N-Q 1 nq.htm NCO Form N-Q

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)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—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:            08/31          

Date of reporting period:          05/31/05         

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, 2005             
 
 
 
 
Principal        Optional Call        Market 
Amount (000)    Description(1)    Provisions*    Ratings**    Value 
 
    Consumer Staples - 4.4% (3.0% of Total Investments)             
$ 3,635    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma    6/12 at 100.00    Baa3    $ 3,675,458 
    County Tobacco Funding Corporation, Series 2002B, 5.125%, 6/01/20             
2,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,    6/13 at 100.00    BBB    2,120,580 
    Series 2003A-1, 6.250%, 6/01/33             
 
    Education and Civic Organizations - 7.4% (4.9% of Total Investments)             
1,000    California Infrastructure Economic Development Bond Bank, Revenue Bonds, Scripps Research    7/15 at 100.00    Aa3    1,059,690 
    Institute, Series 2005A, 5.000%, 7/01/24             
1,530    University of California, Certificates of Participation, San Diego and Sacramento Campus Projects,    1/10 at 101.00    Aa2    1,625,717 
    Series 2002A, 5.250%, 1/01/20             
6,580    University of California, Revenue Bonds, Multiple Purpose Projects, Series 2000K, 5.000%, 9/01/13    9/08 at 101.00    AA    7,046,588 
 
    Healthcare - 12.4% (8.2% of Total Investments)             
2,000    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,    12/09 at 101.00    A3    2,184,560 
    Series 1999A, 6.125%, 12/01/30             
3,200    California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC,    8/11 at 102.00    A+    3,435,136 
    Series 2001A, 5.550%, 8/01/31             
    California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health             
    System, Series 2005A:             
190    5.250%, 7/01/24    7/15 at 100.00    BBB+    201,204 
400    5.250%, 7/01/35    7/15 at 100.00    BBB+    418,504 
1,000    California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System,    No Opt. Call    AAA    1,108,130 
    Series 1998A, 5.000%, 8/01/22 - AMBAC Insured             
5,930    Central California Joint Powers Health Finance Authority, Certificates of Participation, Community    8/05 at 100.00    Baa2    5,930,593 
    Hospitals of Central California, Series 1993, 5.000%, 2/01/23             
3,000    Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 1993A,    6/05 at 101.00    BBB-    3,022,770 
    6.500%, 12/01/18             
 
    Housing/Multifamily - 1.3% (0.9% of Total Investments)             
1,550    San Bernardino County Housing Authority, California, Multifamily Housing Revenue Refunding Bonds,    No Opt. Call    BBB+    1,640,272 
    Equity Residential Properties/Redlands Lawn and Tennis Apartments, Series 1999A, 5.200%, 6/15/29             
    (Mandatory put 6/15/09)             
 
    Tax Obligation/General - 30.1% (19.9% of Total Investments)             
4,125    Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series    No Opt. Call    AAA    1,600,541 
    2004A, 0.000%, 8/01/25 - FSA Insured             
    California, General Obligation Bonds, Series 2003:             
1,000    5.250%, 11/01/19 - RAAI Insured    11/13 at 100.00    AA    1,092,290 
1,400    5.250%, 2/01/20    8/13 at 100.00    A    1,543,990 
1,000    5.250%, 2/01/22 - CIFG Insured    8/13 at 100.00    AAA    1,085,210 
    California, General Obligation Bonds, Series 2004:             
3,000    5.000%, 2/01/23    2/14 at 100.00    A    3,184,980 
2,500    5.125%, 4/01/23    4/14 at 100.00    A    2,687,200 
2,100    5.250%, 4/01/34    4/14 at 100.00    A    2,247,609 
860    Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds,    8/15 at 100.00    AAA    923,408 
    Series 2005A, 5.000%, 6/01/26 - FSA Insured             
5,000    Los Angeles Unified School District, California, General Obligation Bonds, Series 2000D, 5.375%,    7/10 at 100.00    AAA    5,382,300 
    7/01/25 - FGIC Insured             
4,100    Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, Series    No Opt. Call    AAA    1,408,391 
    2001B, 0.000%, 8/01/27 - FGIC Insured             
2,500    Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002,    8/12 at 100.00    AAA    2,731,975 
    5.250%, 8/01/21 - FGIC Insured             
1,000    Pomona Unified School District, Los Angeles County, California, General Obligation Refunding Bonds,    8/11 at 103.00    AAA    1,179,960 
    Series 1997A, 6.150%, 8/01/15 - MBIA Insured             
2,620    Rancho Santiago Community College District, Orange County, California, General Obligation Bonds,    9/15 at 100.00    AAA    2,807,618 
    Series 2005B, 5.000%, 9/01/27 - FSA Insured             
2,000    Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%,    8/14 at 100.00    AAA    2,197,420 
    8/01/24 - MBIA Insured             
5,000    San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series    7/10 at 100.00    AAA    5,469,000 
    2000B, 5.125%, 7/01/21 - MBIA Insured             
    San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation             
    Bonds, Series 2005A:             
220    5.000%, 9/01/25 - MBIA Insured    9/15 at 100.00    AAA    236,898 
320    5.000%, 9/01/27 - MBIA Insured    9/15 at 100.00    AAA    342,915 
4,970    San Rafael City High School District, Marin County, California, General Obligation Bonds, Series    No Opt. Call    AAA    1,708,388 
    2004B, 0.000%, 8/01/27 - FGIC Insured             
4,175    Southwestern Community College District, San Diego County, California, General Obligation Bonds,    No Opt. Call    AAA    1,619,942 
    Series 2004, 0.000%, 8/01/25 - FGIC Insured             
 
