nom.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-7616

Nuveen Missouri Premium Income Municipal Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: May 31

Date of reporting period: November 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents

Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage and Other Information
11
   
Common Share Dividend and Price Information
14
   
Performance Overviews
15
   
Shareholder Meeting Report
20
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
57
   
Statement of Operations
58
   
Statement of Changes in Net Assets
59
   
Statement of Cash Flows
61
   
Financial Highlights
64
   
Notes to Financial Statements
73
   
Reinvest Automatically, Easily and Conveniently
86
   
Glossary of Terms Used in this Report
88
   
Additional Fund Information
91

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
Despite the global economy’s ability to muddle through the many economic headwinds of 2012, investors continue to have good reasons to remain cautious. The European Central Bank’s decisions to extend intermediate term financing to major European banks and to support sovereign debt markets have begun to show signs of a stabilized euro area financial market. The larger member states of the European Union (EU) are working diligently to strengthen the framework for a tighter financial and banking union and meaningful progress has been made by agreeing to centralize large bank regulation under the European Central Bank. However, economic conditions in the southern tier members are not improving and the pressures on their political leadership remain intense. The jury is out on whether the respective populations will support the continuing austerity measures that are needed to meet the EU fiscal targets.
 
In the U.S., the Fed remains committed to low interest rates into 2015 through its third program of Quantitative Easing (QE3). Inflation remains low but a growing number of economists are expressing concern about the economic distortions resulting from negative real interest rates. The highly partisan atmosphere in Congress led to a disappointingly modest solution for dealing with the end-of-year tax and spending issues. Early indications for the new Congressional term have not given much encouragement that the atmosphere for dealing with the sequestration legislation and the debt ceiling issues, let alone a more encompassing “grand bargain,” will be any better than the last Congress. Over the longer term, there are some encouraging trends for the U.S. economy: house prices are beginning to recover, banks and corporations continue to strengthen their financial positions and incentives for capital investment in the U.S. by domestic and foreign corporations are increasing due to more competitive energy and labor costs.
 
During 2012 U.S. investors have benefited from strong returns in the domestic equity markets and solid returns in most fixed income markets. However, many of the macroeconomic risks of 2012 remain unresolved, including negotiating through the many U.S. fiscal issues, managing the risks of another year of abnormally low U.S. interest rates, sustaining the progress being made in the euro area and reducing the potential economic impact of geopolitical issues, particularly in the Middle East. In the face of these uncertainties, the experienced investment professionals at Nuveen Investments seek out investments that are enjoying positive economic conditions. At the same time they are always on the alert for risks in markets subject to excessive optimism or for opportunities in markets experiencing undue pessimism. Monitoring this process is a critical function for the Fund Board as it oversees your Nuveen Fund on your behalf.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
January 22, 2013

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Portfolio Managers’ Comments
 
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG)
Nuveen Maryland Premium Income Municipal Fund (NMY)
Nuveen Missouri Premium Income Municipal Fund (NOM)
Nuveen North Carolina Premium Income Municipal Fund (NNC)
Nuveen Virginia Premium Income Municipal Fund (NPV)
 
Portfolio managers Daniel Close, Chris Drahn and Tom Spalding discuss key investment strategies and the six-month performance of these five Funds. Dan assumed portfolio management responsibility for the Nuveen Georgia and North Carolina Funds in 2007. Chris took on portfolio management responsibility for the Nuveen Missouri Fund in 2011 and Tom assumed portfolio management responsibility for the Nuveen Maryland and Virginia Funds in 2011.
 
FUND REORGANIZATIONS
 
Effective before the opening of business on July 9, 2012, certain Georgia and North Carolina funds and on August 6, 2012, certain Maryland and Virginia funds (the Acquired Funds) were reorganized into four of the larger-state funds included in this report (the Acquiring Funds) as follows:

Acquired Funds
 
Symbol
 
Acquiring Fund
 
Symbol
Georgia Fund
           
Nuveen Georgia Premium Income
 
NPG
 
Nuveen Georgia Dividend Advantage
 
NKG
Municipal Fund
     
Municipal Fund 2
   
Nuveen Georgia Dividend Advantage
 
NZX
       
Municipal Fund
           
             
Acquired Funds
 
Symbol
 
Acquiring Fund
 
Symbol
Maryland Funds
           
Nuveen Maryland Dividend Advantage
 
NFM
 
Nuveen Maryland Premium Income
 
NMY
Municipal Fund
     
Municipal Fund
   
Nuveen Maryland Dividend Advantage
 
NZR
       
Municipal Fund 2
           
Nuveen Maryland Dividend Advantage
 
NWI
       
Municipal Fund 3
           
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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Acquired Funds
 
Symbol
 
Acquiring Fund
 
Symbol
North Carolina Funds
           
Nuveen North Carolina Dividend
 
NRB
 
Nuveen North Carolina Premium Income
 
NNC
Advantage Municipal Fund
     
Municipal Fund
   
Nuveen North Carolina Dividend
 
NNO
       
Advantage Municipal Fund 2
           
Nuveen North Carolina Dividend
 
NII
       
Advantage Municipal Fund 3
           
             
Acquired Funds
 
Symbol
 
Acquiring Fund
 
Symbol
Virginia Funds
           
Nuveen Virginia Dividend
 
NGB
 
Nuveen Virginia Premium Income
 
NPV
Advantage Municipal Fund
     
Municipal Fund
   
Nuveen Virginia Dividend
 
NNB
       
Advantage Municipal Fund 2
           
 
Upon the closing of the reorganizations, the Acquired Funds transferred their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Funds. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Funds, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of MuniFund Term Preferred (MTP) Shares of the Acquired Funds received on a one-for-one basis newly issued MTP Shares of the Acquiring Funds, in exchange for their MTP Shares of the Acquired Funds held immediately prior to the reorganizations.
 
