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 811-06040
 
Nuveen 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:             10/31          
 
Date of reporting period:          7/31/12         
 
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 Municipal Market Opportunity Fund, Inc. (NMO)  
     
   
               July 31, 2012  
     
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Alabama – 0.6% (0.4% of Total Investments)  
     
   
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:  
     
$    1,935  
 
5.000%, 1/01/36 – RAAI Insured  
1/16 at 100.00  
N/R  
$    1,981,556  
2,485  
 
5.000%, 1/01/41 – RAAI Insured  
1/16 at 100.00  
N/R  
2,533,706  
4,420  
 
Total Alabama  
   
4,515,262  
   
Alaska – 3.7% (2.4% of Total Investments)  
     
7,000  
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%,  
6/15 at 100.00  
AA+  
7,342,790  
   
12/01/30 – NPFG Insured  
     
   
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:  
     
1,125  
 
5.250%, 12/01/34 – FGIC Insured (UB)  
12/14 at 100.00  
AA+  
1,167,919  
1,275  
 
5.250%, 12/01/41 – FGIC Insured (UB)  
12/14 at 100.00  
AA+  
1,322,456  
3,000  
 
Alaska State, International Airport System Revenue Bonds, Series 2006A, 5.000%, 10/01/12 –  
No Opt. Call  
Aa3  
3,023,820  
   
NPFG Insured (Alternative Minimum Tax)  
     
2,375  
 
Alaska Student Loan Corporation, Senior Lien Student Loan Revenue Bonds, Series 2005A, 5.000%,  
No Opt. Call  
AAA  
2,466,176  
   
6/01/13 (Alternative Minimum Tax)  
     
13,025  
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  
6/14 at 100.00  
B+  
10,275,162  
   
Series 2006A, 5.000%, 6/01/46  
     
27,800  
 
Total Alaska  
   
25,598,323  
   
California – 23.6% (15.7% of Total Investments)  
     
3,450  
 
Antelope Valley Union High School District, Los Angeles County, California, General Obligation  
No Opt. Call  
Aa3  
1,544,186  
   
Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured  
     
   
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,  
     
   
Series 2009F-1:  
     
2,500  
 
5.125%, 4/01/39  
4/19 at 100.00  
AA  
2,810,700  
2,500  
 
5.625%, 4/01/44  
4/19 at 100.00  
AA  
2,897,850  
8,000  
 
Beverly Hills Unified School District, Los Angeles County, California, General Obligation  
No Opt. Call  
Aa1  
3,331,760  
   
Bonds, Series 2009, 0.000%, 8/01/33  
     
7,800  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los  
12/18 at 100.00  
BB–  
6,860,334  
   
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36  
     
5,000  
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds,  
12/18 at 100.00  
AAA  
5,853,950  
   
Series 2009-AF, 5.000%, 12/01/29  
     
2,730  
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  
6/13 at 100.00  
AAA  
2,828,662  
   
Series 2003Y, 5.000%, 12/01/25 – FGIC Insured  
     
1,350  
 
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount  
No Opt. Call  
A2  
336,933  
   
University, Series 2001A, 0.000%, 10/01/39 – NPFG Insured  
     
4,295  
 
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist  
3/13 at 100.00  
A
4,323,691  
   
Health System/West, Series 2003A, 5.000%, 3/01/33  
     
   
California State, General Obligation Bonds, Various Purpose Series 2010:  
     
7,000  
 
5.250%, 3/01/30  
3/20 at 100.00  
A1  
8,048,180  
4,250  
 
5.250%, 11/01/40  
11/20 at 100.00  
A1  
4,826,003  
25,000  
 
California State, Various Purpose General Obligation Bonds, Series 2005, 4.750%, 3/01/35 –  
3/16 at 100.00  
A1  
26,228,000  
   
NPFG Insured (UB)  
     
9,000  
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System,  
3/16 at 100.00  
A+  
9,514,980  
   
Series 2006, 5.250%, 3/01/45  
     
1,550  
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,  
7/18 at 100.00  
AA–  
1,736,713  
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured  
     
10,445  
 
Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement  
No Opt. Call  
AA  
4,881,471  
   
Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured  
     
8,365  
 
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds,  
8/13 at 52.66  
Aa1  
4,228,257  
   
Series 2003B, 0.000%, 8/01/26 – FGIC Insured  
     
5,000  
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
6/13 at 100.00  
Aaa  
5,200,350  
   
Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured  
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
     
   
Asset-Backed Revenue Bonds, Series 2005A:  
     
3,500  
 
0.000%, 6/01/26 – AGM Insured  
No Opt. Call  
AA–  
1,917,895  
3,485  
 
5.000%, 6/01/45  
6/15 at 100.00  
A2  
3,565,573  
1,000  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/17 at 100.00  
BB–  
764,770  
   
Bonds, Series 2007A-1, 5.125%, 6/01/47  
     
1,500  
 
Lincoln Unified School District, Placer County, California, Community Facilities District 1,  
No Opt. Call  
N/R  
655,965  
   
Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured  
     
490  
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second  
10/12 at 100.00  
N/R (4)  
491,789  
   
Series 1993, 4.750%, 10/15/20 (ETM)  
     
995  
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series  
8/12 at 100.00  
N/R (4)  
999,219  
   
1994, 5.375%, 2/15/34 (ETM)  
     
2,500  
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series  
7/15 at 100.00  
AA–  
2,804,025  
   
2005A-2, 5.000%, 7/01/22 – AGM Insured  
     
2,200  
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series  
No Opt. Call  
A
2,788,082  
   
2009B, 6.500%, 11/01/39  
     
14,000  
 
New Haven Unified School District, California, General Obligation Bonds, Refunding Series  
No Opt. Call  
AA–  
4,792,060  
   
2009, 0.000%, 8/01/34 – AGC Insured  
     
1,000  
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation  
No Opt. Call  
Aa2  
461,180  
   
Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured  
     
5,000  
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,  
11/20 at 100.00  
Baa3  
5,452,350  
   
6.000%, 11/01/30  
     
   
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A:  
     
2,000  
 
0.000%, 8/01/24 – NPFG Insured  
No Opt. Call  
A+  
1,206,300  
4,795  
 
5.000%, 8/01/32 – NPFG Insured  
8/17 at 100.00  
A+  
5,139,329  
2,500  
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005,  
6/15 at 100.00  
A
2,595,750  
   
5.000%, 6/01/30 – FGIC Insured  
     
3,205  
 
San Diego Community College District, California, General Obligation Bonds, Series 2005,  
5/15 at 100.00  
AA+ (4)  
3,612,676  
   
5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured  
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue  
     
   
Refunding Bonds, Series 1997A:  
     
5,000  
 
5.650%, 1/15/17 – NPFG Insured  
1/14 at 102.00  
BBB  
5,090,750  
26,000  
 
0.000%, 1/15/35 – NPFG Insured  
No Opt. Call  
BBB  
7,327,840  
5,000  
 
San Jose-Evergreen Community College District, Santa Clara County, California, General  
9/15 at 50.47  
Aa1  
2,192,900  
   
Obligation Bonds, Series 2005A, 0.000%, 9/01/28 – NPFG Insured  
     
7,345  
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Series  
8/16 at 102.00  
AA–  
8,091,252  
   
2006A, 5.000%, 8/01/27 – AGM Insured  
     
4,825  
 
Santa Monica Community College District, Los Angeles County, California, General Obligation  
8/15 at 61.27  
Aa1  
2,640,192  
   
Bonds, Series 2005C, 0.000%, 8/01/25 – NPFG Insured  
     
3,000  
 
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured  
5/13 at 101.00  
Aa1  
3,119,580  
2,550  
 
Vista Unified School District, San Diego County, California, General Obligation Bonds, Series  
8/13 at 100.00  
Aa2  
2,644,427  
   
2004B, 5.000%, 8/01/28 – FGIC Insured  
     
210,125  
 
Total California  
   
163,805,924  
   
Colorado – 8.2% (5.5% of Total Investments)  
     
1,085  
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –  
10/16 at 100.00  
BBB–  
1,100,917  
   
SYNCORA GTY Insured  
     
6,385  
 
Broomfield, Colorado, Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 2002A,  
12/12 at 100.00  
Aa3  
6,488,948  
   
5.500%, 12/01/22 – AMBAC Insured  
     
3,250  
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center,  
9/17 at 100.00  
BBB  
3,326,148  
   
Series 2007, 5.125%, 9/15/29  
     
7,200  
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of  
1/20 at 100.00  
AA  
7,858,152  
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40  
     
2,000  
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/12 –  
No Opt. Call  
Aa2  
2,032,140  
   
FGIC Insured  
     
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:  
     
6,200  
 
0.000%, 9/01/22 – NPFG Insured  
No Opt. Call  
BBB  
4,011,400  
9,850  
 
0.000%, 9/01/30 – NPFG Insured  
No Opt. Call  
BBB  
3,965,610  
15,960  
 
0.000%, 9/01/33 – NPFG Insured  
No Opt. Call  
BBB  
5,248,606  
   
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:  
     
3,800  
 
0.000%, 9/01/27 – NPFG Insured  
9/20 at 67.94  
BBB  
1,731,166  
13,300  
 
0.000%, 9/01/31 – NPFG Insured  
9/20 at 53.77  
BBB  
4,672,955  
6,250  
 
0.000%, 9/01/32 – NPFG Insured  
9/20 at 50.83  
BBB  
2,062,500  
10,000  
 
0.000%, 3/01/36 – NPFG Insured  
9/20 at 41.72  
BBB  
2,641,600  
10,000  
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private  
7/20 at 100.00  
Baa3  
12,032,700  
   
Activity Bonds, Series 2010, 6.500%, 1/15/30  
     
95,280  
 
Total Colorado  
   
57,172,842  
   
District of Columbia – 1.5% (1.0% of Total Investments)  
     
10,000  
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,  
10/16 at 100.00  
A1  
10,160,900  
   
