Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (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 811-07792

 

Nuveen Premium Income Municipal Opportunity Fund

(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:          1/31/13         

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

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Item 1. Schedule of Investments

 

 

 

		Portfolio of Investments (Unaudited)
		Nuveen Premium Income Municipal Opportunity Fund (NPX)
		January 31, 2013

 

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Municipal Bonds – 146.3% (100.0% of Total Investments)
		Alabama – 1.6% (1.1% of Total Investments)
$ 3,750		Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 –	6/15 at 100.00	A1	$ 3,939,300
		NPFG Insured
		Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
1,395		5.000%, 4/01/22 – NPFG Insured	4/14 at 100.00	BBB	1,278,420
1,040		5.000%, 4/01/23 – NPFG Insured	4/14 at 100.00	BBB	953,150
2,590		Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005,	3/15 at 100.00	AAA	2,837,785
		5.000%, 3/01/25 (Pre-refunded 3/01/15) – AGM Insured
8,775		Total Alabama			9,008,655
		Arizona – 4.8% (3.3% of Total Investments)
		Arizona State, Certificates of Participation, Series 2010A:
2,800		5.250%, 10/01/28 – AGM Insured	10/19 at 100.00	AA–	3,241,168
3,500		5.000%, 10/01/29 – AGM Insured	10/19 at 100.00	AA–	3,984,575
5,500		Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured	1/20 at 100.00	AA–	6,242,995
12,365		Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series	7/15 at 100.00	AAA	13,310,552
		2005, 4.750%, 7/01/27 – NPFG Insured (UB)
24,165		Total Arizona			26,779,290
		Arkansas – 2.3% (1.6% of Total Investments)
5,745		Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project,	6/14 at 100.00	AA– (4)	6,123,768
		Series 2004, 5.250%, 6/01/25 (Pre-refunded 6/01/14) – AGM Insured
		University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
2,000		5.000%, 11/01/27 – NPFG Insured	11/14 at 100.00	Aa2	2,132,380
2,000		5.000%, 11/01/28 – NPFG Insured	11/14 at 100.00	Aa2	2,125,540
2,480		University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35	12/13 at 100.00	Aa2 (4)	2,579,225
		(Pre-refunded 12/01/13) – AMBAC Insured
12,225		Total Arkansas			12,960,913
		California – 25.5% (17.4% of Total Investments)
22,880		Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series	No Opt. Call	A	9,062,310
		1999A, 0.000%, 10/01/32 – NPFG Insured
		California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
		Series 2005AC:
20		5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured	12/14 at 100.00	AAA	21,713
110		5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured	12/14 at 100.00	Aa1 (4)	119,424
1,870		5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured	12/14 at 100.00	AAA	2,030,203
1,300		California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A,	10/15 at 100.00	Aa3	1,384,513
		5.000%, 10/01/33 – NPFG Insured
3,000		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard	8/22 at 100.00	AA	3,366,120
		Children’s Hospital, Series 2012A, 5.000%, 8/15/51
1,710		California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A,	11/21 at 100.00	AA–	1,930,829
		5.000%, 11/15/40
10,000		California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series	8/20 at 100.00	AA–	12,036,800
		2011A, 6.000%, 8/15/42
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
		Health System, Series 2005A:
3,895		5.250%, 7/01/30	7/15 at 100.00	BBB	4,073,157
5,000		5.250%, 7/01/35	7/15 at 100.00	BBB	5,192,100
5,000		5.000%, 7/01/39	7/15 at 100.00	BBB	5,151,700
3,175		Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series	2/13 at 26.97	A+	856,552
		2002B, 0.000%, 8/01/35 – FGIC Insured
31,375		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding	7/13 at 29.29	BBB	8,942,816
		Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
1,735		Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,	9/15 at 100.00	A	1,831,761
		5.000%, 9/01/27 – AMBAC Insured
7,000		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/15 at 100.00	A2	7,329,910
		Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
1,890		Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,	No Opt. Call	Aa2	1,290,624
		11/01/23 – AGM Insured
4,000		Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,	7/16 at 100.00	Aa2	4,501,720
		5.000%, 7/01/24 – FGIC Insured
3,510		Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A,	12/21 at 100.00	AA	4,378,901
		5.875%, 12/01/30
15,000		Orange County Sanitation District, California, Certificates of Participation, Series 2003,	8/13 at 100.00	AAA	15,378,600
		5.250%, 2/01/30 (Pre-refunded 8/01/13) – FGIC Insured
1,750		Orange County Water District, California, Revenue Certificates of Participation, Series 2003B,	8/13 at 100.00	AAA	2,362,360