What key strategies were used to manage these Funds during the six-month reporting period ended November 30, 2012?
 
During this reporting period, municipal bond prices generally rallied, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. Although the total volume of tax-exempt supply improved over that of the same six-month period a year earlier, the issuance pattern remained light compared with long-term historical trends. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve, and the curve flattened. During this period, we saw an increased number of borrowers come to market seeking to take advantage of the low rate environment through refunding activity, with approximately 60% of new municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
 
In this environment, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. During this period, NKG, NMY, NNC and NOM found value to varying degrees in several areas of the market, including health care, higher education, electric utilities and appropriations bonds. NKG and NPV also purchased local general

6
 
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obligation (GO) credits, while NNC added bonds in the transportation sector, including those issued by the North Carolina Turnpike Authority. NMY added lower rated bonds issued for Frederick Memorial Hospital and Maryland Institute College of Art. In NPV, we added to our positions in the transportation sector, including bonds issued by the Virginia Small Business Financing Authority for the Elizabeth River Crossing and credits issued for the new Chesapeake expressway. NOM added to its health care positions with purchases of continuing care retirement community (CCRC) bonds and hospital credits, including those issued by Missouri Health and Educational Facilities Authority for Mercy Health. In North Carolina, the health care sector was the predominant issuer during this time, offering attractive opportunities from a number of hospitals across the state, with credit quality of AA and A and intermediate and longer maturities. Among the health care names we purchased during this period was Wake Forest Baptist Medical Center.
 
Because the issuance of new municipal supply in the primary market continued to be limited, especially in Georgia, we looked to the secondary market as an additional source of attractive opportunities. During this period, the secondary market accounted for approximately 80% of NMY’s purchases and 50% in NPV. When in-state paper was scarce, NKG and NMY also purchased territorial bonds to keep the Funds as fully invested as possible, including dedicated sales tax bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA). These territorial bonds offered higher yields, added diversification and triple exemption (i.e., exemption from federal, state and local taxes). These bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) were downgraded by Moody’s in July 2012. This downgrade was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and not to any sector or structural issues. Each of the Funds held varying amounts of the COFINA bonds purchased at different times, with those purchased prior to and early in this period performing more positively than those purchased during the latter part of this period. Therefore, the impact on performance differed from Fund to Fund. As we continue to emphasize Puerto Rico’s stronger credits, we view these bonds as long-term holdings and note that the commonwealth’s recent enforcement of sales tax collections has improved significantly.
 
During this period, we also took advantage of short term market opportunities created by supply/demand dynamics in the municipal market. While demand for tax-exempt paper remained consistently strong throughout the period, supply fluctuated widely. We found that periods of substantial supply provided good short term buying opportunities not only because of the increased number of issues available, but also because some investors became more hesitant in their buying as supply grew, causing spreads to widen temporarily. At times when supply was more plentiful, we focused on anticipating cash flows from bond calls and maturing bonds and closely monitored opportunities for reinvestment.
 
During this period, we emphasized bonds with longer maturities. The purchase of longer maturity bonds helped to extend the Funds’ durations, and enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve. We also purchased lower rated bonds when we found attractive opportunities, as we believed these bonds continued to offer relative value. Our opportunities were somewhat constrained by the structure of bonds typically issued as part of refinancing deals, which tended to be characterized by shorter maturities and higher quality.
 
Cash for new purchases during this period was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. The elevated number of bond calls provided a meaningful source of liquidity, which drove

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much of our activity during this period as we worked to redeploy these proceeds, as well as those from maturing bonds, to keep the Funds fully invested and support their income streams. Overall, selling was minimal because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of November 30, 2012, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month reporting period ended November 30, 2012?
 
Individual results for these Nuveen Funds, as well as relevant index and peer group information, are presented in the accompanying table.