    Tax Obligation/Limited - 34.0% (22.4% of Total Investments)             
    California, Economic Recovery Revenue Bonds, Series 2004A:             
2,700    5.000%, 7/01/15    7/14 at 100.00    AA-    2,980,665 
2,000    5.000%, 7/01/16    7/11 at 100.00    AA-    2,162,480 
2,000    California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga    6/14 at 100.00    A-    2,238,520 
    State Hospital, Series 2004A, 5.500%, 6/01/19             
195    Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%,    9/15 at 100.00    AAA    210,657 
    9/01/20 (WI, settling 6/07/05) - XLCA Insured             
1,065    Los Angeles County Public Works Financing Authority, California, Revenue Bonds, Regional Park and    10/07 at 101.00    AA    1,117,249 
    Open Space District, Series 1997A, 5.000%, 10/01/19             
    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    AAA    1,508,389 
1,500    5.250%, 9/01/26 - AMBAC Insured    9/14 at 100.00    AAA    1,641,870 
2,000    Monterey County, California, Certificates of Participation, Master Plan Financing, Series 2001,    8/11 at 100.00    Aaa    2,103,220 
    5.000%, 8/01/21 - MBIA Insured             
1,000    Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange    9/06 at 102.00    N/R    1,040,440 
    Project, Series 1997, 6.375%, 9/01/17             
10,900    Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding    No Opt. Call    AAA    15,275,914 
    Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured             
2,500    Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,    No Opt. Call    AAA    2,920,250 
    5.400%, 11/01/20 - AMBAC Insured             
2,255    San Bernardino County, California, Certificates of Participation, Medical Center Financing Project,    8/05 at 102.00    AAA    2,308,669 
    Series 1995, 5.500%, 8/01/22 - MBIA Insured             
1,200    San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project,    9/11 at 100.00    AAA    1,276,632 
    Series 2001F, 5.000%, 9/01/20 - MBIA Insured             
7,000    Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment    10/09 at 101.00    AAA    7,705,810 
    Project, Series 1999, 5.750%, 10/01/32 - AMBAC Insured             
 
    Transportation - 25.8% (17.0% of Total Investments)             
4,000    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds,    1/14 at 101.00    BBB-    3,378,880 
    Series 1999, 0.000%, 1/15/29             
8,500    Long Beach, California, Harbor Revenue Bonds, Series 2000A, 5.750%, 5/15/14 (Alternative Minimum    5/10 at 101.00    AA-    9,421,910 
    Tax)             
5,250    Port of Oakland, California, Revenue Bonds, Series 2000K, 5.750%, 11/01/29 (Alternative Minimum    5/10 at 100.00    AAA    5,679,345 
    Tax) - FGIC Insured             
5,000    Sacramento County, California, Airport System Revenue Bonds, Series 1996A, 5.900%, 7/01/24    7/06 at 102.00    AAA    5,232,200 
    (Alternative Minimum Tax) - MBIA Insured             
    San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,             
    Second Series 2000, Issue 25:             
2,515    5.500%, 5/01/24 (Alternative Minimum Tax) - FSA Insured    5/10 at 101.00    AAA    2,691,427 
3,100    5.750%, 5/01/30 (Alternative Minimum Tax) - FSA Insured    5/10 at 101.00    AAA    3,379,124 
2,465    San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San    1/08 at 102.00    AAA    2,665,602 
    Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 (Alternative             
    Minimum Tax) - FSA Insured             
1,250    San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,    5/10 at 101.00    AAA    1,324,450 
    Second Series 2000, Issue 26B, 5.000%, 5/01/21 - FGIC Insured             
 
