Bonds, Various Purpose Series 2012, 5.000%, 4/01/42  
4/22 at 100.00  
A1  
6,572,184  
1,500  
 
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37  
4/23 at 100.00  
A1  
1,665,315  
1,350  
 
Coachella Valley Unified School District, Riverside County, California, General Obligation  
8/15 at 100.00  
A1  
1,439,532  
   
Bonds, Series 2005A, 5.000%, 8/01/30 – FGIC Insured  
     
4,100  
 
Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds,  
No Opt. Call  
Aa3  
2,187,227  
   
Series 2001B, 0.000%, 8/01/27 – FGIC Insured  
     
2,500  
 
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series  
8/13 at 100.00  
A  
2,509,050  
   
2002, 5.250%, 8/01/21 – FGIC Insured  
     
25  
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A,  
8/14 at 100.00  
AA  
26,339  
   
5.250%, 8/01/24 – NPFG Insured  
     
4,970  
 
San Rafael City High School District, Marin County, California, General Obligation Bonds,  
No Opt. Call  
AA+  
2,841,796  
   
Series 2004B, 0.000%, 8/01/27 – FGIC Insured  
     
4,175  
 
Southwestern Community College District, San Diego County, California, General Obligation  
No Opt. Call  
Aa2  
2,627,536  
   
Bonds, Series 2004, 0.000%, 8/01/25 – FGIC Insured  
     
9,850  
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,  
No Opt. Call  
AA–  
3,928,180  
   
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured  
     
5,750  
 
Yosemite Community College District, California, General Obligation Bonds, Capital  
No Opt. Call  
Aa2  
2,429,548  
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42  
     
1,000  
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series  
8/21 at 100.00  
Aa2  
1,101,750  
   
2011C, 5.250%, 8/01/47  
     
47,385  
 
Total Tax Obligation/General  
   
32,327,246  
   
Tax Obligation/Limited – 31.0% (22.1% of Total Investments)  
     
260  
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  
9/15 at 100.00  
A  
267,444  
   
Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured  
     
770  
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation  
9/16 at 101.00  
A–  
772,133  
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured  
     
375  
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba  
9/13 at 100.00  
A  
375,379  
   
Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001,  
     
   
5.000%, 9/01/31 – NPFG Insured  
     
510  
 
Fontana Redevelopment Agancy, California, Jurupa Hills Redevelopment Project, Tax Allocation  
10/13 at 100.00  
A–  
511,943  
   
Refunding Bonds, 1997 Series A, 5.500%, 10/01/27  
     
1,035  
 
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds,  
9/16 at 100.00  
N/R  
1,088,013  
   
Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured  
     
460  
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment  
5/17 at 100.00  
BB+  
470,313  
   
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:  
     
120  
 
5.000%, 9/01/26  
9/16 at 100.00  
N/R  
123,871  
275  
 
5.125%, 9/01/36  
9/16 at 100.00  
N/R  
281,124  
470  
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social  
9/15 at 100.00  
A1  
489,712  
   
Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured  
     
   
Modesto Schools Infrastructure Financing Agency, Stanislaus County, California, Special Tax  
     
   
Revenue Bonds, Series 2004:  
     
1,375  
 
5.250%, 9/01/25 – AMBAC Insured  
9/14 at 100.00  
N/R  
1,394,993  
1,500  
 
5.250%, 9/01/26 – AMBAC Insured  
9/14 at 100.00  
N/R  
1,519,800  
245  
 
National City Community Development Commission, California, Tax Allocation Bonds, National  
8/21 at 100.00  
A–  
303,335  
   
City Redevelopment Project, Series 2011, 6.500%, 8/01/24  
     
1,000  
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009,  
3/18 at 100.00  
A  
1,162,560  
   
7.000%, 3/01/34  
     
90  
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment  
9/21 at 100.00  
BBB+  
104,290  
   
Project, Series 2011, 6.750%, 9/01/40  
     
10,900  
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue  
No Opt. Call  
A  
13,185,185  
   
Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured  
     
1,000  
 
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange  
9/13 at 100.00  
N/R  
1,009,400  
   
Project, Series 1997, 6.375%, 9/01/17  
     
1,065  
 
Panama-Buena Vista Union School District, California, Certificates of Participation, School  
9/16 at 100.00  
A  
1,141,648  
   