Average Annual Total Returns on Common Share Net Asset Value*
       
For periods ended 11/30/12
                         
                           
Fund
   
6-Month
 
1-Year
 
5-Year
 
10-Year
Georgia
                         
NKG
   
5.86
%
 
13.45
%
 
6.34
%
 
6.14
%
S&P Georgia Municipal Bond Index**
   
4.21
%
 
9.10
%
 
5.75
%
 
5.29
%
S&P Municipal Bond Index**
   
4.52
%
 
10.94
%
 
6.09
%
 
5.57
%
Lipper Other States Municipal Debt Funds
                         
Classification Average**
   
6.85
%
 
16.99
%
 
7.48
%
 
6.73
%
                           
Maryland
                         
NMY
   
4.60
%
 
14.01
%
 
7.21
%
 
6.57
%
S&P Maryland Municipal Bond Index**
   
3.22
%
 
8.11
%
 
5.58
%
 
5.09
%
S&P Municipal Bond Index**
   
4.52
%
 
10.94
%
 
6.09
%
 
5.57
%
Lipper Other States Municipal Debt Funds
                         
Classification Average**
   
6.85
%
 
16.99
%
 
7.48
%
 
6.73
%
                           
Missouri
                         
NOM
   
6.07
%
 
15.94
%
 
7.25
%
 
6.21
%
S&P Missouri Municipal Bond Index**
   
4.16
%
 
10.19
%
 
6.04
%
 
5.63
%
S&P Municipal Bond Index**
   
4.52
%
 
10.94
%
 
6.09
%
 
5.57
%
Lipper Other States Municipal Debt Funds
                         
Classification Average**
   
6.85
%
 
16.99
%
 
7.48
%
 
6.73
%
                           
North Carolina
                         
NNC
   
5.56
%
 
12.71
%
 
7.00
%
 
6.20
%
S&P North Carolina Municipal Bond Index**
   
3.64
%
 
8.82
%
 
6.01
%
 
5.50
%
S&P Municipal Bond Index**
   
4.52
%
 
10.94
%
 
6.09
%
 
5.57
%
Lipper Other States Municipal Debt Funds
                         
Classification Average**
   
6.85
%
 
16.99
%
 
7.48
%
 
6.73
%
                           
Virginia
                         
NPV
   
5.65
%
 
14.09
%
 
7.38
%
 
6.53
%
S&P Virginia Municipal Bond Index**
   
4.08
%
 
9.09
%
 
5.52
%
 
5.30
%
S&P Municipal Bond Index**
   
4.52
%
 
10.94
%
 
6.09
%
 
5.57
%
Lipper Other States Municipal Debt Funds
                         
Classification Average**
   
6.85
%
 
16.99
%
 
7.48
%
 
6.73
%

 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
   
 
For additional information, see the Performance Overview page for your Fund in this report.
   
*
Six-month returns are cumulative; all other returns are annualized.
   
**
For definitions, refer to Glossary of Terms Used in this Report. Indexes and Lipper averages are not available for direct investment.
 
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For the six months ended November 30, 2012, the cumulative returns on common share net asset value (NAV) for all these Funds exceeded the returns for their respective state’s S&P Municipal Bond Index as well as the national S&P Municipal Bond Index. For the same period, all these Funds underperformed the average return for the Lipper Other States Municipal Debt Funds Classification Average. Shareholders should note that the performance of the Lipper Other States classification represents the overall average of returns for funds from ten states with a wide variety of municipal market conditions, making direct comparisons less meaningful.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
 
In an environment of declining rates and flattening yield curve, municipal bonds with longer maturities generally outperformed those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Duration and yield curve positioning was a net positive contributor to the performance of these Funds. These Funds benefited from being overweighted in the longer part of the yield curve that performed well. However, their performance was somewhat restrained by overweightings at the underperforming shortest end of the curve, due mostly to holdings of pre-refunded bonds. In addition, these Funds were helped by their allocations of long duration bonds, many of which had zero percent coupons, which generally outperformed the market during this period. This was especially true in NPV.
 
Credit exposure was another factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, municipal credit spreads or the difference in yield spreads between highly rated municipal bonds and lower rated municipal bonds. As a result of this spread compression, the Funds generally benefited from their holdings of lower rated credits, with NKG, NMY, NOM and NPV having an overweight in bonds rated BBB. NKG, NOM and NNC were also helped by being underweighted in the underperforming AAA quality sector.

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During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), education, water and sewer and certain transportation bonds. In particular, NKG, NMY and NPV were overweight in higher education, which was positive for performance, while NNC and NOM were positively impacted by their holdings in the water and sewer and transportation sectors. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. During this period, NKG, NMY and NPV benefited from their holdings of tobacco credits as these bonds rallied, while NNC held a negligible amount of tobacco bonds.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of November 30, 2012, NMY and NPV had double-digit allocations of pre-refunded bonds, NNC had a heavier weighting in pre-refunded bonds than NKG, which detracted from its performance for the period. We continued to hold these pre-refunded bonds in our portfolios due to the higher yields they provided. In addition, GO bonds and housing credits lagged the performance of the general municipal market for this period.

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Fund Leverage and
Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a fund generally are arising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of November 30, 2012, each of the Funds has issued and outstanding MTP Shares as shown in the accompanying table.

           
Shares Issued
   
Annual
   
NYSE
Fund
   
Series
   
At Liquidation Value
   
Interest Rate
   
Ticker
Georgia
                       
NKG
   
2015
   
32,265,000
   
2.65%
   
NKG PRC
     
2015-1
 *
 
28,340,000
   
2.65%
   
NKG PRD
     
2015-2
 *
 
14,340,000
   
2.65%
   
NKG PRE
Maryland
                       
NMY
   
2015
   
38,775,000
   
2.65%
   
NMY PRC
     
2016
   
35,818,000
   
2.90%
   
NMY PRD
     
2015
 *
 
26,485,000
   
2.60%
   
NMY PRE
     
2015-1
 *
 
27,300,000
   
2.60%
   
NMY PRF
     
2015-1
 *
 
20,700,000
   
2.65%
   
NMY PRG
     
2016
 *
 
17,066,000
   
2.85%
   
NMY PRH

*MTP Shares issued in connection with reorganization.

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Shares Issued
   
Annual
   
NYSE
Fund
   
Series
   
At Liquidation Value
   
Interest Rate
   
Ticker
Missouri
                       
NOM
   
2015
   
17,800,000
   
2.10%
   
NOM PRC
North Carolina
                       
NNC
   
2015
   
24,300,000
   
2.65%
   
NNC PRC
     
2016
   
25,535,000
   
2.60%
   
NNC PRD
     
2015
 *
 
16,600,000
   
2.60%
   
NNC PRE
     
2015-1
 *
 
29,700,000
   
2.60%
   
NNC PRF
     
2015-1
 *
 
28,725,000
   
2.65%
   
NNC PRG
Virginia
                       
NPV
   
2014
   
29,203,000
   
2.25%
   
NPV PRA
     
2015
   
32,205,000
   
2.65%
   
NPV PRC
     
2014
 *
 
22,800,000
   
2.80%
   
NPV PRD
     
2014-1
 *
 
43,200,000
   
2.80%
   
NPV PRE

*MTP Shares issued in connection with reorganization.
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares.)

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RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.

