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The primary investment objective of the Nuveen Build America Bond Opportunity Fund is current income through investments in taxable municipal securities. Secondary objective is to seek enhanced portfolio value and total return. The fund invests primarily in a diversified portfolio of Build America Bonds (BABs). Up to 20% may be invested in other securities, including taxable and tax-exempt municipal securities and US Treasury and other government securities. Also, the fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade (Baa/BBB or better by S&P, Moody’s, or Fitch) or, if they are unrated, are judged to be of comparable quality by Nuveen Asset Management. The fund uses leverage. As of 1/1/2013, there has been no new issuance of BABs or similarly US Treasury-subsidized taxable municipal bonds for a 24-month period. Because of this, the fund’s contingent term provision is now in force, and the fund will terminate on or around 12/31/2020, distributing the fund’s assets to shareholders at that time.