N-Q 1 nq2.htm NCO Unassociated Document



 
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:         11/30/13         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 

 
           
   
Portfolio of Investments (Unaudited) 
     
           
   
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) 
     
   
November 30, 2013 
     
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
LONG-TERM INVESTMENTS – 143.9% (100.0% of Total Investments) 
     
   
MUNICIPAL BONDS – 143.9% (100.0% of Total Investments) 
     
   
Consumer Staples – 6.6% (4.6% of Total Investments) 
     
   
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
     
   
Angeles County Securitization Corporation, Series 2006A: 
     
$ 4,650 
 
5.600%, 6/01/36 
12/18 at 100.00 
BB– 
$  3,609,284 
1,000 
 
5.650%, 6/01/41 
12/18 at 100.00 
BB– 
739,330 
195 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/15 at 100.00 
BB+ 
183,031 
   
Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 
     
4,440 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B 
3,383,857 
   
Bonds, Series 2007A-1, 5.750%, 6/01/47 
     
10,285 
 
Total Consumer Staples 
   
7,915,502 
   
Education and Civic Organizations – 3.6% (2.5% of Total Investments) 
     
100 
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 
10/15 at 100.00 
A3 
100,718 
   
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 
73,099 
95 
 
5.000%, 11/01/25 
11/15 at 100.00 
A2 
97,859 
1,000 
 
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research 
7/15 at 100.00 
Aa3 
1,056,370 
   
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 
Aaa 
2,249,923 
   
Tender Option Bond Trust 1065, 9.416%, 3/01/33 (IF) 
     
450 
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, 
7/21 at 100.00 
BBB– 
475,115 
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 
     
260 
 
California Statewide Communitities Development Authority, Charter School Revenue Bonds, 
12/21 at 100.00 
N/R 
279,315 
   
Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41 
     
3,655 
 
Total Education and Civic Organizations 
   
4,332,399 
   
Health Care – 33.5% (23.3% of Total Investments) 
     
5,260 
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los 
7/20 at 100.00 
AA– 
5,278,620 
   
Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured 
     
515 
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – 
8/21 at 100.00 
A+ 
527,916 
   
San Diego, Series 2011, 5.250%, 8/15/41 
     
5,305 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 
11/16 at 100.00 
AA– 
5,318,634 
   
5.250%, 11/15/46 (UB) 
     
1,060 
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals 
2/17 at 100.00 
BBB 
980,405 
   
of Central California, Series 2007, 5.250%, 2/01/46 
     
2,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health 
3/15 at 100.00 
A 
2,001,180 
   
System West, Series 2005A, 5.000%, 3/01/35 
     
6,040 
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, 
4/22 at 100.00 
A+ 
5,989,868 
   
Series 2012A, 5.000%, 4/01/42 
     
1,160 
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health 
7/17 at 100.00 
N/R 
992,624 
   
System, Series 2007A, 5.125%, 7/15/31 
     
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
     
   
Health System, Series 2005A: 
     
1,500 
 
5.250%, 7/01/24 
7/15 at 100.00 
BBB– 
1,518,720 
1,000 
 
5.250%, 7/01/30 
7/15 at 100.00 
BBB– 
1,001,840 
135 
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente 
8/16 at 100.00 
A+ 
137,326 
   
System, Series 2001C, 5.250%, 8/01/31 
     
1,500 
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente 
3/16 at 100.00 
A+ 
1,483,365 
   
System, Series 2006, 5.000%, 3/01/41 
     
675 
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health 
No Opt. Call 
A1 
721,366 
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured 
     
2,585 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
11/15 at 100.00 
AA– 
2,565,096 
   
2005A, 5.000%, 11/15/43 
     
200 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
8/17 at 100.00 
AA– 
200,120 
   
2007C, 5.000%, 8/15/38 – AMBAC Insured 
     
569 
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health 
7/18 at 100.00 
AA– 
599,294 
   
System, Trust 2554, 18.294%, 7/01/47 – AGM Insured (IF) 
     
1,000 
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 
12/15 at 100.00 
BBB 
1,002,400 
   
2005A, 5.000%, 12/01/23 
     
1,150 
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 
12/17 at 100.00 
BBB 
1,252,626 
   
2008A, 8.250%, 12/01/38 
     
2,205 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
A+ 
2,236,532 
   
California, Series 2010, 5.375%, 3/15/36 
     
1,800 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Baa3 
1,731,618 
   
6.000%, 11/01/41 
     
1,000 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/17 at 100.00 
Baa2 
955,680 
   