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Common Share Dividend
and Price Information
 
DIVIDEND INFORMATION
 
During the six-month reporting period ended November 30, 2012, NKG, NMY, NNC and NPV received one monthly dividend increase, while NOM remained stable.
 
The Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of November 30, 2012, all of these Funds had positive UNII balances, based upon our best estimate, for tax purposes. NKG, NMY, NOM and NPV had positive UNII balances while NNC had a negative UNII balance for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
During November 2012, the Nuveen Funds Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares. Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares.
 
As of November 30, 2012, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums and/or (-) discounts to their common share NAVs as shown in the accompanying table.

 
11/30/12
Six-Month Average
Fund
(+)Premium/(-)Discount
(+)Premium/(-)Discount
NKG
(+)0.07%
(-)0.29%
NMY
(-)0.31%
(-)0.79%
NOM
(+)15.00%
(+)17.96%
NNC
(+)0.06%
(+)0.25%
NPV
(+)2.86%
(+)4.98%
 
14
 
Nuveen Investments

 
 

 
 
NKG
 
Nuveen Georgia
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund 2
   
as of November 30, 2012
 

Fund Snapshot
       
Common Share Price
 
$
15.23
 
Common Share Net Asset Value (NAV)
 
$
15.22
 
Premium/(Discount) to NAV
   
0.07
%
Market Yield
   
4.53
%
Taxable-Equivalent Yield1
   
6.69
%
Net Assets Applicable to Common Shares ($000)
 
$
160,593
 
         
Leverage
       
Regulatory Leverage
   
31.82
%
Effective Leverage
   
34.30
%

Average Annual Total Returns
             
(Inception 9/25/02)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
5.80
%
 
5.86
%
1-Year
   
13.23
%
 
13.45
%
5-Year
   
8.40
%
 
6.34
%
10-Year
   
5.92
%
 
6.14
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/General
   
21.6
%
Tax Obligation/Limited
   
14.9
%
Water and Sewer
   
11.5
%
Health Care
   
11.2
%
Education and Civic Organizations
   
11.0
%
U.S. Guaranteed
   
8.5
%
Utilities
   
7.3
%
Other
   
14.0
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
 
Nuveen Investments
 
15

 
 

 
 
NMY
 
Nuveen Maryland
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund
   
as of November 30, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.95
 
Common Share Net Asset Value (NAV)
 
$
16.00
 
Premium/(Discount) to NAV
   
-0.31
%
Market Yield
   
5.08
%
Taxable-Equivalent Yield1
   
7.43
%
Net Assets Applicable to Common Shares ($000)
 
$
385,572
 
         
Leverage
       
Regulatory Leverage
   
30.11
%
Effective Leverage
   
33.57
%

Average Annual Total Returns
             
(Inception 3/18/93)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
4.55
%
 
4.60
%
1-Year
   
17.24
%
 
14.01
%
5-Year
   
10.31
%
 
7.21
%
10-Year
   
5.64
%
 
6.57
%

Portfolio Composition3
       
(as a % of total investments)
       
Health Care
   
19.2
%
Tax Obligation/Limited
   
16.9
%
U.S. Guaranteed
   
13.3
%
Education and Civic Organizations
   
8.2
%
Tax Obligation/General
   
8.0
%
Housing/Single Family
   
6.5
%
Consumer Staples
   
5.3
%
Transportation
   
3.9
%
Long-Term Care
   
3.8
%
Other
   
14.9
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
4
In connection with the Fund’s Reorganization, the Fund had dividends of $0.0207 and $0.0438 per Common share with ex-dividend dates of August 1, 2012, and August 14, 2012, respectively, both payable on October 1, 2012. These distributions were in addition to the Fund’s monthly tax-free dividend of$0.0645 with an ex-dividend date of August 1, 2012 that was payable September 4, 2012.
 
16
 
Nuveen Investments

 
 

 

NOM
 
Nuveen Missouri
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund
   
as of November 30, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
17.40
 
Common Share Net Asset Value (NAV)
 
$
15.13
 
Premium/(Discount) to NAV
   
15.00
%
Market Yield
   
4.21
%
Taxable-Equivalent Yield1
   
6.22
%
Net Assets Applicable to Common Shares ($000)
 
$
35,182
 
         
Leverage
       
Regulatory Leverage
   
33.70
%
Effective Leverage
   
36.36
%

Average Annual Total Returns
             
(Inception 5/20/93)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
5.25
%
 
6.07
%
1-Year
   
14.64
%
 
15.94
%
5-Year
   
9.76
%
 
7.25
%
10-Year
   
6.31
%
 
6.21
%

Portfolio Composition3
       
(as a % of total investments)
       
Health Care
   
23.7
%
Tax Obligation/Limited
   
18.8
%
Tax Obligation/General
   
11.2
%
Water and Sewer
   
9.9
%
Transportation
   
8.3
%
Long-Term Care
   
7.5
%
Education and Civic Organizations
   
5.9
%
U.S. Guaranteed
   
5.1
%
Other
   
9.6
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
 
Nuveen Investments
 
17

 
 

 

NNC
 
Nuveen North Carolina
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund
   
as of November 30, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.80
 
Common Share Net Asset Value (NAV)
 
$
15.79
 
Premium/(Discount) to NAV
   
0.06
%
Market Yield
   
4.48
%
Taxable-Equivalent Yield1
   
6.75
%
Net Assets Applicable to Common Shares ($000)
 
$
261,289
 
         
Leverage
       
Regulatory Leverage
   
32.33
%
Effective Leverage
   
36.26
%

Average Annual Total Returns
             
(Inception 5/20/93)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
1.21
%
 
5.56
%
1-Year
   
11.28
%
 
12.71
%
5-Year
   
9.84
%
 
7.00
%
10-Year
   
5.59
%
 
6.20
%

Portfolio Composition3
       
(as a % of total investments)
       