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured  
     
   
Florida – 4.2% (2.8% of Total Investments)  
     
2,000  
 
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital  
No Opt. Call  
A2  
2,185,920  
   
and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured  
     
4,162  
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust  
1/17 at 100.00  
AA+  
4,419,711  
   
1191, 8.545%, 1/01/27 (Alternative Minimum Tax) (IF)  
     
5,650  
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.000%,  
10/13 at 100.00  
A1 (4)  
5,888,826  
   
10/01/27 (Pre-refunded 10/01/13) – NPFG Insured  
     
2,500  
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series  
10/20 at 100.00  
A2  
2,844,625  
   
2010A-1, 5.375%, 10/01/41  
     
3,000  
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,  
10/20 at 100.00  
A2  
3,442,140  
   
5.000%, 10/01/26  
     
2,425  
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series  
6/15 at 100.00  
Aa3  
2,538,151  
   
2005B, 5.000%, 6/01/22 – NPFG Insured  
     
4,000  
 
Orlando, Florida, Tourist Development Tax Revenue Bonds, Senior Lien 6th Cent Contract  
11/17 at 100.00  
AA–  
4,347,440  
   
Payments, Series 2008A, 5.250%, 11/01/23 – AGC Insured  
     
3,500  
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System  
8/17 at 100.00  
AA  
3,761,485  
   
Obligation Group, Series 2007, 5.000%, 8/15/37  
     
27,237  
 
Total Florida  
   
29,428,298  
   
Georgia – 1.6% (1.0% of Total Investments)  
     
10,000  
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,  
2/41 at 100.00  
AA–  
10,946,000  
   
Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45  
     
   
Illinois – 15.8% (10.5% of Total Investments)  
     
4,595  
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 –  
No Opt. Call  
Aa3  
1,848,569  
   
FGIC Insured  
     
1,470  
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated  
12/21 at 100.00  
A+  
1,621,542  
   
Revenues Series 2011A, 5.000%, 12/01/41  
     
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax  
     
   
Revenues, Series 1999A:  
     
4,600  
 
0.000%, 12/01/20 – FGIC Insured  
No Opt. Call  
A+  
3,608,654  
1,000  
 
5.500%, 12/01/26 – FGIC Insured  
No Opt. Call  
A+  
1,246,730  
4,000  
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured  
7/13 at 100.00  
AA+  
4,055,520  
5,000  
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured  
1/18 at 100.00  
AA+  
5,322,550  
990  
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 –  
No Opt. Call  
AA+  
1,026,581  
   
AMBAC Insured  
     
5,250  
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%, 1/01/28 – NPFG Insured  
1/13 at 100.00  
A
5,265,960  
2,000  
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  
1/14 at 100.00  
AA–  
2,048,880  
   
Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)  
     
1,825  
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  
1/16 at 100.00  
A2  
2,028,542  
   
Series 2005A, 5.250%, 1/01/26 – NPFG Insured  
     
7,100  
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33  
11/20 at 100.00  
AA  
8,044,229  
1,780  
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding  
7/13 at 100.00  
Aa1 (4)  
1,858,284  
   
Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)  
     
10,000  
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006,  
12/15 at 100.00  
AAA  
11,128,500  
   
5.000%, 12/01/42 (UB)  
     
3,000  
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34  
4/19 at 100.00  
A+  
3,293,070  
5,365  
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A,  
5/20 at 100.00  
A
6,183,270  
   
6.000%, 5/15/39  
     
1,925  
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37  
11/17 at 100.00  
A
2,108,510  
5,550  
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical  
8/18 at 100.00  
BBB+  
5,882,667  
   
Centers, Series 2008A, 5.500%, 8/15/30  
     
2,160  
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,  
8/12 at 100.00  
BBB  
2,164,990  
   
5.250%, 8/01/17 – AMBAC Insured  
     
5,090  
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare,  
1/13 at 100.00  
BBB+  
5,171,084  
   
Series 2002, 5.625%, 1/01/28  
     
   
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General  
     
   
Obligation Bonds, Series 2005B:  
     
10,230  
 
0.000%, 1/01/22 – AGM Insured  
1/15 at 70.63  
Aa3  
6,630,575  
6,780  
 
0.000%, 1/01/24 – AGM Insured  
1/15 at 63.44  
Aa3  
3,924,196  
1,975  
 
Lake County Community High School District 127, Grayslake, Illinois, General Obligation Bonds,  
No Opt. Call  
AAA  
2,056,686  
   
Series 2002A, 9.000%, 2/01/13 – FGIC Insured  
     
2,330  
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
6/20 at 100.00  
AAA  
2,524,369  
   
Project, Refunding Series 2010B-2, 5.000%, 6/15/50  
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
     
   
Project, Series 2002A:  
     
6,500  
 
0.000%, 6/15/25 – NPFG Insured  
6/22 at 101.00  
AAA  
6,024,655  
3,700  
 
0.000%, 6/15/30 – NPFG Insured  
No Opt. Call  
AAA  
1,668,848  
3,280  
 
0.000%, 6/15/37 – NPFG Insured  
No Opt. Call  
AAA  
977,965  
11,715  
 
0.000%, 12/15/38 – NPFG Insured  
No Opt. Call  
AAA  
3,222,211  
2,080  
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34  
2/20 at 100.00  
AA–  
2,311,774  
3,000  
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 –  
3/17 at 100.00  
A
3,275,490  
   
