N-Q 1 nq1.htm NCO nq1.htm



 
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:         11/30/09         
 
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)      
  November 30, 2009      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3)                   Value
  Consumer Staples – 5.9% (4.1% of Total Investments)      
$      355  California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  6/15 at 100.00  BBB  $     332,099 
  County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21       
2,000  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/17 at 100.00  BBB  1,445,760 
  Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47       
8,090  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/22 at 100.00  BBB  4,904,320 
  Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37       
10,445  Total Consumer Staples      6,682,179 
  Education and Civic Organizations – 4.0% (2.7% of Total Investments)      
100  California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series  10/15 at 100.00  A3  93,662 
  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  72,619 
95  5.000%, 11/01/25  11/15 at 100.00  A2  96,161 
1,000  California Infrastructure Economic Development Bond Bank, Revenue Bonds, Scripps Research  7/15 at 100.00  Aa3  1,053,680 
  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  1,585,315 
  Trust 1065, 9.236%, 3/01/33 (IF)       
2,000  San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006,  9/15 at 102.00  Baa3  1,605,940 
  5.000%, 9/01/34       
4,945  Total Education and Civic Organizations      4,507,377 
  Health Care – 15.5% (10.7% of Total Investments)      
240  California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,  4/16 at 100.00  A+  219,636 
  Series 2006, 5.000%, 4/01/37       
5,305  California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,  11/16 at 100.00  Aa3  5,005,321 
  5.250%, 11/15/46 (UB)       
3,200  California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance  8/11 at 102.00  A+  3,212,352 
  LLC, Series 2001A, 5.550%, 8/01/31       
1,060  California Municipal Financing Authority, Certificates of Participation, Community Hospitals  2/17 at 100.00  Baa2  887,655 
  of Central California, Series 2007, 5.250%, 2/01/46       
569  California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health  7/18 at 100.00  AAA  580,619 
  System, Trust 2554, 18.284%, 7/01/47 – FSA Insured (IF)       
1,000  California Statewide Community Development Authority, Insured Health Facility Revenue Bonds,  10/17 at 100.00  845,230 
  Henry Mayo Newhall Memorial Hospital, Series 2007A, 5.000%, 10/01/37       
755  California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante  3/16 at 100.00  A+  683,305 
  System, Series 2006, 5.000%, 3/01/41       
135  California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente  8/16 at 100.00  A+  131,413 
  System, Series 2001C, 5.250%, 8/01/31       
675  California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health  No Opt. Call  657,167 
  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  Aa3  2,355,142 
  2005A, 5.000%, 11/15/43       
1,150  Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series  12/17 at 100.00  BBB  1,264,264 
  2008A, 8.250%, 12/01/38       
1,000  Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  7/17 at 100.00  A3  910,930 
  Center, Series 2007A, 5.000%, 7/01/38       
1,000  The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series  5/15 at 101.00  Aa2  888,230 
  2007A, 4.500%, 5/15/37 – NPFG Insured       
18,674  Total Health Care      17,641,264 
  Housing/Single Family – 0.2% (0.2% of Total Investments)      
240  California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  2/16 at 100.00  AA–  249,254 
  8/01/30 – FGIC Insured (Alternative Minimum Tax)       
  Industrials – 0.6% (0.4% of Total Investments)      
750  California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste  1/16 at 102.00  BBB  710,198 
  Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)       
  Long-Term Care – 2.1% (1.5% of Total Investments)      
2,900  California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center  12/17 at 100.00  Ba1  2,385,076 
  Project, Series 2007, 5.250%, 12/01/27       
  Tax Obligation/General – 18.7% (12.9% of Total Investments)      
4,125  Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series  No Opt. Call  AAA  1,656,023 
  2004A, 0.000%, 8/01/25 – FSA Insured       
2,000  California, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39  11/19 at 100.00  2,034,720 
1,350  Coachella Valley Unified School District, Riverside County, California, General Obligation  8/15 at 100.00  1,350,567 
  Bonds, Series 2005A, 5.000%, 8/01/30 – FGIC Insured       
2,150  Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California,  8/14 at 102.00  AAA  2,339,757 
  General Obligation Bonds, Series 2006C, 5.000%, 8/01/24 – FSA Insured (UB)       
4,100  Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds,  No Opt. Call  A+  1,396,296 
  Series 2001B, 0.000%, 8/01/27 – FGIC Insured       
2,500  Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series  8/12 at 100.00  2,532,250 
  2002, 5.250%, 8/01/21 – FGIC Insured       
1,000  Pomona Unified School District, Los Angeles County, California, General Obligation Refunding  8/11 at 103.00  1,114,840 
  Bonds, Series 1997A, 6.150%, 8/01/15 – NPFG Insured       
25  Riverside Community College District, California, General Obligation Bonds, Series 2004A,  8/14 at 100.00  AA–  27,255 
  5.250%, 8/01/24 – NPFG Insured       
210  Roseville Joint Union High School District, Placer County, California, General Obligation  8/15 at 100.00  AA–  216,355 
  Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured       
5,000  San Diego Unified School District, California, General Obligation Bonds, Election of 1998,  7/10 at 100.00  AA  5,121,400 
  Series 2000B, 5.125%, 7/01/21 – NPFG Insured       
4,970  San Rafael City High School District, Marin County, California, General Obligation Bonds,  No Opt. Call  AA  1,724,839 
  Series 2004B, 0.000%, 8/01/27 – FGIC Insured       
4,175  Southwestern Community College District, San Diego County, California, General Obligation  No Opt. Call  AA–  1,701,020 
  Bonds, Series 2004, 0.000%, 8/01/25 – FGIC Insured       
31,605  Total Tax Obligation/General      21,215,322 
  Tax Obligation/Limited – 25.5% (17.6% of Total Investments)      
2,000  California State Public Works Board, Lease Revenue Bonds, Department of Mental Health,  6/14 at 100.00  A–  2,048,700 
  Coalinga State Hospital, Series 2004A, 5.500%, 6/01/19       
260  Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  9/15 at 100.00  251,805 
  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  BBB  658,519 
  Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured       
1,035  Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds,  9/16 at 100.00  A–  928,333 
  Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured       
  Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,       
  Series 2006A:       
120  5.000%, 9/01/26  9/16 at 100.00  N/R  105,000 
275  5.125%, 9/01/36  9/16 at 100.00  N/R  226,111 
470  Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester  9/15 at 100.00  A2  403,425 
