- 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: 1/31/12

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

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

Item 1. Schedule of Investments


	Portfolio of Investments (Unaudited)
	Nuveen Premium Income Municipal Opportunity Fund (NPX)
	January 31, 2012

Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	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	$ 3,926,925
	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	1,199,979
1,040	5.000%, 4/01/23 – NPFG Insured	4/14 at 100.00	BBB	895,003
2,590	Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005,	3/15 at 100.00	AAA	2,773,527
	5.000%, 3/01/25 – AGM Insured
8,775	Total Alabama			8,795,434
	Arizona – 5.0% (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–	3,210,956
3,500	5.000%, 10/01/29 – AGM Insured	10/19 at 100.00	AA–	3,856,370
5,500	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured	1/20 at 100.00	AA–	6,209,940
12,365	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series	7/15 at 100.00	AAA	13,518,778
	2005, 4.750%, 7/01/27 – NPFG Insured (UB)
24,165	Total Arizona			26,796,044
	Arkansas – 2.5% (1.6% of Total Investments)
5,745	Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project,	6/14 at 100.00	AA–	6,280,779
	Series 2004, 5.250%, 6/01/25 – 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	2,133,000
2,000	5.000%, 11/01/28 – NPFG Insured	11/14 at 100.00	Aa2	2,128,440
2,480	University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35	12/13 at 100.00	Aa2 (4)	2,693,032
	(Pre-refunded 12/01/13) – AMBAC Insured
12,225	Total Arkansas			13,235,251
	California – 26.4% (17.7% of Total Investments)
22,880	Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series	No Opt. Call	A–	6,603,854
	1999A, 0.000%, 10/01/32 – NPFG Insured
20	California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,	12/14 at 100.00	AAA	22,591
	Series 2005AC, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
1,980	California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,	12/14 at 100.00	AAA	2,204,512
	Series 2005AC, 5.000%, 12/01/24 – NPFG Insured
1,300	California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A,	10/15 at 100.00	Aa3	1,391,221
	5.000%, 10/01/33 – NPFG Insured
1,710	California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A,	11/21 at 100.00	AA–	1,840,815
	5.000%, 11/15/40 (WI/DD, Settling 2/01/12)
10,000	California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series	8/20 at 100.00	AA–	11,540,000
	2011A, 6.000%, 8/15/42
	California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
	Health System, Series 2005A:
3,395	5.250%, 7/01/30	7/15 at 100.00	BBB	3,386,886
5,000	5.250%, 7/01/35	7/15 at 100.00	BBB	4,836,250
5,000	5.000%, 7/01/39	7/15 at 100.00	BBB	4,618,050
3,175	Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series	8/12 at 26.19	A+	807,815
	2002B, 0.000%, 8/01/35 – FGIC Insured
31,200	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding	4/12 at 27.59	BBB	7,984,392
	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	1,763,055
	5.000%, 9/01/27 – AMBAC Insured
7,000	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/15 at 100.00	Aa2	7,034,720
	Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
1,870	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,	No Opt. Call	Aa2	1,202,672
	11/01/23 – AGM Insured
6,520	Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E,	7/15 at 100.00	Aa2	7,380,901
	5.000%, 7/01/22 – AMBAC Insured
4,000	Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,	7/16 at 100.00	Aa2	4,535,600
	5.000%, 7/01/24 – FGIC Insured
3,505	Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presybterian, Series 2011A,	12/21 at 100.00	AA	4,272,280
	5.875%, 12/01/30
15,000	Orange County Sanitation District, California, Certificates of Participation, Series 2003,	8/13 at 100.00	AAA	16,126,500
	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	2,095,433
	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	8,599,965
	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)	1,526,510
	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–	803,952
	Series 2011A, 0.000%, 8/01/28 – AGM Insured
1,000	Rim of the World Unified School District, San Bernardino County, California, General	8/21 at 100.00	AA–	1,082,910
	Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
735	Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid	4/12 at 100.00	N/R	735,933
	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+	1,811,965
720	5.000%, 2/01/25 – AMBAC Insured	2/15 at 100.00	AA+	767,030
	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	893,750
23,900	0.000%, 1/15/34 – NPFG Insured	No Opt. Call	BBB	4,827,322
2,000	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment	8/14 at 100.00	BBB	2,050,780
	Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
7,845	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment	8/17 at 100.00	BBB	6,691,079
	Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
5,000	Torrance, California, Certificates of Participation, Refunding Series 2005B, 5.000%, 6/01/24 –	No Opt. Call	AA	5,214,550