Construction Project, Series 2006, 5.000%, 9/01/22 – NPFG Insured  
     
   
Perris Union High School District Financing Authority, Riverside County, California, Revenue  
     
   
Bonds, Series 2011:  
     
90  
 
6.000%, 9/01/33  
9/13 at 100.00  
N/R  
92,935  
195  
 
6.125%, 9/01/41  
9/13 at 100.00  
N/R  
201,299  
770  
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community  
9/18 at 100.00  
BBB–  
835,612  
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28  
     
295  
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series  
9/21 at 100.00  
BBB+  
336,740  
   
2011A, 5.750%, 9/01/30  
     
225  
 
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  
9/15 at 100.00  
A–  
225,812  
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured  
     
55  
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project  
10/21 at 100.00  
A–  
62,447  
   
Area, Series 2011B, 6.500%, 10/01/25  
     
1,440  
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A,  
10/20 at 100.00  
A–  
1,553,486  
   
6.000%, 10/01/39  
     
280  
 
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  
8/13 at 100.00  
AA–  
281,660  
   
8/01/25 – AMBAC Insured  
     
2,500  
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,  
No Opt. Call  
A  
2,860,675  
   
5.400%, 11/01/20 – AMBAC Insured  
     
2,000  
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006,  
9/15 at 102.00  
Baa2  
2,048,260  
   
5.000%, 9/01/34  
     
45  
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,  
2/21 at 100.00  
A–  
53,343  
   
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:  
     
45  
 
7.000%, 8/01/33  
2/21 at 100.00  
BBB  
52,331  
55  
 
7.000%, 8/01/41  
2/21 at 100.00  
BBB  
63,060  
1,200  
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center  
9/13 at 100.00  
AA  
1,204,704  
   
Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured  
     
410  
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  
8/17 at 100.00  
A  
423,186  
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured  
     
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  
     
   
Project, Series 2006D:  
     
360  
 
5.000%, 8/01/19 – AMBAC Insured  
8/17 at 100.00  
BBB  
367,571  
910  
 
5.000%, 8/01/21 – AMBAC Insured  
8/17 at 100.00  
BBB  
949,530  
530  
 
5.000%, 8/01/23 – AMBAC Insured  
8/17 at 100.00  
BBB  
547,453  
70  
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,  
4/21 at 100.00  
N/R  
77,589  
   
7.000%, 10/01/26  
     
1,585  
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities  
9/22 at 100.00  
BBB+  
1,616,050  
   
District 03-01 Crowne Hill, Series 2012, 5.000%, 9/01/33  
     
1,350  
 
Temecula Valley Unified School District, Riverside County, California, Community Facilities  
9/22 at 100.00  
N/R  
1,392,269  
   
District 2002-1 Improvement Area 1 Specual Tax, Series 2012, 5.000%, 9/01/33  
     
1,300  
 
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A,  
11/22 at 100.00  
AA  
1,423,019  
   
5.000%, 11/01/38  
     
125  
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,  
9/21 at 100.00  
A–  
144,359  
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26  
     
37,285  
 
Total Tax Obligation/Limited  
   
41,014,533  
   
Transportation – 6.4% (4.5% of Total Investments)  
     
1,355  
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series  
4/18 at 100.00  
AA  
1,858,870  
   
2008, Trust 3211, 13.528%, 10/01/32 (IF)  
     
4,000  
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding  
1/14 at 101.00  
BBB–  
4,079,000  
   
Bonds, Series 1999, 5.875%, 1/15/29  
     
2,465  
 
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San  
7/13 at 100.00  
AA–  
2,474,614  
   
Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM  
     
   
Insured (Alternative Minimum Tax)  
     
7,820  
 
Total Transportation  
   
8,412,484  
   
U.S. Guaranteed – 11.4% (8.2% of Total Investments) (4)  
     
10  
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  
No Opt. Call  
AAA  
12,110  
   
Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM)  
     
2,000  
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health,  
6/14 at 100.00  
AA+ (4)  
2,105,040  
   
Coalinga State Hospital, Series 2004A, 5.500%, 6/01/19 (Pre-refunded 6/01/14)  
     
2,100  
 
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)  
4/14 at 100.00  
AAA  
2,188,158  
2,150  
 
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General  
8/14 at 102.00  
Aa2 (4)  
2,311,766  
   
Obligation Bonds, Series 2006C, 5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured (UB)  
     