  Social 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  1,261,535 
1,500  5.250%, 9/01/26 – AMBAC Insured  9/14 at 100.00  N/R  1,358,460 
10,900  Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue  No Opt. Call  12,531,403 
  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  3/10 at 100.00  N/R  1,002,850 
  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  1,106,769 
  Construction Project, Series 2006, 5.000%, 9/01/22 – NPFG Insured       
225  Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  9/15 at 100.00  A–  196,191 
  2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured       
280  Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  8/13 at 100.00  AA–  276,094 
  8/01/25 – AMBAC Insured       
2,500  Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,  No Opt. Call  2,638,400 
  5.400%, 11/01/20 – AMBAC Insured       
2,255  San Bernardino County, California, Certificates of Participation, Medical Center Financing  2/10 at 100.00  Baa1  2,255,428 
  Project, Series 1995, 5.500%, 8/01/22 – NPFG Insured       
1,200  San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center  9/11 at 100.00  AA+  1,259,268 
  Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured       
485  San Mateo Union High School District, San Mateo County, California, Certificates of  12/17 at 100.00  N/R  439,269 
  Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured       
27,715  Total Tax Obligation/Limited      28,947,560 
  Transportation – 25.3% (17.5% 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  1,491,042 
  2008, Trust 3211, 13.319%, 4/01/39 (IF)       
4,000  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding  1/14 at 101.00  BBB–  3,876,960 
  Bonds, Series 1999, 5.875%, 1/15/29       
8,500  Long Beach, California, Harbor Revenue Bonds, Series 2000A, 5.750%, 5/15/14 (Alternative  5/10 at 101.00  AA  8,701,025 
  Minimum Tax)       
5,210  Port of Oakland, California, Revenue Bonds, Series 2000K, 5.750%, 11/01/29 – FGIC Insured  5/10 at 100.00  A1  5,213,960 
  San Francisco Airports Commission, California, Revenue Bonds, San Francisco International       
  Airport, Second Series 2000, Issue 25:       
2,515  5.500%, 5/01/24 – FSA Insured (Alternative Minimum Tax)  5/10 at 101.00  AAA  2,545,507 
3,100  5.750%, 5/01/30 – FSA Insured (Alternative Minimum Tax)  5/10 at 101.00  AAA  3,137,045 
1,250  San Francisco Airports Commission, California, Revenue Bonds, San Francisco International  5/10 at 101.00  A1  1,266,188 
  Airport, Second Series 2000, Issue 26B, 5.000%, 5/01/21 – FGIC Insured       
2,465  San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San  1/10 at 100.00  AAA  2,466,898 
  Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 –       
  FSA Insured (Alternative Minimum Tax)       
28,395  Total Transportation      28,698,625 
  U.S. Guaranteed – 20.9% (14.4% of Total Investments) (4)      
110  California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  6/10 at 100.00  N/R (4)  112,141 
  County Tobacco Funding Corporation, Series 2002B, 5.125%, 6/01/20 (Pre-refunded 6/01/10)       
3,000  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 5.125%,  5/12 at 101.00  Aaa  3,346,020 
  5/01/18 (Pre-refunded 5/01/12)       
25  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  12/11 at 100.00  AAA  27,459 
  Series 2001W, 5.500%, 12/01/15 (Pre-refunded 12/01/11)       
10  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  No Opt. Call  AAA  12,234 
  Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM)       
2,100  California, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)  4/14 at 100.00  AAA  2,461,179 
1,680  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  1,875,367 
  Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)       
5,000  Los Angeles Unified School District, California, General Obligation Bonds, Series 2000D,  7/10 at 100.00  AA– (4)  5,150,150 
  5.375%, 7/01/25 (Pre-refunded 7/01/10) – FGIC Insured       
2,000  Monterey County, California, Certificates of Participation, Master Plan Financing, Series  8/11 at 100.00  A3 (4)  2,146,680 
  2001, 5.000%, 8/01/21 (Pre-refunded 8/01/11) – MBIA Insured       
875  Orange County Water District, California, Revenue Certificates of Participation, Series 2003B,  8/13 at 100.00  AAA  961,100 
  5.000%, 8/15/34 – NPFG Insured (ETM)       
4,000  Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding  No Opt. Call  AAA  5,313,280 
  Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)       
40  Port of Oakland, California, Revenue Bonds, Series 2000K, 5.750%, 11/01/29 (Pre-refunded  5/10 at 100.00  A1 (4)  40,787 
  5/01/10) – FGIC Insured       
1,875  Riverside Community College District, California, General Obligation Bonds, Series 2004A,  8/14 at 100.00  AA– (4)  2,210,006 
  5.250%, 8/01/24 (Pre-refunded 8/01/14) – MBIA Insured       
20,715  Total U.S. Guaranteed      23,656,403 
  Utilities – 5.0% (3.5% of Total Investments)      
1,500  California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California  3/10 at 101.00  A1  1,503,585 
  Edison Company, Series 1999A, 5.450%, 9/01/29 – NPFG Insured       
2,815  California Statewide Community Development Authority, Certificates of Participation Refunding,  12/09 at 100.00  N/R  2,544,310 
  Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18 (5)       
1,365  Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  No Opt. Call  1,235,462 
  2007A, 5.500%, 11/15/37       
455  Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,  9/15 at 100.00  N/R  401,911 
  9/01/31 – SYNCORA GTY Insured       
6,135  Total Utilities      5,685,268 
  Water and Sewer – 21.1% (14.5% of Total Investments)      
1,020  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  No Opt. Call  AAA  1,235,016 
  Series 2002X, 5.500%, 12/01/17 – FGIC Insured       
2,500  El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 –  10/16 at 100.00  AAA  2,456,475 
  FSA Insured       
750  Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,  10/16 at 100.00  AAA  722,078 
  10/01/36 – FSA Insured       
3,380  Orange County Sanitation District, California, Certificates of Participation, Trust 11738,  2/19 at 100.00  AAA  3,805,610 
  Series 2009, 17.392%, 2/01/35 (IF)       
3,500  Placerville Public Financing Authority, California, Wastewater System Refinancing and  9/16 at 100.00  N/R  3,035,200 
  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  357,004 
  2006, 5.000%, 12/01/31 – FGIC Insured       
2,000  San Francisco City and County Public Utilities Commission, California, Clean Water Revenue  4/13 at 100.00  A+  2,134,680 
  Refunding Bonds, Series 2003A, 5.250%, 10/01/20 – NPFG Insured       
10,000  Santa Maria, California, Subordinate Water and Wastewater Revenue Certificates of  8/12 at 101.00  N/R  10,131,397 
  Participation, Series 1997A, 5.550%, 8/01/27 – AMBAC Insured       
23,500  Total Water and Sewer      23,877,460 
$      176,019  Total Investments (cost $164,841,778) – 144.8%      164,255,986 
  Floating Rate Obligations – (3.8)%      (4,285,000)
  Other Assets Less Liabilities – 2.0%      2,224,769 
  Preferred Shares, at Liquidation Value – (43.0)% (6)      (48,775,000)
  Net Assets Applicable to Common Shares – 100%      $ 113,420,755 