Health Care
   
21.8
%
Water and Sewer
   
19.8
%
Tax Obligation/Limited
   
15.8
%
U.S. Guaranteed
   
12.4
%
Transportation
   
9.9
%
Utilities
   
7.7
%
Other
   
12.6
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
 
18
 
Nuveen Investments

 
 

 

NPV
 
Nuveen Virginia
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund
   
as of November 30, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
16.54
 
Common Share Net Asset Value (NAV)
 
$
16.08
 
Premium/(Discount) to NAV
   
2.86
%
Market Yield
   
4.79
%
Taxable-Equivalent Yield1
   
7.05
%
Net Assets Applicable to Common Shares ($000)
 
$
288,109
 
         
Leverage
       
Regulatory Leverage
   
30.66
%
Effective Leverage
   
35.23
%

Average Annual Total Returns
             
(Inception 3/18/93)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
(0.60
)%
 
5.65
%
1-Year
   
13.06
%
 
14.09
%
5-Year
   
10.34
%
 
7.38
%
10-Year
   
5.80
%
 
6.53
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
22.7
%
Health Care
   
15.6
%
U.S. Guaranteed
   
14.7
%
Transportation
   
13.1
%
Tax Obligation/General
   
8.7
%
Long-Term Care
   
6.1
%
Education and Civic Organizations
   
5.4
%
Other
   
13.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0237 per share.
5
In connection with the Fund’s Reorganization, the Fund had dividends of $0.0457 and $0.0188 per Common share with ex-dividend dates of August 1, 2012, and August 14, 2012, respectively, both payable on October 1, 2012. These distributions were in addition to the Fund’s monthly tax-free dividend of$0.0645 with an ex-dividend date of August 1, 2012 that was payable September 4, 2012.
 
Nuveen Investments
 
19

 
 

 

NKG
 
Shareholder Meeting Report
NNC
   
NMY
 
A special meeting of shareholders was held in the offices of Nuveen Investments on April 5, 2012; at this meeting the shareholders were asked to vote on the approval of the issuance of additional common shares and the approval of an Agreement and Plan of Reorganization. The meeting was subsequently adjourned to May 17, 2012. The meeting for NMY, NFM, NWI and NPV was subsequently adjourned to June 22, 2012. The meeting for NMY and NWI was subsequently adjourned to July 17, 2012. The meeting for NMY was additionally adjourned to July 18, 2012.
The annual meeting of shareholders was held in the offices of Nuveen Investments on November 14, 2012; at this meeting the shareholders were asked to vote on the election of Board Members.

   
NKG
 
NNC
 
NMY
 
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
To approve the Agreement and Plan of Reorganization.
                                     
For
   
   
   
   
   
9,642,960
   
3,749,058
 
Against
   
   
   
   
   
652,628
   
266,777
 
Abstain
   
   
   
   
   
294,471
   
72,586
 
Total
   
   
   
   
   
10,590,059
   
4,088,421
 
To approve the issuance of additional common shares.
                                     
For
   
   
   
   
   
9,587,683
   
 
Against
   
   
   
   
   
682,349
   
 
Abstain
   
   
   
   
   
320,027
   
 
Total
   
   
   
   
   
10,590,059
   
 
Approval of the Board Members was reached as follows:
                                     
Robert P. Bremner
                                     
For
   
3,783,285
   
   
6,090,658
   
   
7,954,657
   
 
Withhold
   
42,902
   
   
343,848
   
   
151,355
   
 
Total
   
3,826,187
   
   
6,434,506
   
   
8,106,012
   
 
Jack B. Evans
                                     
For
   
3,786,685
   
   
6,153,928
   
   
7,953,362
   
 
Withhold
   
39,502
   
   
280,578
   
   
152,650
   
 
Total
   
3,826,187
   
   
6,434,506
   
   
8,106,012
   
 
William C. Hunter
                                     
For
   
   
1,633,736
   
   
1,990,814
   
   
2,825,407
 
Withhold
   
   
15,500
   
   
18,700
   
   
29,269
 
Total
   
   
1,649,236
   
   
2,009,514
   
   
2,854,676
 
William J. Schneider
                                     
For
   
   
1,633,736
   
   
1,989,214
   
   
2,825,407
 
Withhold
   
   
15,500
   
   
20,300
   
   
29,269
 
Total
   
   
1,649,236
   
   
2,009,514
   
   
2,854,676
 

20
 
Nuveen Investments

 
 

 

NFM
 
 
NWI
 
 
NOM
 
 

   
NFM
 
NWI
 
NOM
 
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
To approve the Agreement and Plan of Reorganization.
                                     
For
   
3,584,198
   
1,335,597
   
4,897,564
   
1,999,912
   
   
 
Against
   
178,728
   
90,182
   
170,007
   
85,539
   
   
 
Abstain
   
119,767
   
47,500
   
141,175
   
38,500
   
   
 
Total
   
3,882,693
   
1,473,279
   
5,208,746
   
2,123,951
   
   
 
To approve the issuance of additional common shares.
                                     