NPFG Insured  
     
2,685  
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series  
5/20 at 100.00  
AA–  
3,027,606  
   
2010A, 5.250%, 5/01/31 – AGM Insured  
     
126,975  
 
Total Illinois  
   
109,552,507  
   
Indiana – 1.9% (1.3% of Total Investments)  
     
4,030  
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services,  
11/19 at 100.00  
AA  
4,435,902  
   
Inc. Obligated Group, Series 2009, 5.250%, 11/01/39  
     
6,000  
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A,  
12/19 at 100.00  
AA  
6,696,240  
   
5.250%, 12/01/38  
     
1,890  
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series  
7/15 at 100.00  
AA+  
2,016,554  
   
2005, 5.000%, 7/15/26 – AGM Insured  
     
11,920  
 
Total Indiana  
   
13,148,696  
   
Iowa – 0.8% (0.5% of Total Investments)  
     
970  
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,  
7/16 at 100.00  
BB+  
1,012,321  
   
5.000%, 7/01/19  
     
5,000  
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,  
6/17 at 100.00  
B+  
4,559,800  
   
5.600%, 6/01/34  
     
5,970  
 
Total Iowa  
   
5,572,121  
   
Kansas – 1.1% (0.7% of Total Investments)  
     
2,500  
 
Kansas Development Finance Authority, Water Pollution Control Revolving Fund Leveraged Bonds,  
11/12 at 100.00  
AAA  
2,533,275  
   
Series 2002-II, 5.500%, 11/01/21 (Pre-refunded 11/01/12)  
     
4,215  
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park  
1/17 at 100.00  
BB+  
4,293,947  
   
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured  
     
600  
 
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006,  
4/16 at 100.00  
A1  
624,588  
   
4.625%, 10/01/31  
     
7,315  
 
Total Kansas  
   
7,451,810  
   
Kentucky – 0.2% (0.1% of Total Investments)  
     
1,000  
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,  
6/18 at 100.00  
AA–  
1,104,990  
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured  
     
   
Louisiana – 3.0% (2.0% of Total Investments)  
     
7,415  
 
Louisiana Local Government Environmental Facilities and Community Development Authority,  
12/12 at 100.00  
BBB (4)  
7,532,231  
   
Revenue Bonds, Baton Rouge Community College Facilities Corporation, Series 2002, 5.000%,  
     
   
12/01/32 (Pre-refunded 12/01/12) – NPFG Insured  
     
   
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital,  
     
   
Series 2004:  
     
1,765  
 
5.250%, 7/01/24 – NPFG Insured  
7/14 at 100.00  
BBB  
1,868,711  
3,350  
 
5.250%, 7/01/33 – NPFG Insured  
7/14 at 100.00  
BBB  
3,512,609  
7,850  
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,  
11/12 at 100.00  
A–  
8,006,922  
   
Series 2001B, 5.875%, 5/15/39  
     
20,380  
 
Total Louisiana  
   
20,920,473  
   
Maryland – 1.1% (0.7% of Total Investments)  
     
4,410  
 
Maryland Community Development Administration, Department of Housing and Community  
3/17 at 100.00  
Aa2  
4,543,844  
   
Development, Residential Revenue Bonds, Series 2007D, 4.900%, 9/01/42 (Alternative Minimum Tax)  
     
2,500  
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002,  
No Opt. Call  
AAA  
2,941,550  
   
5.500%, 2/01/16  
     
6,910  
 
Total Maryland  
   
7,485,394  
   
Massachusetts – 0.7% (0.5% of Total Investments)  
     
1,500  
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street  
8/12 at 100.00  
BBB  
1,501,380  
   
Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured  
     
3,000  
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,  
8/15 at 100.00  
AA+  
3,322,560  
   
5.000%, 8/15/30 – AGM Insured  
     
4,500  
 
Total Massachusetts  
   
4,823,940  
   
Michigan – 4.3% (2.9% of Total Investments)  
     
1,975  
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,  
7/22 at 100.00  
A+  
2,081,512  
   
Refunding Senior Lien Series 2012A, 5.000%, 7/01/32  
     
   
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior  
     
   
Lien Series 2006D:  
     
4,000  
 
5.000%, 7/01/32 – AGM Insured  
7/16 at 100.00  
AA–  
4,119,400  
5,000  
 
4.625%, 7/01/32 – AGM Insured  
7/16 at 100.00  
AA–  
5,064,150  
2,435  
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,  
7/13 at 100.00  
AA–  
2,467,166  
   
7/01/23 – AGM Insured  
     
1,000  
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 6.000%,  
No Opt. Call  
A+  
1,083,800  
   
7/01/14 – NPFG Insured  
     
725  
 
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 –  
7/16 at 100.00  
BBB  
802,648  
   