		5.000%, 8/15/34 – NPFG Insured (ETM)
8,250		Orange County Water District, California, Revenue Certificates of Participation, Series 2003B,	8/13 at 100.00	AAA	8,424,983
		5.000%, 8/15/34 – NPFG Insured
1,435		Pasadena Area Community College District, Los Angeles County, California, General Obligation	6/13 at 100.00	AA+ (4)	1,458,089
		Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – FGIC Insured
1,800		Rialto Unified School District, San Bernardino County, California, General Obligation Bonds,	No Opt. Call	AA–	906,480
		Series 2011A, 0.000%, 8/01/28
1,000		Rim of the World Unified School District, San Bernardino County, California, General	8/21 at 100.00	AA–	1,120,000
		Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
735		Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid	6/13 at 100.00	N/R	736,360
		Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
		San Diego County, California, Certificates of Participation, Edgemoor Facility Project and
		Regional System, Series 2005:
1,675		5.000%, 2/01/24 – AMBAC Insured	2/15 at 100.00	AA+	1,823,723
720		5.000%, 2/01/25 – AMBAC Insured	2/15 at 100.00	AA+	783,929
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
		Refunding Bonds, Series 1997A:
3,825		0.000%, 1/15/32 – NPFG Insured	No Opt. Call	BBB	1,413,835
23,900		0.000%, 1/15/34 – NPFG Insured	No Opt. Call	BBB	7,792,834
2,000		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment	8/14 at 100.00	BBB	2,048,940
		Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
7,855		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment	8/17 at 100.00	BBB	7,467,984
		Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
12,500		University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%,	5/13 at 100.00	Aa1	12,629,000
		5/15/33 – AMBAC Insured
3,900		West Hills Community College District, California, General Obligation Bonds, School Facilities	8/21 at 100.00	AA–	4,833,153
		Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
193,815		Total California			142,681,423
		Colorado – 9.3% (6.4% of Total Investments)
1,940		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams	6/13 at 100.00	A	1,953,813
		School District 12 – Pinnacle School, Series 2003, 5.250%, 6/01/23 – SYNCORA GTY Insured
3,405		Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy	12/13 at 100.00	A	3,464,860
		Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
1,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities	No Opt. Call	BBB+	1,135,040
		Inc., Refunding Series 2012C, 5.000%, 12/01/21
2,915		Commerce City Northern Infrastructure General Improvement District, Colorado, General	12/22 at 100.00	AA–	3,431,800
		Obligation Bonds, Series 2013, 5.000%, 12/01/27 (WI/DD, Settling 2/01/13) – AGM Insured
16,095		Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,	12/13 at 100.00	N/R (4)	16,718,198
		Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
		Denver School District 1, Colorado, General Obligation Bonds, Series 2004:
5,000		5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured	12/13 at 100.00	Aa2 (4)	5,197,900
125		5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured	12/13 at 100.00	AA+ (4)	129,980
12,285		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,	No Opt. Call	BBB	5,583,901
		9/01/30 – NPFG Insured
		Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
2,500		5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)	12/14 at 100.00	Aa2 (4)	2,717,625
5,125		5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)	12/14 at 100.00	Aa2 (4)	5,571,131
2,000		5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)	12/14 at 100.00	Aa2 (4)	2,174,100
2,640		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue	12/20 at 100.00	AA–	3,102,158
		Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
15		University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –	6/15 at 100.00	Aa2	16,296
		FGIC Insured
		University of Colorado, Enterprise System Revenue Bonds, Series 2005:
640		5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured	6/15 at 100.00	Aa2 (4)	703,264
345		5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured	6/15 at 100.00	Aa2 (4)	381,818
56,030		Total Colorado			52,281,884
		District of Columbia – 0.2% (0.2% of Total Investments)
1,065		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,	10/16 at 100.00	AA+	1,235,208
		Tender Option Bond Trust 1606, 11.761%, 10/01/30 – AMBAC Insured (IF) (5)
		Florida – 8.2% (5.6% of Total Investments)
11,000		Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 –	10/21 at 100.00	AA–	12,412,290
		AGM Insured
4,000		Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds,	6/13 at 101.00	AAA	4,103,000
		Series 2003J, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – AMBAC Insured