For
   
   
   
   
   
   
 
Against
   
   
   
   
   
   
 
Abstain
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Approval of the Board Members was reached as follows:
                                     
Robert P. Bremner
                                     
For
   
   
   
   
   
1,193,080
   
 
Withhold
   
   
   
   
   
52,317
   
 
Total
   
   
   
   
   
1,245,397
   
 
Jack B. Evans
                                     
For
   
   
   
   
   
1,197,160
   
 
Withhold
   
   
   
   
   
48,237
   
 
Total
   
   
   
   
   
1,245,397
   
 
William C. Hunter
                                     
For
   
   
   
   
   
   
322,309
 
Withhold
   
   
   
   
   
   
31,138
 
Total
   
   
   
   
   
   
353,447
 
William J. Schneider
                                     
For
   
   
   
   
   
   
322,309
 
Withhold
   
   
   
   
   
   
31,138
 
Total
   
   
   
   
   
   
353,447
 

Nuveen Investments
 
21

 
 

 

   
Shareholder Meeting Report (continued)
NPV
   

     
NPV
 
     
Common and
       
     
Preferred
   
Preferred
 
     
shares voting
   
shares voting
 
     
together
   
together
 
     
as a class
   
as a class
 
To approve the Agreement and Plan of Reorganization.
             
For
   
8,389,368
   
3,104,456
 
Against
   
297,102
   
142,889
 
Abstain
   
231,692
   
68,900
 
Total
   
8,918,162
   
3,316,245
 
To approve the issuance of additional common shares.
             
For
   
8,290,084
   
 
Against
   
347,755
   
 
Abstain
   
280,323
   
 
Total
   
8,918,162
   
 
Approval of the Board Members was reached as follows:
             
Robert P. Bremner
             
For
   
6,786,537
   
 
Withhold
   
201,706
   
 
Total
   
6,988,243
   
 
Jack B. Evans
             
For
   
6,752,842
   
 
Withhold
   
235,401
   
 
Total
   
6,988,243
   
 
William C. Hunter
             
For
   
   
2,665,735
 
Withhold
   
   
64,500
 
Total
   
   
2,730,235
 
William J. Schneider
             
For
   
   
2,670,735
 
Withhold
   
   
59,500
 
Total
   
   
2,730,235
 
 
22
 
Nuveen Investments

 
 

 
 
   
Nuveen Georgia Dividend Advantage Municipal Fund 2
NKG
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 4.1% (2.9% of Total Investments)
             
$
45,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
BB–
 
$
3,514,500
 
 
3,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
 
5/13 at 100.00
BBB
   
3,003,390
 
 
48,000
 
Total Consumer Staples
         
6,517,890
 
     
Education and Civic Organizations – 15.4% (11.0% of Total Investments)
             
 
1,750
 
Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus Housing LLC Project, Series 2009, 5.250%, 6/15/35
 
6/19 at 100.00
Aa2
   
1,976,188
 
 
5,000
 
Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.000%, 7/01/39
 
7/17 at 100.00
Aa3
   
5,651,300
 
 
1,550
 
Bulloch County Development Authority, Georgia, Student Housing and Athletic Facility Lease Revenue Bonds, Georgia Southern University, Series 2004, 5.250%, 8/01/21 – SYNCORA GTY Insured
 
8/14 at 100.00
A1
   
1,665,599
 
 
700
 
Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University of West Georgia, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
 
9/14 at 100.00
A1
   
751,674
 
 
625
 
Fulton County Development Authority Georgia Tech Foundation, 5.000%, 11/01/31
 
5/22 at 100.00
AA+
   
764,506
 
 
2,000
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech – Klaus Parking and Family Housing, Series 2003, 5.000%, 11/01/23 – NPFG Insured
 
11/13 at 100.00
Aa3
   
2,077,600
 
 
1,535
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004, 5.250%, 5/01/15 – NPFG Insured
 
5/14 at 100.00
Aa3
   
1,636,233
 
 
1,050
 
Fulton County Development Authority, Georgia, Revenue Bonds, TUFF Morehouse Project, Series 2002A, 5.000%, 2/01/34 – AMBAC Insured
 
2/13 at 100.00
A2
   
1,053,266
 
 
150
 
Georgia Higher Education Facilities Authority, Revenue Bonds, USG Real Estate Foundation I LLC Project, Series 2008, 6.000%, 6/15/28
 
6/18 at 100.00
A2
   
179,280
 
     
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2009B, Trust 3404:
             
 
730
 
17.409%, 3/01/17 (IF)
 
No Opt. Call
AA+
   
1,312,942
 
 
1,150
 
17.438%, 3/01/17 (IF)
 
No Opt. Call
AA+
   
2,048,288
 
 
1,325
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/30
 
10/22 at 100.00
Baa2
   
1,543,479
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series Series 2012A, 5.000%, 10/01/32
 
10/21 at 100.00
Baa2
   
1,125,660
 
 
1,180
 
Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Atlantic State University, Compass Point LLC Project, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
 
7/15 at 100.00
A2
   
1,298,283
 
 
1,490
 
Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Center LLC, Series 2005A, 5.000%, 12/01/34 – SYNCORA GTY Insured
 
12/15 at 100.00
A3
   
1,628,987
 
 
21,235
 
Total Education and Civic Organizations
         
24,713,285
 
     
Health Care – 15.7% (11.2% of Total Investments)
             
     
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:
             
 
205
 
5.250%, 12/01/22
 
12/12 at 100.00
B+
   
196,382
 
 
745
 
5.375%, 12/01/28
 
6/13 at 100.00
B+
   
687,441
 
     
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004:
             
 
285
 
5.000%, 12/01/19
 
12/12 at 100.00
BBB–
   
293,701
 
 
2,400
 
5.250%, 12/01/22
 
12/14 at 100.00
BBB–
   
2,477,256
 
 
255
 
5.000%, 12/01/26
 
12/14 at 100.00
BBB–
   
261,441
 
 
715
 
Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2010, 5.000%, 6/15/40
 
6/20 at 100.00
AA–
   
793,293
 
 
2,500
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.000%, 12/01/40
 
12/20 at 100.00
N/R
   
2,836,200
 

Nuveen Investments
 
23

 
 