    U.S. Guaranteed *** - 10.0% (6.6% of Total Investments)             
4,950    California, Various Purpose General Obligation Bonds, Series 2000, 5.750%, 3/01/27 (Pre-refunded    3/10 at 101.00    AAA    5,595,431 
    to 3/01/10) - MBIA Insured             
1,935    Los Angeles County Public Works Financing Authority, California, Revenue Bonds, Regional Park and    10/07 at 101.00    AA***    2,051,061 
    Open Space District, Series 1997A, 5.000%, 10/01/19 (Pre-refunded to 10/01/07)             
4,000    Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds,    No Opt. Call    AAA    5,432,640 
    Series 1990B, 7.500%, 8/01/23             
 
    Utilities - 8.8% (5.8% of Total Investments)             
1,500    California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California    9/09 at 101.00    AAA    1,618,785 
    Edison Company, Series 1999A, 5.450%, 9/01/29 - MBIA Insured             
492    California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, CanFibre of    7/07 at 102.00    N/R    63,979 
    Riverside, Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax) #             
3,000    California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,    5/12 at 101.00    A2    3,233,370 
    5/01/18             
3,310    California Statewide Community Development Authority, Certificates of Participation Refunding, Rio    6/05 at 102.00    N/R    3,377,359 
    Bravo Fresno Project, Series 1999A, 6.300%, 12/01/18             
500    Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2,    7/13 at 100.00    AAA    542,240 
    5.000%, 7/01/21 - MBIA Insured             
    Merced Irrigation District, California, Revenue Refunding Bonds, Electric System Project, Series             
    2001:             
1,650    6.750%, 9/01/31    9/05 at 102.00    Baa3    1,690,904 
1,000    6.850%, 9/01/36    9/05 at 102.00    Baa3    1,025,030 
 
    Water and Sewer - 17.1% (11.3% of Total Investments)             
3,330    California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,    12/11 at 100.00    AA    3,745,484 
    Series 2001W, 5.500%, 12/01/15             
1,030    California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,    No Opt. Call    AAA    1,208,003 
    Series 2002X, 5.500%, 12/01/17 - FGIC Insured             
4,000    Los Angeles, California, Wastewater System Revenue Bonds, Series 1993D, 4.700%, 11/01/19 - FGIC    11/05 at 100.00    AAA    4,011,200 
    Insured             
2,000    San Francisco City and County Public Utilities Commission, California, Clean Water Revenue    4/13 at 100.00    AAA    2,216,220 
    Refunding Bonds, Series 2003A, 5.250%, 10/01/20 - MBIA Insured             
10,000    Santa Maria, California, Subordinate Water and Wastewater Revenue Certificates of Participation,    8/12 at 101.00    AAA    11,249,100 
    Series 1997A, 5.550%, 8/01/27 - AMBAC Insured             
 
$ 192,372    Total Long-Term Investments (cost $180,088,765) - 151.3%            198,243,746 
 
    Other Assets Less Liabilities - 0.6%            762,902 
 
    Preferred Shares, at Liquidation Value - (51.9)%            (68,000,000) 
 
    Net Assets Applicable to Common Shares - 100%            $131,006,648 
 
 
 
(1)    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares             
    unless otherwise noted.             
*    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.             
**    Ratings: Using the higher of Standard & Poor's or Moody's rating.             
***    Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency             
    securities which ensures the timely payment of principal and interest. Such securities are normally considered             
    to be equivalent to AAA rated securities.             
#    Non-income producing security. On January 1, 2002, CFR Holdings, Inc. (an entity formed by Nuveen for the             
    benefit of the Nuveen Funds owning various interests in CanFibre of Riverside) took possession of the             
    CanFibre of Riverside assets on behalf of the various Nuveen Funds. CFR Holdings, Inc. determined that a             
    sale of the facility was in the best interest of shareholders and proceeded accordingly. Investment valued at             
    fair value using methods determined in good faith by or at the direction of the Board of Directors.             
N/R    Investment is not rated.             
(WI)    Security purchased on a when-issued basis.             
 
    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 income on taxable market             
    discount securities and timing differences in recognizing certain gains and losses on investment transactions.             
 
    At May 31, 2005, the cost of investments was $179,791,824.             
 
    Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2005, were as             
    follows:             
 
    Gross unrealized:             
       Appreciation            $18,877,574 
       Depreciation            (425,652) 
 
    Net unrealized appreciation of investments            $18,451,922 

Item 2. Controls and Procedures.

  1. 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)).
  2. 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: 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/ Jessica R. Droeger--Vice President and Secretary        

Date         07/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         07/29/05        

By (Signature and Title)*         /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)        

Date         07/29/05        

* Print the name and title of each signing officer under his or her signature.