400		Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012,	10/22 at 100.00	A1	467,596
		5.000%, 10/01/30
1,530		Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series	11/21 at 100.00	A2	1,742,104
		2011, 5.000%, 11/15/24
10,000		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A,	7/20 at 100.00	AA–	11,246,500
		5.000%, 7/01/35
6,350		Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%,	11/16 at 100.00	AA+	7,017,322
		11/01/31 – AGM Insured
5,720		Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 –	7/15 at 100.00	Aa2	6,173,482
		AGM Insured
1,100		Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012,	7/22 at 100.00	AA	1,254,572
		5.000%, 7/01/37
1,500		Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue	10/21 at 100.00	AA–	1,670,490
		Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%,
		10/15/29 – AGM Insured
41,600		Total Florida			46,087,356
		Georgia – 3.0% (2.0% of Total Investments)
5,600		Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 –	1/20 at 100.00	AA–	6,193,376
		AGM Insured
1,535		Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,	8/20 at 100.00	AA	1,696,989
		4.000%, 8/01/26
4,000		Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University,	7/14 at 100.00	A1	4,243,960
		Series 2004, 5.000%, 7/15/24 – NPFG Insured
		Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
1,775		5.000%, 11/01/21 – NPFG Insured	11/13 at 100.00	A1	1,828,641
2,580		5.000%, 11/01/22 – NPFG Insured	11/13 at 100.00	A1	2,655,981
15,490		Total Georgia			16,618,947
		Illinois – 9.0% (6.1% of Total Investments)
3,500		Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit	6/21 at 100.00	AA–	4,007,535
		Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%,
		6/01/26 – AGM Insured
8,000		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien	1/20 at 100.00	AA–	9,178,480
		Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
2,240		Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%,	8/21 at 100.00	AA–	2,656,595
		8/15/41 – AGM Insured
1,000		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series	2/21 at 100.00	AA–	1,138,700
		2011C, 5.500%, 8/15/41
5,045		Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series	No Opt. Call	AA– (4)	5,927,017
		1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
1,950		Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series	No Opt. Call	AA– (4)	2,107,775
		1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
4,000		Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%,	2/17 at 100.00	A+	4,328,160
		2/01/35 – FGIC Insured
5,000		Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A,	1/21 at 100.00	A1	5,664,950
		5.250%, 1/01/39 – AGM Insured
5,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project	6/22 at 100.00	AAA	5,579,450
		Refunding Bonds, Series 2012B, 5.000%, 6/15/52
19,700		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	No Opt. Call	AAA	4,182,310
		Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
5,725		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	6/22 at 101.00	AAA	5,304,613
		Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
61,160		Total Illinois			50,075,585
		Indiana – 5.6% (3.8% of Total Investments)
		Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
2,105		5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured	8/14 at 100.00	Aaa	2,254,434
2,215		5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured	8/14 at 100.00	Aaa	2,372,243
10,000		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A,	12/19 at 100.00	AA	11,200,000
		5.250%, 12/01/38
5,000		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series	10/21 at 100.00	AA–	5,550,350
		2011B, 5.000%, 10/01/41
3,730		Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –	1/17 at 100.00	A+	4,033,473
		NPFG Insured
5,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,	1/19 at 100.00	AA–	5,683,100
		5.500%, 1/01/38 – AGC Insured
28,050		Total Indiana			31,093,600
		Iowa – 0.8% (0.5% of Total Investments)
4,000		Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36	6/20 at 100.00	A2	4,381,800
		Kentucky – 1.5% (1.0% of Total Investments)
6,010		Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton	No Opt. Call	A–	2,967,798
		Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
5,000		Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project	9/17 at 100.00	A–	5,437,650
		Series 2007A, 5.000%, 9/01/37 – NPFG Insured
11,010		Total Kentucky			8,405,448
		Louisiana – 5.4% (3.7% of Total Investments)
5,000		Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities	10/20 at 100.00	AA–	5,708,600
		Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
3,640		Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series	7/14 at 100.00	BBB (4)	3,892,106
		2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