 

   
Nuveen Georgia Dividend Advantage Municipal Fund 2 (continued)
NKG
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
             
$
1,000
 
5.125%, 2/15/40
 
2/20 at 100.00
AA–
 
$
1,110,420
 
 
3,945
 
5.250%, 2/15/45
 
2/41 at 100.00
AA–
   
4,417,256
 
 
2,540
 
Houston County Hospital Authority, Georgia, Revenue Bonds, Houston Healthcare Project, Series 2007, 5.250%, 10/01/35
 
10/17 at 100.00
A+
   
2,785,186
 
     
Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:
             
 
425
 
5.000%, 8/01/32
 
8/19 at 100.00
AA
   
473,705
 
 
975
 
5.000%, 8/01/35
 
8/19 at 100.00
AA
   
1,077,453
 
 
3,500
 
Savannah Hospital Authority, Georgia, Revenue Bonds, St. Joseph’s/Candler Health System, Series 2003, 5.250%, 7/01/23 – RAAI Insured
 
1/14 at 100.00
A3
   
3,645,670
 
 
1,470
 
The Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/21 – AGM Insured
 
No Opt. Call
AA–
   
1,752,681
 
 
2,300
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2007, 5.000%, 10/01/33
 
10/17 at 100.00
A+
   
2,448,465
 
 
23,260
 
Total Health Care
         
25,256,550
 
     
Housing/Multifamily – 3.9% (2.8% of Total Investments)
             
 
1,600
 
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 – AGM Insured
 
7/21 at 100.00
AA–
   
1,835,648
 
 
1,375
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
 
7/17 at 100.00
Baa2
   
1,440,051
 
     
Savannah Economic Development Authority, Georgia, GNMA Collateralized Multifamily Housing Revenue Bonds, Snap I-II-III Apartments, Series 2002A:
             
 
500
 
5.150%, 11/20/22 (Alternative Minimum Tax)
 
11/13 at 101.00
AA+
   
510,820
 
 
980
 
5.200%, 11/20/27 (Alternative Minimum Tax)
 
11/13 at 101.00
AA+
   
1,000,972
 
 
1,465
 
5.250%, 11/20/32 (Alternative Minimum Tax)
 
11/13 at 101.00
AA+
   
1,496,043
 
 
5,920
 
Total Housing/Multifamily
         
6,283,534
 
     
Housing/Single Family – 0.7% (0.5% of Total Investments)
             
     
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2006C-2:
             
 
1,000
 
4.500%, 12/01/27 (Alternative Minimum Tax)
 
12/15 at 100.00
AAA
   
1,035,340
 
 
170
 
4.550%, 12/01/31 (Alternative Minimum Tax)
 
12/15 at 100.00
AAA
   
173,902
 
 
1,170
 
Total Housing/Single Family
         
1,209,242
 
     
Industrials – 2.7% (1.9% of Total Investments)
             
 
2,190
 
Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004A, 5.000%, 4/01/33 (Alternative Minimum Tax)
 
4/16 at 101.00
BBB
   
2,333,051
 
 
2,000
 
Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax)
 
9/15 at 100.00
BBB
   
2,051,220
 
 
4,190
 
Total Industrials
         
4,384,271
 
     
Materials – 2.1% (1.5% of Total Investments)
             
 
2,000
 
Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds, International Paper Company, Series 2001A, 6.250%, 2/01/25 (Alternative Minimum Tax)
 
2/13 at 100.00
BBB
   
2,015,600
 
 
20
 
Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds, International Paper Company, Series 2003A, 5.750%, 11/01/27 (Alternative Minimum Tax)
 
11/13 at 100.00
BBB
   
20,756
 
 
850
 
Richmond County Development Authority, Georgia, Environmental Improvement Revenue Refunding Bonds, International Paper Company, Series 2002A, 6.000%, 2/01/25 (Alternative Minimum Tax)
 
2/13 at 100.00
BBB
   
856,273
 
 
370
 
Savannah Economic Development Authority, Georgia, Pollution Control Revenue Bonds, Union Camp Corporation, Series 1995, 6.150%, 3/01/17
 
No Opt. Call
Baa3
   
418,559
 
 
3,240
 
Total Materials
         
3,311,188
 
 
24
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General – 30.2% (21.6% of Total Investments)
             
$
2,000
 
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center Inc., Series 2012A, 5.000%, 1/01/31
 
1/22 at 100.00
AA
 
$
2,356,940
 
 
1,500
 
Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax)
 
7/17 at 100.00
AA+
   
1,619,925
 
 
1,000
 
Clark County Hospital Authority, Georgia, Hospital Revenue Bonds, Athens Regional Medical Center, Series 2007, 5.000%, 1/01/27 – NPFG Insured
 
1/17 at 100.00
Aa1
   
1,129,930
 
 
600
 
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32
 
1/22 at 100.00
Aa1
   
704,448
 
 
3,315
 
Decatur, Georgia, General Obligation Bonds, Series 2007, 5.000%, 1/01/31 – AGM Insured
 
1/17 at 100.00
AA+
   
3,749,928
 
 
1,090
 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2003, 5.000%, 7/01/19 – NPFG Insured
 
7/13 at 101.00
Aa2
   
1,126,635
 
 
1,500
 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2007, 5.000%, 4/01/37 – AGM Insured
 
4/17 at 100.00
Aaa
   
1,712,310
 
 
6,400
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Loan Pool Series 2011, 5.125%, 3/15/31
 
3/21 at 100.00
Aaa
   
7,601,532
 
     
Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:
             