NPFG Insured  
     
5,000  
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,  
11/19 at 100.00  
A1  
5,627,200  
   
Refunding Series 2009, 5.750%, 11/15/39  
     
3,050  
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  
6/18 at 100.00  
BB–  
3,056,131  
   
Series 2008A, 6.875%, 6/01/42  
     
1,150  
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont  
9/18 at 100.00  
A1  
1,485,984  
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39  
     
3,795  
 
Utica Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2004,  
11/13 at 100.00  
AA (4)  
4,021,068  
   
5.000%, 5/01/19 (Pre-refunded 11/01/13)  
     
28,130  
 
Total Michigan  
   
29,809,059  
   
Minnesota – 0.6% (0.4% of Total Investments)  
     
930  
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds,  
11/12 at 100.00  
A
931,953  
   
Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29  
     
2,555  
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds,  
11/15 at 103.00  
AA–  
3,041,268  
   
Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured  
     
3,485  
 
Total Minnesota  
   
3,973,221  
   
Mississippi – 0.8% (0.6% of Total Investments)  
     
5,900  
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System  
10/12 at 100.00  
BBB  
5,916,933  
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22  
     
   
Missouri – 1.0% (0.6% of Total Investments)  
     
   
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds,  
     
   
Series 2004B-1:  
     
8,000  
 
0.000%, 4/15/27 – AMBAC Insured  
No Opt. Call  
AA–  
4,407,600  
5,000  
 
0.000%, 4/15/31 – AMBAC Insured  
No Opt. Call  
AA–  
2,245,750  
13,000  
 
Total Missouri  
   
6,653,350  
   
Nebraska – 1.8% (1.2% of Total Investments)  
     
11,690  
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007,  
2/17 at 100.00  
Aa3  
12,502,104  
   
5.000%, 2/01/35 – AMBAC Insured  
     
   
Nevada – 5.4% (3.6% of Total Investments)  
     
15,000  
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42  
1/20 at 100.00  
A+  
17,224,348  
11,615  
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran  
1/20 at 100.00  
A+  
12,776,965  
   
International Airport, Series 2010A, 5.250%, 7/01/42  
     
3,000  
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding,  
12/12 at 100.00  
AA+ (4)  
3,050,940  
   
5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured  
     
3,760  
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured  
6/15 at 33.61  
A3  
824,831  
2,500  
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A,  
7/17 at 100.00  
AA+  
3,846,400  
   
18.444%, 7/01/31 – BHAC Insured (IF) (5)  
     
35,875  
 
Total Nevada  
   
37,723,484  
   
New Hampshire – 0.5% (0.3% of Total Investments)  
     
3,000  
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group  
10/19 at 100.00  
Baa1  
3,321,720  
   
Issue, Series 2009A, 6.125%, 10/01/39  
     
   
New Jersey – 2.3% (1.5% of Total Investments)  
     
18,400  
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health  
1/17 at 35.47  
BBB  
4,973,336  
   
Care System, Refunding Series 2006B, 0.000%, 7/01/37  
     
5,065  
 
New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B,  
1/17 at 100.00  
A+  
4,732,635  
   
0.000%, 1/01/35 – AMBAC Insured  
     
3,000  
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%,  
No Opt. Call  
Aa2  
1,815,030  
   
9/01/25 – NPFG Insured  
     
1,800  
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  
6/13 at 100.00  
Aaa  
1,886,184  
   
Series 2003, 6.375%, 6/01/32 (Pre-refunded 6/01/13)  
     
3,000  
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  
6/17 at 100.00  
B2  
2,450,190  
   
Series 2007-1A, 5.000%, 6/01/41  
     
31,265  
 
Total New Jersey  
   
15,857,375  
   
New York – 5.7% (3.7% of Total Investments)  
     
7,000  
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue  
No Opt. Call  
BBB–  
1,248,590  
   
Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45  
     
2,500  
 
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian  
8/14 at 100.00  
AA–  
2,694,100  
   
Hospital Project, Series 2007, 5.250%, 8/15/26 – AGM Insured  
     
2,000  
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series  
2/21 at 100.00  
A
2,249,320  
   
2011A, 5.250%, 2/15/47  
     
3,000  
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,  
6/16 at 100.00  
A
3,181,530  
   
5.000%, 12/01/35  
     
3,500  
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue  
2/21 at 100.00  
Aa2  
4,340,840  
   
Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30  
     
1,250  
 
New York City Industrial Development Agency, New York, American Airlines-JFK International  
No Opt. Call  
N/R  
1,319,525  
   
Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)  
     
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25  
8/12 at 100.00  
AA  
5,023  
1,675  
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16  
8/12 at 100.00  
AA  
1,682,471  
   
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:  
     
20  
 
5.000%, 8/01/17  
8/12 at 100.00  
AA  
20,076  
150  
 
5.750%, 8/01/18  
8/12 at 100.00  
AA  
152,730  
8,550  
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air  
12/20 at 100.00  
BBB–  
9,569,673  
   