1,010		5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured	5/15 at 100.00	Aa1 (4)	1,114,081
2,210		5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured	5/15 at 100.00	Aa1 (4)	2,437,741
		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
1,320		4.750%, 5/01/39 – AGM Insured (UB)	5/16 at 100.00	Aa1	1,447,578
14,265		4.500%, 5/01/41 – FGIC Insured (UB)	5/16 at 100.00	Aa1	15,324,890
27,445		Total Louisiana			29,924,996
		Maryland – 0.3% (0.2% of Total Investments)
1,865		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,	9/16 at 100.00	BB+	1,929,454
		9/01/26 – SYNCORA GTY Insured
		Massachusetts – 3.2% (2.2% of Total Investments)
3,000		Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,	1/20 at 100.00	AA+	3,391,200
		Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
3,000		Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,	No Opt. Call	A	4,024,230
		Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
3,335		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond	8/17 at 100.00	AA+	4,684,775
		Trust 3091, 13.354%, 8/15/37 – AGM Insured (IF)
		Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
3,650		5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured	1/14 at 100.00	A1 (4)	3,817,864
2,000		5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured	1/14 at 100.00	A1 (4)	2,091,980
14,985		Total Massachusetts			18,010,049
		Michigan – 1.9% (1.3% of Total Investments)
10,000		Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41	7/21 at 100.00	A+	10,829,800
		Minnesota – 0.2% (0.1% of Total Investments)
870		Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living	5/14 at 100.00	N/R	880,127
		Community, Series 2012B, 4.875%, 5/01/19
		Missouri – 0.3% (0.2% of Total Investments)
1,000		Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation	3/16 at 100.00	Aa1	1,135,810
		Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
750		Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33	10/13 at 100.00	A– (4)	773,535
		(Pre-refunded 10/01/13) – NPFG Insured
1,750		Total Missouri			1,909,345
		Nebraska – 0.3% (0.2% of Total Investments)
865		Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2,	2/17 at 100.00	AA+	1,503,785
		Series 2006A, 19.958%, 8/01/40 – AMBAC Insured (IF)
		Nevada – 2.1% (1.5% of Total Investments)
7,545		Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran	1/20 at 100.00	AA–	8,505,177
		International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
3,280		Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%,	7/14 at 100.00	A+	3,462,893
		7/01/24 – FGIC Insured
10,825		Total Nevada			11,968,070
		New Jersey – 9.9% (6.8% of Total Investments)
		Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project
		Consolidation, Series 2004:
1,275		5.125%, 10/01/21 – NPFG Insured	10/14 at 100.00	Aa2	1,370,434
2,250		5.125%, 10/01/22 – NPFG Insured	10/14 at 100.00	Aa2	2,416,455
1,560		Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds,	1/15 at 100.00	Aa3	1,670,838
		Series 2004, 5.000%, 1/15/22 – NPFG Insured
		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,
		Series 2004A:
1,475		5.000%, 7/01/22 – NPFG Insured	7/14 at 100.00	A	1,557,025
1,475		5.000%, 7/01/23 – NPFG Insured	7/14 at 100.00	A	1,557,025
3,075		New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%,	No Opt. Call	AA–	3,434,714
		10/01/15 – AGM Insured
5,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital	No Opt. Call	A+	2,924,000
		Appreciation Series 2010A, 0.000%, 12/15/26
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
25,000		0.000%, 12/15/35 – AMBAC Insured	No Opt. Call	A+	8,944,000
10,000		0.000%, 12/15/36 – AMBAC Insured	No Opt. Call	A+	3,364,900
10,500		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A,	12/17 at 100.00	AA	11,861,430
		5.000%, 12/15/34 – AMBAC Insured
10,000		New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –	No Opt. Call	AA–	12,783,800
		AGM Insured
3,315		New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured	1/15 at 100.00	AA–	3,561,802
74,925		Total New Jersey			55,446,423
		New Mexico – 0.9% (0.6% of Total Investments)
		New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
1,415		5.000%, 6/01/22 – AMBAC Insured	6/14 at 100.00	AAA	1,493,886
1,050		5.000%, 6/01/24 – AMBAC Insured	6/14 at 100.00	AAA	1,109,693
2,000		New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E,	6/15 at 100.00	Aa2	2,165,580
		5.000%, 6/15/25 – NPFG Insured
4,465		Total New Mexico			4,769,159
		New York – 10.4% (7.1% of Total Investments)
1,120		Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore	2/15 at 100.00	BBB	1,202,219
		Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
3,000		Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series	4/21 at 100.00	AAA	3,498,960
		2011A, 5.000%, 10/01/41