Center, Series 2007A, 5.000%, 7/01/38 
     
1,200 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
BB 
1,312,308 
   
7.500%, 12/01/41 
     
1,250 
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, 
8/17 at 100.00 
A+ 
1,294,338 
   
Series 2007A, 5.750%, 2/01/41 – AMBAC Insured 
     
1,000 
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 
5/17 at 101.00 
Aa2 
1,005,930 
   
2009E, 5.000%, 5/15/38 
     
40,109 
 
Total Health Care 
   
40,107,806 
   
Housing/Multifamily – 3.0% (2.1% of Total Investments) 
     
690 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
BBB 
719,987 
   
Series 2010A, 6.400%, 8/15/45 
     
1,665 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/22 at 100.00 
BBB 
1,653,978 
   
Series 2012A, 5.125%, 8/15/32 
     
1,230 
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta 
5/22 at 100.00 
A– 
1,202,251 
   
Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39 
     
3,585 
 
Total Housing/Multifamily 
   
3,576,216 
   
Housing/Single Family – 0.1% (0.1% of Total Investments) 
     
85 
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 
2/16 at 100.00 
BBB 
88,960 
   
8/01/30 – FGIC Insured (Alternative Minimum Tax) 
     
   
Long-Term Care – 3.5% (2.4% of Total Investments) 
     
4,000 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
A 
4,206,360 
   
Bonds, Channing House, Series 2010, 6.125%, 5/15/40 
     
   
Tax Obligation/General – 18.5% (12.8% of Total Investments) 
     
4,125 
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 
No Opt. Call 
Aa2 
2,528,749 
   
2004A, 0.000%, 8/01/25 – AGM Insured 
     
2,000 
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 
11/19 at 100.00 
A1 
2,298,720 
1,350 
 
Coachella Valley Unified School District, Riverside County, California, General Obligation 
8/15 at 100.00 
A1 
1,406,012 
   
Bonds, Series 2005A, 5.000%, 8/01/30 – FGIC Insured 
     
4,100 
 
Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
Aa3 
2,148,359 
   
Series 2001B, 0.000%, 8/01/27 – FGIC Insured 
     
2,500 
 
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 
2/14 at 100.00 
A 
2,508,975 
   
2002, 5.250%, 8/01/21 – FGIC Insured 
     
25 
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 
8/14 at 100.00 
AA 
25,780 
   
5.250%, 8/01/24 – NPFG Insured 
     
4,970 
 
San Rafael City High School District, Marin County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
2,681,911 
   
Series 2004B, 0.000%, 8/01/27 – FGIC Insured 
     
4,175 
 
Southwestern Community College District, San Diego County, California, General Obligation 
No Opt. Call 
Aa2 
2,559,400 
   
Bonds, Series 2004, 0.000%, 8/01/25 – FGIC Insured 
     
9,850 
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
2,960,516 
   
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured 
     
5,750 
 
Yosemite Community College District, California, General Obligation Bonds, Capital 
No Opt. Call 
Aa2 
1,978,575 
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 
     
1,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 
8/21 at 100.00 
Aa2 
1,030,210 
   
2011C, 5.250%, 8/01/47 
     
39,845 
 
Total Tax Obligation/General 
   
22,127,207 
   
Tax Obligation/Limited – 34.0% (23.6% of Total Investments) 
     
260 
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community 
9/15 at 100.00 
A 
263,513 
   
Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured 
     
770 
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax 
9/16 at 101.00 
A– 
747,593 
   
Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured 
     
375 
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba 
3/14 at 100.00 
A 
359,216 
   
Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 
     
   
2001, 5.000%, 9/01/31 – NPFG Insured 
     
510 
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation 
2/14 at 100.00 
A– 
510,826 
   
Refunding Bonds, 1997 Series A, 5.500%, 10/01/27 
     
1,035 
 
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, 
9/16 at 100.00 
N/R 
1,055,907 
   
Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured 
     
460 
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment 
5/17 at 100.00 
BBB+ 
441,416 
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured 
     
   
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District 
     
   
Series 2006A: 
     
120 
 
5.000%, 9/01/26 
9/16 at 100.00 
N/R 
120,773 
275 
 
5.125%, 9/01/36 
9/16 at 100.00 
N/R 
265,488 
470 
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester 
9/15 at 100.00 
A1 
476,547 
   
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 
1,377,956 
1,500 
 
5.250%, 9/01/26 – AMBAC Insured 
9/14 at 100.00 
N/R 
1,501,245 
245 
 
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A– 
289,514 
   
City Redevelopment Project, Series 2011, 6.500%, 8/01/24 
     
1,000 
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 
3/18 at 100.00 
A 
1,105,530 
   