Terminal LLC Project, Eighth Series 2010, 5.500%, 12/01/31  
     
   
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air  
     
   
Terminal LLC, Sixth Series 1997:  
     
2,475  
 
6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)  
No Opt. Call  
BBB  
2,739,677  
10,000  
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)  
12/12 at 100.00  
BBB  
10,003,300  
42,125  
 
Total New York  
   
39,206,855  
   
North Carolina – 5.6% (3.7% of Total Investments)  
     
1,900  
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA  
1/15 at 100.00  
AA+ (4)  
2,114,491  
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)  
     
17,000  
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A,  
10/15 at 100.00  
AA+  
18,662,428  
   
5.000%, 10/01/41  
     
3,000  
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,  
1/16 at 100.00  
A–  
3,408,210  
   
5.250%, 1/01/20 – AMBAC Insured  
     
4,000  
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s  
10/17 at 100.00  
AA–  
4,203,800  
   
Health System, Series 2007, 4.500%, 10/01/31 (UB)  
     
8,390  
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,  
1/13 at 100.00  
A
8,556,877  
   
1/01/19 – NPFG Insured  
     
1,900  
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A,  
1/19 at 100.00  
AA–  
2,193,873  
   
5.750%, 1/01/39 – AGC Insured  
     
36,190  
 
Total North Carolina  
   
39,139,679  
   
North Dakota – 0.3% (0.2% of Total Investments)  
     
1,500  
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011,  
11/21 at 100.00  
AA–  
1,826,520  
   
6.000%, 11/01/28  
     
   
Ohio – 7.4% (4.9% of Total Investments)  
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
     
   
Bonds, Senior Lien, Series 2007A-2:  
     
4,415  
 
5.375%, 6/01/24  
6/17 at 100.00  
B
3,792,617  
110  
 
5.125%, 6/01/24  
6/17 at 100.00  
B
92,324  
1,250  
 
5.875%, 6/01/30  
6/17 at 100.00  
B+  
1,037,963  
6,215  
 
5.750%, 6/01/34  
6/17 at 100.00  
BB  
5,060,377  
4,300  
 
6.000%, 6/01/42  
6/17 at 100.00  
BBB  
3,587,963  
4,750  
 
5.875%, 6/01/47  
6/17 at 100.00  
BB  
3,858,378  
6,000  
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010,  
11/20 at 100.00  
BBB+  
6,463,200  
   
5.250%, 11/01/29  
     
2,000  
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24  
6/14 at 100.00  
A+ (4)  
2,136,960  
   
(Pre-refunded 6/01/14) – FGIC Insured  
     
10,000  
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006,  
12/16 at 100.00  
AA+  
10,444,000  
   
4.250%, 12/01/32 – AGM Insured (UB)  
     
5,500  
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation  
No Opt. Call  
BBB–  
6,397,600  
   
Project, Series 2009E, 5.625%, 10/01/19  
     
7,500  
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System  
1/19 at 100.00  
Aa2  
8,430,825  
   
Obligated Group, Series 2009A, 5.500%, 1/01/39  
     
52,040  
 
Total Ohio  
   
51,302,207  
   
Oklahoma – 0.3% (0.2% of Total Investments)  
     
1,675  
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical  
8/18 at 100.00  
AA–  
1,939,818  
   
Center, Series 2008B, 5.250%, 8/15/38  
     
   
Oregon – 0.7% (0.5% of Total Investments)  
     
5,000  
 
Oregon Health and Science University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22  
1/13 at 100.00  
A+ (4)  
5,104,150  
   
(Pre-refunded 1/01/13) – NPFG Insured  
     
   
Pennsylvania – 5.4% (3.6% of Total Investments)  
     
3,000  
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh  
8/19 at 100.00  
Aa3  
3,389,640  
   
Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39  
     
5,000  
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue  
1/13 at 100.00  
Ba1  
5,002,950  
   
Refunding Bonds, Series 1997A, 6.200%, 7/01/19  
     
5,975  
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue  
12/20 at 100.00  
AA  
5,624,746  
   
Bonds, Series 2010A, 0.000%, 12/01/34  
     
10,000  
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,  
6/26 at 100.00  
AA–  
10,345,800  
   
6/01/33 – AGM Insured  
     
11,890  
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System  
5/20 at 100.00  
AA  
13,049,394  
   
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40  
     
35,865  
 
Total Pennsylvania  
   
37,412,530  
   
Puerto Rico – 6.8% (4.5% of Total Investments)  
     
3,330  
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,  
7/18 at 100.00  
Baa2  
3,539,723  
   
6.000%, 7/01/44  
     
8,000  
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36  
7/20 at 100.00  
BBB+  
8,785,120  
4,300  
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,  
12/13 at 100.00  
AA–  
4,440,137  
   
4.500%, 12/01/23  
     
8,200  
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003,  
12/13 at 100.00  
AA+ (4)  
8,666,416  
   
4.500%, 12/01/23 (Pre-refunded 12/01/13)  
     
10,000  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  
8/19 at 100.00  
A+  
11,324,700  
   