7,435		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series	7/20 at 100.00	AA–	8,489,952
		2010, 5.500%, 7/01/43 – AGM Insured
1,000		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series	3/15 at 100.00	AAA	1,092,660
		2005F, 5.000%, 3/15/24 – AMBAC Insured
4,055		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,	2/17 at 100.00	A	4,206,738
		2/15/47 – NPFG Insured
10,000		Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series	No Opt. Call	A	11,926,100
		2005, 5.250%, 10/01/35
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
10,675		5.000%, 12/01/23 – FGIC Insured	6/16 at 100.00	A	11,870,387
5,000		5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A	5,542,700
2,700		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,	11/16 at 100.00	A	2,796,336
		5/01/33 – NPFG Insured
3,490		New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 –	No Opt. Call	AA	3,768,956
		AGM Insured
1,510		New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21	11/14 at 100.00	Aa2 (4)	1,634,001
		(Pre-refunded 11/01/14) – AGM Insured
1,540		New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005,	11/15 at 100.00	AA+	1,847,569
		Trust 2364, 17.406%, 11/15/44 – AMBAC Insured (IF)
355		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project,	5/13 at 100.00	AA–	355,905
		Series 1996A, 6.125%, 11/01/20 – AGM Insured
51,880		Total New York			58,232,483
		North Carolina – 1.6% (1.1% of Total Investments)
785		Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30	7/15 at 100.00	Aa3	842,855
465		Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30	7/15 at 100.00	Aa3 (4)	516,620
		(Pre-refunded 7/15/15)
1,780		Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust	7/20 at 100.00	AAA	2,598,195
		43W, 14.003%, 7/01/38 (IF) (5)
		Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
2,225		5.000%, 5/01/23 (Pre-refunded 5/01/14) – FGIC Insured	5/14 at 100.00	AA– (4)	2,355,719
2,335		5.000%, 5/01/24 (Pre-refunded 5/01/14) – FGIC Insured	5/14 at 100.00	AA– (4)	2,472,181
7,590		Total North Carolina			8,785,570
		North Dakota – 0.9% (0.6% of Total Investments)
5,000		Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center	7/22 at 100.00	A–	5,236,400
		Project, Series 2012A, 4.500%, 7/01/32
		Ohio – 1.6% (1.1% of Total Investments)
7,825		Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 –	12/16 at 100.00	A+	8,079,234
		AMBAC Insured
700		Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 (Pre-refunded	12/13 at 100.00	AAA	729,344
		12/01/13) – AMBAC Insured
8,525		Total Ohio			8,808,578
		Oklahoma – 0.3% (0.2% of Total Investments)
1,500		Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,	7/15 at 100.00	AA	1,639,125
		7/01/24 – AMBAC Insured
		Pennsylvania – 9.9% (6.8% of Total Investments)
2,000		Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A,	12/15 at 100.00	A1	2,201,100
		5.000%, 12/01/23 – NPFG Insured
4,235		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006,	8/16 at 100.00	A+	4,761,876
		5.000%, 8/01/24 – AMBAC Insured
1,750		Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,	1/20 at 100.00	AA–	1,957,253
		5.000%, 1/01/40 – AGM Insured
4,000		Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%,	12/21 at 100.00	A1	4,323,440
		12/01/44 – AGM Insured
1,045		Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue	8/20 at 100.00	AA	1,207,163
		Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
5,235		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series	5/15 at 100.00	A	5,651,130
		2005A, 5.000%, 5/01/28 – NPFG Insured
4,585		Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of	12/16 at 100.00	AA	4,844,924
		Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) (5)
1,050		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –	6/16 at 100.00	Aa3	1,167,621
		AMBAC Insured
		Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
5,235		5.000%, 9/01/24 – AGM Insured	9/14 at 100.00	AA–	5,525,752
3,000		5.000%, 9/01/25 – AGM Insured	9/14 at 100.00	AA–	3,161,280
2,985		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System	5/20 at 100.00	AA	3,275,739
		Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
1,425		Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41	8/20 at 100.00	A2	1,739,013
2,385		Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%,	No Opt. Call	A1 (4)	3,015,689
		8/01/27 – AMBAC Insured (ETM)
3,785		Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005,	1/16 at 100.00	AA–	4,219,064
		5.000%, 1/15/25 – AGM Insured (UB)
1,125		Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 –	12/21 at 100.00	AA–	1,278,461
		AGM Insured
1,455		Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 –	6/15 at 100.00	Aa3	1,593,356
		AMBAC Insured
3,650		State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School	6/13 at 100.00	AA+ (4)	3,707,524