875  
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B,  
8/13 at 100.00  
AAA  
1,122,205  
   
5.000%, 8/15/34 – NPFG Insured (ETM)  
     
3,495  
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds,  
No Opt. Call  
Aaa  
4,598,686  
   
Series 1990B, 7.500%, 8/01/23 (ETM)  
     
1,875  
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A,  
8/14 at 100.00  
AA (4)  
1,984,781  
   
5.250%, 8/01/24 (Pre-refunded 8/01/14) – NPFG Insured  
     
210  
 
Roseville Joint Union High School District, Placer County, California, General Obligation  
8/15 at 100.00  
AA (4)  
230,889  
   
Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured  
     
485  
 
San Mateo Union High School District, San Mateo County, California, Certificates of  
12/17 at 100.00  
AA– (4)  
575,375  
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured  
     
13,200  
 
Total U.S. Guaranteed  
   
15,129,010  
   
Utilities – 5.7% (4.1% of Total Investments)  
     
2,815  
 
California Statewide Community Development Authority, Certificates of Participation Refunding,  
12/13 at 100.00  
N/R  
2,760,671  
   
Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18  
     
1,365  
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  
No Opt. Call  
A  
1,648,715  
   
2007A, 5.500%, 11/15/37  
     
840  
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series  
7/23 at 100.00  
AA–  
976,886  
   
2013B, 5.000%, 7/01/29 (WI/DD, Settling 6/04/13)  
     
455  
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,  
9/15 at 100.00  
N/R  
466,275  
   
9/01/31 – SYNCORA GTY Insured  
     
1,500  
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue  
1/20 at 100.00  
AA–  
1,715,040  
   
Bonds, Series 2010-1, 5.000%, 7/01/28  
     
6,975  
 
Total Utilities  
   
7,567,587  
   
Water and Sewer – 18.0% (12.8% of Total Investments)  
     
1,020  
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  
No Opt. Call  
AAA  
1,232,221  
   
Series 2002X, 5.500%, 12/01/17 – FGIC Insured  
     
2,870  
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon  
No Opt. Call  
Baa3  
2,878,409  
   
Resources Channelside Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative  
     
   
Minimum Tax)  
     
2,500  
 
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 –  
10/16 at 100.00  
AA–  
2,676,525  
   
AGM Insured  
     
750  
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,  
10/16 at 100.00  
AA–  
775,395  
   
10/01/36 – AGM Insured  
     
2,540  
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A,  
1/21 at 100.00  
AA  
2,876,194  
   
5.250%, 7/01/39 (UB)  
     
1,000  
 
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization  
7/17 at 100.00  
AAA  
1,119,360  
   
Series 2007A, 5.000%, 7/01/37  
     
3,380  
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option  
2/19 at 100.00  
AAA  
5,237,175  
   
Bond Trust 11738-1, 18.037%, 8/01/29 (IF)  
     
3,500  
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and  
9/16 at 100.00  
N/R  
3,513,265  
   
Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured  
     
350  
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series  
6/16 at 100.00  
AA  
382,716  
   
2006, 5.000%, 12/01/31 – FGIC Insured  
     
2,630  
 
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding  
5/20 at 100.00  
AA  
3,072,208  
   
Series 2010A, 5.250%, 5/15/27  
     
20,540  
 
Total Water and Sewer  
   
23,763,468  
$ 187,404  
 
Total Investments (cost $167,164,139) – 140.4%  
   
185,469,577  
   
Floating Rate Obligations – (4.7)%  
   
(6,190,000)  
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (37.7)% (5)  
   
(49,800,000)  
   
Other Assets Less Liabilities – 2.0%  
   
2,610,015  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 132,089,592  
 
 
 
 
 

 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive 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  
$ —  
$185,469,577  
$ —  
$185,469,577  
 
 
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, 2013, the cost of investments was $160,847,794.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2013, were as follows:
 
   
Gross unrealized:  
 
Appreciation  
$18,610,511  
Depreciation  
(179,949)  
Net unrealized appreciation (depreciation) of investments  
$18,430,562  
 
 
     
(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)  
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.9%.  
N/R  
 
Not rated.  
WI/DD  
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
(ETM)  
 
Escrowed to maturity.  
(IF)  
 
Inverse floating rate investment.  
(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 Market Opportunity Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          July 30, 2013        
 
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, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          July 30, 2013        
 

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