2009A, 6.000%, 8/01/42  
     
4,310  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  
8/20 at 100.00  
A+  
4,595,193  
   
2010C, 5.250%, 8/01/41  
     
6,105  
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  
11/12 at 100.00  
BBB+  
6,104,817  
   
Series 2002, 5.375%, 5/15/33  
     
44,245  
 
Total Puerto Rico  
   
47,456,106  
   
Rhode Island – 1.3% (0.9% of Total Investments)  
     
5,815  
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 –  
5/13 at 100.00  
AA–  
5,978,518  
   
AGM Insured  
     
3,310  
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  
12/12 at 100.00  
BBB–  
3,359,617  
   
Series 2002A, 6.250%, 6/01/42  
     
9,125  
 
Total Rhode Island  
   
9,338,135  
   
South Carolina – 4.5% (3.0% of Total Investments)  
     
24,730  
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series  
12/12 at 101.00  
Aaa  
25,419,219  
   
2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12)  
     
1,850  
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,  
8/14 at 100.00  
BBB  
1,967,716  
   
Series 2004A, 5.250%, 8/15/34 – NPFG Insured  
     
870  
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric  
7/13 at 100.00  
Aa3 (4)  
908,350  
   
System, Series 2003A, 5.000%, 1/01/20 (Pre-refunded 7/01/13) – AMBAC Insured  
     
2,690  
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric  
7/13 at 100.00  
Aa3  
2,795,233  
   
System, Series 2003A, 5.000%, 1/01/20 – AMBAC Insured  
     
30,140  
 
Total South Carolina  
   
31,090,518  
   
Tennessee – 0.7% (0.5% of Total Investments)  
     
5,000  
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue  
7/13 at 100.00  
BBB+  
5,039,450  
   
Bonds, East Tennessee Children’s Hospital, Series 2003A, 5.000%, 7/01/23 – RAAI Insured  
     
   
Texas – 13.8% (9.2% of Total Investments)  
     
2,500  
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,  
12/12 at 100.00  
N/R  
1,631,300  
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (6)  
     
2,845  
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds,  
8/15 at 100.00  
AAA  
3,159,003  
   
Refunding School Building Series 2005, 5.000%, 8/15/34  
     
1,000  
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Series  
No Opt. Call  
AA–  
445,580  
   
2002, 0.000%, 8/15/32 – FGIC Insured  
     
1,500  
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011,  
1/21 at 100.00  
BBB–  
1,742,970  
   
5.750%, 1/01/31  
     
15,000  
 
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue  
1/15 at 100.00  
BBB  
15,234,598  
   
Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured  
     
2,500  
 
Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas,  
No Opt. Call  
Aaa  
1,984,575  
   
General Obligation Bonds, Series 2005A, 0.000%, 2/01/23  
     
2,200  
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding  
8/14 at 100.00  
AAA  
2,370,478  
   
Series 2004, 5.000%, 8/15/33  
     
   
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006:  
     
3,950  
 
0.000%, 8/15/30  
8/16 at 49.21  
Aaa  
1,776,039  
4,000  
 
0.000%, 8/15/31  
8/16 at 46.64  
Aaa  
1,688,440  
3,070  
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –  
2/17 at 100.00  
AA+  
3,442,299  
   
NPFG Insured  
     
5,000  
 
Harris County, Texas, Tax Anticipation Notes, Series 2012, 1.500%, 2/28/13  
No Opt. Call  
N/R  
5,041,750  
1,715  
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  
No Opt. Call  
A2  
640,467  
   
Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured  
     
2,400  
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A,  
7/18 at 100.00  
AA–  
2,698,776  
   
5.500%, 7/01/39  
     
9,350  
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation  
8/15 at 39.50  
AA–  
3,287,273  
   
Bonds, Series 2005, 0.000%, 8/15/32 – FGIC Insured  
     
6,000  
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation  
8/14 at 35.28  
AAA  
2,029,740  
   
Bonds, Series 2006, 0.000%, 8/15/33  
     
9,655  
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services  
11/12 at 100.00  
AA–  
9,669,000  
   
Corporation, Series 2003B, 5.000%, 5/15/31 – AGM Insured  
     
3,525  
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds,  
8/16 at 100.00  
Aaa  
3,982,334  
   
Series 2007, 5.000%, 8/15/34  
     
5,250  
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series  
2/15 at 100.00  
Aaa  
5,713,575  
   
2005, 5.000%, 2/15/34  
     
4,000  
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation  
1/25 at 100.00  
A2  
4,202,760  
   
Series 2008I, 0.000%, 1/01/43  
     
5,000  
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,  
12/13 at 100.00  
A+  
5,148,950  
   
Series 2004, 6.000%, 12/01/34  
     
3,295  
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  
2/17 at 100.00  
AA–  
4,286,037  
   
Series 2007A, Residuals 1760-3, 16.996%, 2/15/36 (IF)  
     
2,890  
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue  
8/20 at 100.00  
AA–  
3,243,505  
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45  
     
5,000  
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series  
8/12 at 100.00  
BBB+  
5,041,800  
   