		District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
1,930		Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds,	No Opt. Call	Baa3	1,903,849
		Series 2012B, 4.000%, 1/01/33
50,875		Total Pennsylvania			55,534,234
		Puerto Rico – 4.3% (2.9% of Total Investments)
2,500		Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 –	7/15 at 100.00	BBB+	2,541,975
		FGIC Insured
4,705		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series	8/20 at 100.00	AA–	5,002,732
		2010C, 5.125%, 8/01/42 – AGM Insured
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
50,700		0.000%, 8/01/45 – NPFG Insured	No Opt. Call	AA–	8,452,196
88,000		0.000%, 8/01/54 – AMBAC Insured	No Opt. Call	AA–	7,756,319
145,905		Total Puerto Rico			23,753,222
		South Carolina – 0.4% (0.3% of Total Investments)
1,955		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series	12/16 at 100.00	AA	2,192,317
		2006, 5.000%, 12/01/28 – AGM Insured
		South Dakota – 0.1% (0.1% of Total Investments)
750		Rapid City, South Dakota, Sales Tax Revenue Bonds, Series 2013, 3.000%, 12/01/32 (WI/DD,	12/21 at 100.00	Aa3	719,010
		Settling 2/05/13)
		Texas – 9.2% (6.3% of Total Investments)
1,700		Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011,	1/21 at 100.00	BBB–	2,010,437
		6.250%, 1/01/46
		Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
3,475		5.000%, 7/15/22 (Pre-refunded 7/15/14) – AGM Insured (UB)	7/14 at 100.00	AA– (4)	3,712,169
3,645		5.000%, 7/15/23 (Pre-refunded 7/15/14) – AGM Insured (UB)	7/14 at 100.00	AA– (4)	3,893,771
10,000		Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 –	10/17 at 100.00	AAA	10,988,700
		AMBAC Insured (UB)
1,500		El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33	8/20 at 100.00	A+	1,669,965
5,625		Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –	2/17 at 100.00	A	5,978,531
		NPFG Insured
805		Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 –	No Opt. Call	AA–	953,756
		AGM Insured
2,340		Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%,	3/21 at 100.00	AA–	2,626,346
		3/01/41 – AGM Insured
10,000		Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services	5/13 at 100.00	A+	10,121,100
		Corporation, Series 2003C, 5.000%, 5/15/33 – AMBAC Insured
4,151		Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing	7/13 at 104.00	Aaa	4,365,026
		Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42
2,410		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue	11/21 at 100.00	Aa2	2,762,799
		Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
2,200		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series	No Opt. Call	A3	2,393,731
		2012, 5.000%, 12/15/30
47,851		Total Texas			51,476,331
		Utah – 2.0% (1.4% of Total Investments)
8,600		Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 2003A, 5.000%,	7/13 at 100.00	AA– (4)	8,766,152
		7/01/18 (Pre-refunded 7/01/13) – AGM Insured (UB)
2,385		Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003,	12/13 at 100.00	AA– (4)	2,483,024
		5.000%, 12/15/33 (Pre-refunded 12/15/13) – NPFG Insured
10,985		Total Utah			11,249,176
		Virginia – 2.1% (1.4% of Total Investments)
		Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
4,000		5.000%, 6/15/20 – NPFG Insured	6/15 at 100.00	A+	4,393,280
5,000		5.000%, 6/15/22 – NPFG Insured	6/15 at 100.00	A+	5,476,700
		Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety
		Facilities, Series 2003A:
1,150		5.250%, 12/15/22 (Pre-refunded 6/15/14) – AGM Insured	6/14 at 100.00	AA+ (4)	1,226,854
500		5.250%, 12/15/23 (Pre-refunded 6/15/14) – AGM Insured	6/14 at 100.00	AA+ (4)	533,414
10,650		Total Virginia			11,630,248
		Washington – 5.2% (3.5% of Total Investments)
3,000		King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured	7/17 at 100.00	AA+	3,382,650
4,900		Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research	1/21 at 100.00	A	5,518,772
		Center, Series 2011A, 5.625%, 1/01/35
10,000		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,	10/22 at 100.00	AA	10,389,500
		Series 2012A, 4.250%, 10/01/40
10,855		Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured	No Opt. Call	AA+	9,652,266
28,755		Total Washington			28,943,188
		Wisconsin – 1.6% (1.1% of Total Investments)
4,360		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc.,	6/22 at 100.00	A2	4,751,572
		Series 2012, 5.000%, 6/01/39
3,775		Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured	5/16 at 100.00	AA	4,236,720
8,135		Total Wisconsin			8,988,292
		Wyoming – 0.4% (0.3% of Total Investments)
		Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center
		Project, Series 2011B:
1,000		5.500%, 12/01/27	12/21 at 100.00	BBB	1,159,440
1,000		6.000%, 12/01/36	12/21 at 100.00	BBB	1,188,080
2,000		Total Wyoming			2,347,520
$ 987,736		Total Municipal Bonds (cost $739,321,619)			818,317,011