	AMBAC Insured
12,500	University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%,	5/13 at 100.00	Aa1	13,026,750
	5/15/33 – AMBAC Insured (UB)
3,900	West Hills Community College District, California, General Obligation Bonds, School Facilities	8/21 at 100.00	AA–	4,738,344
	Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
201,625	Total California			142,418,387
	Colorado – 9.1% (6.1% of Total Investments)
1,940	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams	6/13 at 100.00	A	1,981,419
	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	3,502,894
	Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
16,095	Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,	12/13 at 100.00	N/R (4)	17,415,595
	Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
125	Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 –	12/13 at 100.00	Aa2	134,778
	AGM Insured
5,000	Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18	12/13 at 100.00	Aa2 (4)	5,424,700
	(Pre-refunded 12/01/13) – AGM Insured
12,275	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,	No Opt. Call	BBB	4,125,014
	9/01/30 – NPFG Insured
1,325	El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series	12/12 at 100.00	AA– (4)	1,378,066
	2002B, 5.000%, 12/01/27 (Pre-refunded 12/01/12) – AMBAC 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)	2,824,225
5,125	5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)	12/14 at 100.00	Aa2 (4)	5,789,661
2,000	5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)	12/14 at 100.00	Aa2 (4)	2,259,380
2,640	Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue	12/20 at 100.00	AA–	3,012,689
	Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
1,000	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –	6/15 at 100.00	Aa2	1,101,860
	FGIC Insured
53,430	Total Colorado			48,950,281
	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+	1,214,633
	Tender Option Bond Trust 1606, 11.636%, 10/01/30 – AMBAC Insured (IF)
	Florida – 8.2% (5.5% 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–	11,961,510
	AGM Insured
1,000	Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds	No Opt. Call	AA–	1,107,590
	Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
4,000	Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds,	6/13 at 101.00	AAA	4,268,680
	Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
1,530	Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series	11/21 at 100.00	A2	1,681,332
	2011, 5.000%, 11/15/24
10,000	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A,	No Opt. Call	AA–	10,891,000
	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+	6,773,164
	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	5,985,408
	AGM Insured
1,500	Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue	10/21 at 100.00	AA–	1,637,880
	Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%,
	10/15/29 – AGM Insured
41,100	Total Florida			44,306,564
	Georgia – 4.5% (3.0% 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–	6,069,504
	AGM Insured
1,535	Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,	8/20 at 100.00	AA	1,706,475
	4.000%, 8/01/26
4,000	Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University,	7/14 at 100.00	A1	4,205,800
	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	1,883,399
2,580	5.000%, 11/01/22 – NPFG Insured	11/13 at 100.00	A1	2,732,478
4,500	South Fulton Municipal Regional Water and Sewerage Authority, Georgia, Water Revenue Bonds,	1/13 at 100.00	N/R (4)	4,697,910
	Refunding Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) – NPFG Insured
3,000	Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia	10/12 at 101.00	A+ (4)	3,129,300
	Medical Center, Series 2002, 5.200%, 10/01/22 (Pre-refunded 10/01/12) – AMBAC Insured
22,990	Total Georgia			24,424,866
	Illinois – 8.1% (5.4% of Total Investments)
3,500	Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit	No Opt. Call	AA–	3,934,700
	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	No Opt. Call	AA–	8,812,240
	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–	2,543,811
	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–	1,111,620
	2011C, 5.500%, 8/15/41
	Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System,
	Series 1993A:
670	6.125%, 4/01/12 – AGM Insured (ETM)	No Opt. Call	AA– (4)	676,613
5,045	6.250%, 4/01/18 – AGM Insured (ETM)	No Opt. Call	AA– (4)	6,094,108
1,950	Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series	No Opt. Call	AA– (4)	2,218,613
	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+	4,230,720
	2/01/35 – FGIC Insured
5,000	Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A,	1/21 at 100.00	Aa3	5,517,950
	5.250%, 1/01/39 – AGM Insured
19,700	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	No Opt. Call	AAA	3,237,498
	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	5,054,603
	Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
56,830	Total Illinois			43,432,476
	Indiana – 5.7% (3.8% of Total Investments)
	Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