2002A, 5.750%, 8/15/38 – AMBAC Insured  
     
2,500  
 
Texas, General Obligation Refunding Bonds, Public Finance Authority, Series 2002, 5.500%, 10/01/12  
No Opt. Call  
Aaa  
2,522,200  
5,000  
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,  
8/15 at 36.81  
AAA  
1,655,500  
   
Series 2005, 0.000%, 8/15/34  
     
   
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:  
     
3,000  
 
0.000%, 8/15/23  
8/15 at 67.10  
AAA  
1,908,600  
2,000  
 
0.000%, 8/15/24  
8/15 at 63.56  
AAA  
1,202,300  
114,145  
 
Total Texas  
   
95,749,849  
   
Utah – 1.3% (0.9% of Total Investments)  
     
3,785  
 
Alpine School District, Utah County, Utah, General Obligation Bonds, Refunding Series 2002,  
9/12 at 100.00  
Aaa  
3,808,656  
   
5.250%, 3/15/17 (Pre-refunded 9/15/12)  
     
3,000  
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41  
8/19 at 100.00  
AA+  
3,283,440  
1,695  
 
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds,  
8/16 at 100.00  
A+  
1,830,261  
   
Series 2006A., 4.500%, 8/01/23 – FGIC Insured  
     
8,480  
 
Total Utah  
   
8,922,357  
   
Virginia – 3.0% (2.0% of Total Investments)  
     
21,500  
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,  
10/26 at 100.00  
AA–  
20,709,873  
   
Series 2009C, 0.000%, 10/01/41 – AGC Insured  
     
   
Washington – 6.1% (4.0% of Total Investments)  
     
2,755  
 
Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater  
No Opt. Call  
A1  
3,052,017  
   
Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured  
     
1,830  
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003,  
6/13 at 100.00  
A1 (4)  
1,903,603  
   
5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured  
     
6,790  
 
King County, Washington, General Obligation Bonds, Series 2010A, 5.000%, 12/01/12  
No Opt. Call  
AAA  
6,899,794  
2,150  
 
Seattle, Washington, General Obligation Refunding and Improvement Bonds, Series 2002, 4.500%,  
12/12 at 100.00  
AAA  
2,181,068  
   
12/01/20 (Pre-refunded 12/01/12)  
     
3,000  
 
Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005,  
6/15 at 100.00  
Aa1 (4)  
3,389,130  
   
5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured  
     
8,000  
 
Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System,  
5/18 at 100.00  
AA–  
8,703,840  
   
Series 2008A, 5.250%, 8/15/34 – AGM Insured  
     
10,170  
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  
6/13 at 100.00  
A3  
10,585,241  
   
Series 2002, 6.500%, 6/01/26  
     
9,000  
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%,  
No Opt. Call  
AA+  
5,423,130  
   
6/01/28 – FGIC Insured  
     
43,695  
 
Total Washington  
   
42,137,823  
   
Wisconsin – 2.5% (1.6% of Total Investments)  
     
1,830  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior  
5/16 at 100.00  
BBB  
1,861,860  
   
Healthcare, Series 2006, 4.750%, 5/01/25  
     
   
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,  
     
   
Series 2012B:  
     
1,000  
 
5.000%, 2/15/27  
2/22 at 100.00  
A–  
1,102,320  
1,000  
 
5.000%, 2/15/28  
2/22 at 100.00  
A–  
1,094,830  
1,250  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, United Lutheran Program  
9/12 at 100.00  
N/R (4)  
1,250,588  
   
for the Aging Inc., Series 1998, 5.700%, 3/01/28 (Pre-refunded 9/28/12)  
     
9,920  
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,  
5/19 at 100.00  
AA–  
11,866,403  
   
5.750%, 5/01/33  
     
15,000  
 
Total Wisconsin  
   
17,176,001  
   
Wyoming – 0.7% (0.4% of Total Investments)  
     
4,080  
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power  
7/19 at 100.00  
A1  
4,687,104  
   
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39  
     
$ 1,171,982  
 
Total Investments (cost $961,863,238) – 150.8%  
   
1,045,683,701  
   
Floating Rate Obligations – (5.0)%  
   
(34,730,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (50.6)% (7)  
   
(350,900,000)
   
Other Assets Less Liabilities – 4.8%  
   
33,465,712  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 693,519,413  
 
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  
$ —  
$1,045,683,701  
$ —  
$1,045,683,701  
 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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.
 
At July 31, 2012, the cost of investments was $926,305,382.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2012, were as follows:
 
   
Gross unrealized:  
 
Appreciation  
$89,187,546  
Depreciation  
(4,540,859)
Net unrealized appreciation (depreciation) of investments  
$84,646,687  
 
 
     
(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)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for  
   
investments in inverse floating rate transactions.  
(6)  
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income  
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the  
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s  
   
Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has  
   
directed the Fund’s custodian to cease accruing additional income on the Fund’s records.  
(7)  
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.6%.  
N/R  
 
Not rated.  
(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 Municipal Market Opportunity Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          September 28, 2012        
 
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:          September 28, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          September 28, 2012        
 

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