 

Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		Corporate Bonds – 0.0% (0.0% of Total Investments)
		Transportation – 0.0% (0.0% of Total Investments)
$ 147		Las Vegas Monorail Company, Senior Interest Bonds (6), (8)	5.500%	7/15/19	N/R	$ 106,264
44		Las Vegas Monorail Company, Senior Interest Bonds (6), (8)	1.000%	6/30/55	N/R	18,343
$ 191		Total Corporate Bonds (cost $0)				124,607
		Total Investments (cost $739,321,619) – 146.3%				818,441,618
		Floating Rate Obligations – (8.4)%				(46,945,000)
		Variable Rate Demand Preferred Shares, at Liquidation Value – (39.1)% (7)				(219,000,000)
		Other Assets Less Liabilities – 1.2%				6,915,032
		Net Assets Applicable to Common Shares – 100%				$ 559,411,650

 

 

 

 

 

---

 

 

 

 

 

Fair Value Measurements

 

Fair value is defined as the price that the Funds 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	$ —	$818,317,011	$ —	$818,317,011
Corporate Bonds	—	—	124,607	124,607
Total	$ —	$818,317,011	$124,607	$818,441,618

 

 

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.

 

As of January 31, 2013, the cost of investments was $703,148,194.

 

Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2013, were as follows:

 

Gross unrealized:
Appreciation	$ 81,071,318
Depreciation	(12,722,903)
Net unrealized appreciation (depreciation) of investments	$ 68,348,415

 

 

(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 of
		investments in inverse floating rate transactions.
(6)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
		Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3.
(7)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.8%.
(8)		During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
		protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the
		acceptance of a reorganization plan assigned by the federal bankruptcy court. Under the reorganization
		plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in
		turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on
		July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015)
		maturing on July 15, 2055.
N/R		Not rated.
WI/DD		Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction.

 

 

 

 

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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.

 

 

 

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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 Premium Income Municipal Opportunity Fund 

 

By (Signature and Title)     /s/ Kevin J. McCarthy                    

                                                   Kevin J. McCarthy

                                                   Vice President and Secretary

 

Date:          April 1, 2013        

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)     /s/ Gifford R. Zimmerman                    

                                                    Gifford R. Zimmerman

                                                  Chief Administrative Officer (principal executive officer) 

 

Date:          April 1, 2013        

 

By (Signature and Title)     /s/ Stephen D. Foy                              

                                                   Stephen D. Foy

                                                  Vice President and Controller (principal financial officer) 

 

Date:          April 1, 2013