2,105	5.000%, 8/01/23 – AGM Insured	8/14 at 100.00	Aaa	2,314,195
2,215	5.000%, 8/01/24 – AGM Insured	8/14 at 100.00	Aaa	2,424,273
10,000	Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A,	12/19 at 100.00	AA	10,878,500
	5.250%, 12/01/38
5,000	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series	10/21 at 100.00	AA–	5,366,200
	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+	3,936,605
	NPFG Insured
5,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,	1/19 at 100.00	AA–	5,614,350
	5.500%, 1/01/38 – AGC Insured
28,050	Total Indiana			30,534,123
	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	No Opt. Call	A2	4,205,720
	Kentucky – 1.4% (1.0% of Total Investments)
6,010	Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton	No Opt. Call	A–	2,515,305
	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–	5,290,100
	Series 2007A, 5.000%, 9/01/37 – NPFG Insured
11,010	Total Kentucky			7,805,405
	Louisiana – 5.4% (3.6% of Total Investments)
5,000	Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities	10/20 at 100.00	AA–	5,554,100
	Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
3,935	Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series	7/14 at 100.00	BBB	4,177,160
	2004, 5.250%, 7/01/24 – NPFG Insured
	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
1,010	5.000%, 5/01/25 – FGIC Insured	5/15 at 100.00	Aa1	1,115,666
2,210	5.000%, 5/01/26 – FGIC Insured	5/15 at 100.00	Aa1	2,441,210
	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	1,381,644
14,265	4.500%, 5/01/41 – FGIC Insured (UB)	5/16 at 100.00	Aa1	14,678,114
27,740	Total Louisiana			29,347,894
	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+	1,835,067
	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+	3,362,670
	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	3,696,030
	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+	4,191,695
	Trust 3091, 13.334%, 8/15/37 – AMBAC Insured (IF)
3,650	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%,	1/14 at 100.00	A1 (4)	3,990,217
	1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
2,000	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%,	1/14 at 100.00	A1 (4)	2,186,420
	1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
14,985	Total Massachusetts			17,427,032
	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+	10,364,100
	Minnesota – 0.1% (0.1% of Total Investments)
600	Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 –	8/12 at 100.00	AA+	602,658
	NPFG Insured
	Missouri – 0.4% (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	1,155,720
	Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
750	Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%,	10/13 at 100.00	A–	767,843
	10/01/33 – NPFG Insured
1,750	Total Missouri			1,923,563
	Nebraska – 0.8% (0.5% of Total Investments)
1,000	Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools	1/22 at 100.00	AA–	1,188,550
	Series 2012, 5.000%, 1/15/30 (WI/DD, Settling 2/01/12)
1,250	Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series	4/22 at 100.00	A	1,417,763
	2012A, 5.000%, 4/01/31 (WI/DD, Settling 2/15/12)
865	Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska	2/17 at 100.00	AA+	1,476,711
	City 2, Series 2006A, 20.018%, 8/01/40 – AMBAC Insured (IF)
3,115	Total Nebraska			4,083,024
	Nevada – 2.2% (1.5% of Total Investments)
7,545	Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran	1/20 at 100.00	AA–	8,240,875
	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	Aa3	3,468,370
	7/01/24 – FGIC Insured
10,825	Total Nevada			11,709,245
	New Jersey – 9.3% (6.2% 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	1,388,590
2,250	5.125%, 10/01/22 – NPFG Insured	10/14 at 100.00	Aa2	2,491,515
1,560	Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds,	1/15 at 100.00	Aa3	1,708,808
	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	1,567,350
1,475	5.000%, 7/01/23 – NPFG Insured	7/14 at 100.00	A	1,562,881
3,075	New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%,	No Opt. Call	AA–	3,534,128
	10/01/15 – AGM Insured
	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
25,000	0.000%, 12/15/35 – AMBAC Insured	No Opt. Call	A+	7,466,000
10,000	0.000%, 12/15/36 – AMBAC Insured	No Opt. Call	A+	2,873,700
10,500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A,	12/17 at 100.00	AA–	11,308,815
	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–	12,747,700
	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–	3,563,592
69,925	Total New Jersey			50,213,079
	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	1,548,916
1,050	5.000%, 6/01/24 – AMBAC Insured	6/14 at 100.00	AAA	1,140,122
2,000	New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E,	6/15 at 100.00	Aa2	2,226,300
	5.000%, 6/15/25 – NPFG Insured
4,465	Total New Mexico			4,915,338
	New York – 10.6% (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	1,222,088
	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	3,445,230
	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–	8,335,081
	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	1,116,390