7.000%, 3/01/34 
     
90 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
BBB+ 
98,321 
   
Project, Series 2011, 6.750%, 9/01/40 
     
10,900 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue 
No Opt. Call 
A 
12,683,785 
   
Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured 
     
825 
 
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange 
3/14 at 100.00 
N/R 
833,448 
   
Project, Series 1997, 6.375%, 9/01/17 
     
1,065 
 
Panama-Buena Vista Union School District, California, Certificates of Participation, School 
9/16 at 100.00 
A 
1,117,419 
   
Construction Project, Series 2006, 5.000%, 9/01/22 – NPFG Insured 
     
   
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, 
     
   
Senior Series 2013A: 
     
660 
 
5.250%, 9/01/30 
9/23 at 100.00 
N/R 
646,272 
590 
 
5.750%, 9/01/39 
9/23 at 100.00 
N/R 
588,366 
110 
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, 
9/23 at 100.00 
N/R 
108,623 
   
Subordinate Lien Series 2013B , 5.875%, 9/01/39 
     
   
Perris Union High School District Financing Authority, Riverside County, California, Revenue 
     
   
Bonds, Series 2011: 
     
90 
 
6.000%, 9/01/33 
2/14 at 100.00 
N/R 
91,439 
195 
 
6.125%, 9/01/41 
2/14 at 100.00 
N/R 
196,591 
770 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
9/18 at 100.00 
BBB– 
793,808 
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 
     
295 
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 
9/21 at 100.00 
BBB+ 
310,992 
   
2011A, 5.750%, 9/01/30 
     
55 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project 
10/21 at 100.00 
A– 
60,723 
   
Area, Series 2011B, 6.500%, 10/01/25 
     
1,440 
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 
10/20 at 100.00 
A– 
1,477,152 
   
6.000%, 10/01/39 
     
2,500 
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 
No Opt. Call 
A 
2,814,400 
   
5.400%, 11/01/20 – AMBAC Insured 
     
2,000 
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 
9/15 at 102.00 
Baa2 
1,939,540 
   
5.000%, 9/01/34 
     
45 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
A– 
50,512 
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 
     
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
     
   
Mission Bay South Redevelopment Project, Series 2011D: 
     
45 
 
7.000%, 8/01/33 
2/21 at 100.00 
BBB 
48,672 
55 
 
7.000%, 8/01/41 
2/21 at 100.00 
BBB 
58,639 
1,200 
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center 
3/14 at 100.00 
AA 
1,204,836 
   
Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured 
     
410 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
A 
415,318 
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured 
     
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
     
   
Project, Series 2006D: 
     
360 
 
5.000%, 8/01/19 – AMBAC Insured 
8/17 at 100.00 
BBB 
385,492 
910 
 
5.000%, 8/01/21 – AMBAC Insured 
8/17 at 100.00 
BBB 
949,913 
530 
 
5.000%, 8/01/23 – AMBAC Insured 
8/17 at 100.00 
BBB 
542,990 
70 
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 
4/21 at 100.00 
N/R 
73,632 
   
7.000%, 10/01/26 
     
1,585 
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities 
9/22 at 100.00 
BBB+ 
1,536,515 
   
District 03-01 Crowne Hill, Series 2012, 5.000%, 9/01/33 
     
515 
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities 
9/14 at 102.00 
N/R 
449,106 
   
District 03-02 Roripaugh, Series 2013, 5.450%, 9/01/26 
     
1,350 
 
Temecula Valley Unified School District, Riverside County, California, Community Facilities 
9/22 at 100.00 
N/R 
1,255,338 
   
District 2002-1 Improvement Area 1 Specual Tax, Series 2012, 5.000%, 9/01/33 
     
1,300 
 
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 
11/22 at 100.00 
AA+ 
1,311,128 
   
5.000%, 11/01/38 
     
125 
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, 
9/21 at 100.00 
A– 
137,954 
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26 
     
38,480 
 
Total Tax Obligation/Limited 
   
40,696,448 
   
Transportation – 7.5% (5.2% of Total Investments) 
     
1,355 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender 
4/18 at 100.00 
AA 
1,619,984 
   
Option Bond Trust 3211, 13.558%, 10/01/32 (IF) 
     
4,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding 
1/14 at 101.00 
BBB– 
4,021,000 
   
Bonds, Series 1999, 5.875%, 1/15/29 
     
840 
 
Port of Oakland, California, Reveue Refunding Bonds, Series 2012P, 5.000%, 5/01/31 
No Opt. Call 
A+ 
850,912 
   
(Alternative Minimum Tax) 
     