 

 
Fair Value Measurements
 
In determining the value of the Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of November 30, 2009:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $164,255,986  $ —  $164,255,986 

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 November 30, 2009, the cost of investments was $160,489,303.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
 
Gross unrealized:   
  Appreciation  $ 6,523,755 
  Depreciation  (7,041,628)
Net unrealized appreciation (depreciation) of investments  $  (517,873)

(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
(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. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
(5)  This debt has been restructured to accommodate capital maintenance at the facility. Major highlights of 
  the debt restructuring include the following: (1) the principal balance outstanding on and after 
  December 1, 2007, shall accrue interest at a rate of 6.500% per annum commencing December 1, 2007; 
  (2) the interest shall accrue but not be payable on June 1, 2008 or December 1, 2008, but shall instead be 
  deferred and paid by the end of calendar year 2011; (3) no principal component shall be pre-payable from 
  the Minimum Sinking Fund Account during calendar years 2008 and 2009 but such pre-payments shall 
  recommence beginning in calendar year 2010 according to a revised schedule. Management believes that 
  the restructuring is in the best interest of Fund shareholders and that it is more-likely-than-not that the 
  borrower will fulfill its obligation. Consequently, the Fund continues to accrue interest on this obligation. 
(6)  Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.7%. 
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 California Municipal Market Opportunity Fund, Inc. 
 
By (Signature and Title)      /s/ Kevin J. McCarthy                    
                                                Kevin J. McCarthy
                                                Vice President and Secretary
 
Date         January 29, 2010        
 
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         January 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                               Stephen D. Foy
                                               Vice President and Controller (principal financial officer) 
 
Date        January 29, 2010