	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	4,023,087
	2/15/47 – NPFG Insured
10,000	Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series	No Opt. Call	A1	10,999,600
	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–	11,856,936
5,000	5.000%, 12/01/25 – FGIC Insured	6/16 at 100.00	A–	5,505,000
2,700	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,	11/16 at 100.00	A–	2,768,634
	5/01/33 – NPFG Insured
5,000	New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 –	11/14 at 100.00	AA	5,559,850
	AGM Insured
1,540	New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005,	11/15 at 100.00	AA+	1,886,192
	Trust 2364, 17.308%, 11/15/44 – AMBAC Insured (IF)
425	New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project,	5/12 at 100.00	AA–	425,863
	Series 1996A, 6.125%, 11/01/20 – AGM Insured
51,950	Total New York			57,143,951
	North Carolina – 2.2% (1.5% of Total Investments)
1,250	Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 –	7/15 at 100.00	Aa3	1,322,825
	NPFG Insured
1,780	Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust	7/20 at 100.00	AAA	2,536,803
	43W, 13.985%, 7/01/38 (IF) (5)
	Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
2,225	5.000%, 5/01/23 – FGIC Insured	5/14 at 100.00	AA–	2,344,638
2,335	5.000%, 5/01/24 – FGIC Insured	5/14 at 100.00	AA–	2,455,136
2,900	Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,	5/15 at 100.00	Aa3	3,160,101
	5/01/21 – AMBAC Insured
10,490	Total North Carolina			11,819,503
	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	N/R	5,014,300
	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	A1	7,990,968
	AMBAC Insured
700	Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 – AMBAC Insured	12/13 at 100.00	AA+	747,096
8,525	Total Ohio			8,738,064
	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	1,676,595
	7/01/24 – AMBAC Insured
	Pennsylvania – 9.8% (6.5% of Total Investments)
2,000	Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A,	12/15 at 100.00	A1	2,248,000
	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+	4,662,481
	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–	1,894,218
	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	Aa3	4,194,760
	12/01/44 – AGM Insured
1,030	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue	8/20 at 100.00	AA	1,126,933
	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	5,514,287
	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	Aa2	4,755,012
	Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
1,050	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –	6/16 at 100.00	Aa3	1,145,309
	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–	5,480,260
3,000	5.000%, 9/01/25 – AGM Insured	9/14 at 100.00	AA–	3,132,630
2,985	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System	5/20 at 100.00	AA	3,194,726
	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	1,721,243
2,360	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%,	No Opt. Call	A1 (4)	2,761,625
	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–	4,142,683
	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–	1,253,351
	AGM Insured
1,455	Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 –	6/15 at 100.00	Aa3	1,566,366
	AMBAC Insured
3,650	State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School	6/13 at 100.00	AA+ (4)	3,881,739
	District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
48,905	Total Pennsylvania			52,675,623
	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	A3	2,672,075
	FGIC Insured
4,705	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series	8/20 at 100.00	AA–	5,099,091
	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	Aa2	8,009,079
88,000	0.000%, 8/01/54 – AMBAC Insured	No Opt. Call	Aa2	7,536,320
145,905	Total Puerto Rico			23,316,565
	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	2,131,009
	2006, 5.000%, 12/01/28 – AGM Insured
	Texas – 10.7% (7.1% of Total Investments)
1,930	Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and	8/21 at 100.00	N/R	2,192,364
	Improvement Bonds, Fourteenth Series 2012A, 5.000%, 8/15/37 (WI/DD, Settling 2/14/12)
1,700	Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011,	1/21 at 100.00	BBB–	1,824,729
	6.250%, 1/01/46
	Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
3,475	5.000%, 7/15/22 – AGM Insured (UB)	7/14 at 100.00	AA–	3,812,840
3,645	5.000%, 7/15/23 – AGM Insured (UB)	7/14 at 100.00	AA–	3,957,595
10,000	Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 –	10/17 at 100.00	AAA	10,676,300
	AMBAC Insured (UB)
1,500	El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011,	8/20 at 100.00	A+	1,631,640
	5.250%, 8/15/33
5,625	Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –	2/17 at 100.00	A	5,876,325
	NPFG Insured
500	Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 –	No Opt. Call	AA–	590,130
	AGM Insured
2,340	Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%,	3/21 at 100.00	AA–	2,549,243
	3/01/41 – AGM Insured
4,485	Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services	5/12 at 100.00	AA– (4)	4,544,964