2,465 
 
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San 
1/14 at 100.00 
AA– 
2,474,244 
   
Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM 
     
   
Insured (Alternative Minimum Tax) 
     
8,660 
 
Total Transportation 
   
8,966,140 
   
U.S. Guaranteed – 10.8% (7.6% of Total Investments) (4) 
     
10 
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, 
No Opt. Call 
AAA 
11,885 
   
Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM) 
     
2,000 
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, 
6/14 at 100.00 
AAA 
2,053,720 
   
Coalinga State Hospital, Series 2004A, 5.500%, 6/01/19 (Pre-refunded 6/01/14) 
     
600 
 
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14) 
4/14 at 100.00 
AAA 
610,416 
2,150 
 
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, 
8/14 at 102.00 
Aa2 (4) 
2,263,090 
   
General Obligation Bonds, Series 2006C, 5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM 
     
   
Insured (UB) 
     
870 
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 
No Opt. Call 
AAA 
979,437 
   
5.000%, 8/15/34 – NPFG Insured (ETM) 
     
3,385 
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding 
No Opt. Call 
Aaa 
4,355,310 
   
Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) 
     
1,875 
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 
8/14 at 100.00 
AA (4) 
1,939,163 
   
5.250%, 8/01/24 (Pre-refunded 8/01/14) – NPFG Insured 
     
210 
 
Roseville Joint Union High School District, Placer County, California, General Obligation 
8/15 at 100.00 
AA (4) 
226,634 
   
Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured 
     
485 
 
San Mateo Union High School District, San Mateo County, California, Certificates of 
12/17 at 100.00 
N/R (4) 
566,407 
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – 
     
   
AMBAC Insured 
     
11,585 
 
Total U.S. Guaranteed 
   
13,006,062 
   
Utilities – 4.9% (3.4% of Total Investments) 
     
2,575 
 
California Statewide Community Development Authority, Certificates of Participation Refunding, 
6/14 at 100.00 
N/R 
2,415,376 
   
Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18 
     
1,365 
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 
No Opt. Call 
A 
1,412,406 
   
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 
455,378 
   
9/01/31 – SYNCORA GTY Insured 
     
1,500 
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue 
1/20 at 100.00 
AA– 
1,627,260 
   
Bonds, Series 2010-1, 5.000%, 7/01/28 
     
5,895 
 
Total Utilities 
   
5,910,420 
   
Water and Sewer – 17.9% (12.4% of Total Investments) 
     
1,020 
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, 
No Opt. Call 
AAA 
1,215,279 
   
Series 2002X, 5.500%, 12/01/17 – FGIC Insured 
     
2,870 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon 
No Opt. Call 
Baa3 
2,342,465 
   
Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative 
     
   
Minimum Tax) 
     
2,500 
 
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 – 
10/16 at 100.00 
AA– 
2,513,025 
   
AGM Insured 
     
750 
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 
10/16 at 100.00 
AA– 
753,885 
   
10/01/36 – AGM Insured 
     
2,540 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 
1/21 at 100.00 
AA 
2,706,776 
   
2011A, 5.250%, 7/01/39 (UB) 
     
1,000 
 
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization 
7/17 at 100.00 
AAA 
1,065,680 
   
Series 2007A, 5.000%, 7/01/37 
     
3,380 
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option 
2/19 at 100.00 
AAA 
4,314,260 
   
Bond Trust 11738, 17.947%, 8/01/29 (IF) 
     
3,500 
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and 
9/16 at 100.00 
N/R 
3,229,730 
   
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 
369,037 
   
2006, 5.000%, 12/01/31 – FGIC Insured 
     
2,630 
 
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding 
5/20 at 100.00 
AA 
2,930,872 
   
Series 2010A, 5.250%, 5/15/27 
     
20,540 
 
Total Water and Sewer 
   
21,441,009 
$ 186,724 
 
Total Long-Term Investments (cost $165,536,053) 
   
172,374,529 
   
Floating Rate Obligations – (5.2)% 
   
(6,190,000) 
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.6)% (5) 
   
(49,800,000) 
   
Other Assets Less Liabilities – 2.9% 
   
3,388,175 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 119,772,704 
 
 
 
 
 

 
 
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 
$ — 
$172,374,529 
$ — 
$172,374,529 
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of November 30, 2013, the cost of investments was $159,200,891.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2013, were as follows:
   
Gross unrealized: 
 
   Appreciation 
$ 9,013,549 
   Depreciation 
(2,030,471) 
Net unrealized appreciation (depreciation) of investments 
$ 6,983,078 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
 
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
 
(5)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
 
(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, 2014        
 
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, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         January 29, 2014