	Corporation, Series 2003B, 5.000%, 5/15/21 (Pre-refunded 5/15/12) – AGM Insured
10,000	Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services	5/13 at 100.00	A	10,408,400
	Corporation, Series 2003C, 5.000%, 5/15/33 – AMBAC Insured
4,151	Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing	7/12 at 105.00	Aaa	4,381,630
	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	2,706,261
	Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
85	Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%,	No Opt. Call	Aa2	85,456
	3/15/18 – AGM Insured
2,215	Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%, 3/15/18	3/12 at 100.00	Aa2 (4)	2,228,135
	(Pre-refunded 3/15/12) – AGM Insured
54,061	Total Texas			57,466,012
	Utah – 2.1% (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–	9,120,988
	7/01/18 – AGM Insured (UB)
2,385	Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003,	12/13 at 100.00	A+	2,431,174
	5.000%, 12/15/33 – NPFG Insured
10,985	Total Utah			11,552,162
	Virginia – 2.5% (1.7% of Total Investments)
	Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
5,880	5.000%, 6/15/20 – NPFG Insured	6/15 at 100.00	A	6,393,148
5,000	5.000%, 6/15/22 – NPFG Insured	6/15 at 100.00	A	5,382,050
	Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety
	Facilities, Series 2003A:
1,150	5.250%, 12/15/22 – AGM Insured	6/14 at 100.00	AA+	1,267,542
500	5.250%, 12/15/23 – AGM Insured	6/14 at 100.00	AA+	550,360
12,530	Total Virginia			13,593,100
	Washington – 4.7% (3.2% of Total Investments)
1,370	Clark County School District 101, La Center, Washington, General Obligation Bonds, Series	12/12 at 100.00	Aa1 (4)	1,424,869
	2002, 5.000%, 12/01/22 (Pre-refunded 12/01/12) – AGM Insured
3,000	King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured	7/17 at 100.00	AA+	3,240,960
4,900	Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer	1/21 at 100.00	A	5,258,190
	Research Center, Series 2011A, 5.625%, 1/01/35
6,200	Washington State, General Obligation Purpose Bonds, Series 2003A, 5.000%, 7/01/20	7/12 at 100.00	AA+ (4)	6,324,556
	(Pre-refunded 7/01/12) – FGIC Insured
10,855	Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured	No Opt. Call	AA+	9,254,537
26,325	Total Washington			25,503,112
	Wisconsin – 0.8% (0.5% of Total Investments)
3,775	Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured	5/16 at 100.00	AA	4,295,797
	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	1,100,818
1,000	6.000%, 12/01/36	12/21 at 100.00	BBB	1,089,428
2,000	Total Wyoming			2,190,246
$ 994,441	Total Investments (cost $744,590,503) – 149.3%			805,656,223
	Floating Rate Obligations – (10.4)%			(56,320,000)
	Variable Rate Demand Preferred Shares, at Liquidation Value – (40.6)% (6)			(219,000,000)
	Other Assets Less Liabilities – 1.7%			9,141,647
	Net Assets Applicable to Common Shares – 100%			$ 539,477,870

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 three-tier hierarchy of inputs is 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 methodologies 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 January 31, 2012:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	805,656,223	$	—	$	805,656,223

During the period ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

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 January 31, 2012, the cost of investments was $699,502,050.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2012, were as follows:


Gross unrealized:
Appreciation	$	65,987,336
Depreciation		(16,153,847	)
Net unrealized appreciation (depreciation) of investments	$	49,833,489


(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
		Shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
		There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
		may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
		Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
		or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by
		any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
		which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
		agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations
		for investments in inverse floating rate transactions.
(6)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.2%.
N/R		Not rated.
WI/DD		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 refelected as a financing transaction.

Item 2. Controls and Procedures.

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)).

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 Premium Income Municipal Opportunity Fund

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

Kevin J. McCarthy

Vice President and Secretary

Date March 30, 2012

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

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

Gifford R. Zimmerman

Chief Administrative Officer (principal executive officer)

Date March 30, 2012

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

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date March 30, 2012

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