 
905
 
5.375%, 5/01/32 – AGC Insured
 
5/19 at 100.00
AA–
   
1,033,890
 
 
1,165
 
5.500%, 5/01/38 – AGC Insured
 
5/19 at 100.00
AA–
   
1,317,545
 
 
2,500
 
Georgia State, General Obligation Bonds, Series 2005B, 5.000%, 7/01/15
 
No Opt. Call
AAA
   
2,798,675
 
 
2,500
 
Georgia State, General Obligation Bonds, Series 2007E, 5.000%, 8/01/24
 
8/17 at 100.00
AAA
   
2,933,075
 
 
1,955
 
Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26
 
1/19 at 100.00
AAA
   
2,392,959
 
 
750
 
Georgia, General Obligation Bonds, Series 1998D, 5.250%, 10/01/15
 
No Opt. Call
AAA
   
853,043
 
 
4,900
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (UB)
 
2/18 at 100.00
AAA
   
5,679,737
 
 
1,560
 
Henry County Hospital Authority, Georgia, Revenue Certificates, Henry Medical Center, Series 2004, 5.000%, 7/01/20 – NPFG Insured
 
7/14 at 101.00
Aa1
   
1,669,949
 
 
445
 
La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38
 
7/18 at 100.00
Aa2
   
498,048
 
 
2,475
 
Paulding County School District, Georgia, General Obligation Bonds, Series 2007, 5.000%, 2/01/33
 
2/17 at 100.00
AA+
   
2,821,748
 
 
2,250
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
 
10/21 at 100.00
Aa2
   
2,577,195
 
 
1,450
 
Wayne County Hospital Authority, Georgia, Hospital Revenue Bonds, Series 2006, 5.000%, 3/01/23 – SYNCORA GTY Insured
 
3/16 at 100.00
N/R
   
1,490,919
 
 
2,000
 
Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder Project, Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured
 
12/21 at 100.00
Aa3
   
2,419,680
 
 
42,260
 
Total Tax Obligation/General
         
48,488,111
 
     
Tax Obligation/Limited – 20.8% (14.9% of Total Investments)
             
     
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007:
             
 
110
 
5.250%, 12/01/19 – AGC Insured
 
12/17 at 100.00
AA–
   
124,873
 
 
80
 
5.250%, 12/01/21 – AGC Insured
 
12/17 at 100.00
AA–
   
89,718
 
 
1,080
 
5.000%, 12/01/23 – AGC Insured
 
12/17 at 100.00
AA–
   
1,184,436
 
 
1,500
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31
 
1/19 at 100.00
A2
   
1,872,465
 
 
280
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31
 
1/19 at 100.00
A2
   
351,467
 
 
1,065
 
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)
 
7/15 at 100.00
A–
   
1,158,432
 
     
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B:
             
 
830
 
5.400%, 1/01/20
 
7/15 at 100.00
A–
   
902,517
 
 
575
 
5.600%, 1/01/30
 
7/15 at 100.00
A–
   
630,189
 

Nuveen Investments
 
25

 
 

 
 
 
 
Nuveen Georgia Dividend Advantage Municipal Fund 2 (continued)
NKG
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,650
 
Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31
 
1/16 at 100.00
BBB–
 
$
1,687,439
 
 
2,000
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Cobb County, Georgia, Revenue Bonds, Performing Arts Center, Series 2004, 5.000%, 1/01/22
 
1/14 at 100.00
AAA
   
2,097,240
 
 
125
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 – NPFG Insured
 
No Opt. Call
A+
   
157,991
 
     
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds, Series 1993:
             
 
460
 
5.500%, 10/01/18 – NPFG Insured
 
No Opt. Call
BBB
   
500,236
 
 
5,745
 
5.625%, 10/01/26 – NPFG Insured
 
10/19 at 100.00
BBB
   
6,813,570
 
 
2,000
 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured
 
No Opt. Call
BBB
   
2,146,880
 
 
750
 
Georgia Municipal Association Inc., Certificates of Participation, Atlanta Court Project, Series 2002, 5.125%, 12/01/21 – AMBAC Insured
 
6/13 at 100.00
N/R
   
759,038
 
 
405
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
 
1/22 at 100.00
A
   
463,118
 
     
Macon-Bibb County Urban Development Authority, Georgia, Revenue Refunding Bonds, Public Facilities Projects, Series 2002A:
             
 
1,525
 
5.000%, 8/01/14
 
8/13 at 100.00
AA
   
1,546,243
 
 
2,600
 
5.375%, 8/01/17
 
8/13 at 100.00
AA
   
2,636,946
 
 
3,500
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
 
No Opt. Call
Aa2
   
4,112,850
 
 
25,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
 
No Opt. Call
AA–
   
2,246,250
 
 
1,945
 
Tift County Hospital Authority, Georgia, Revenue Anticipation Bonds, Tift Regional Medical Center, Series 2002, 5.250%, 12/01/19 – AMBAC Insured
 
12/13 at 100.00
Aa3
   
1,968,184
 
 
53,225
 
Total Tax Obligation/Limited
         
33,450,082
 
     
Transportation – 6.2% (4.4% of Total Investments)
             
 
2,290
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%,
1/01/26 – AGM Insured
 
1/15 at 100.00
AA–
   
2,457,170
 
 
2,710
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax)
 
1/22 at 100.00
A+
   
3,058,831
 
 
2,000
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2011B, 5.000%, 1/01/30
 
1/21 at 100.00
A+
   
2,306,200
 
 
1,000
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Refunding Series 2004C, 5.000%, 1/01/33 – AGM Insured
 
7/14 at 100.00
AA–
   
1,053,830
 
 
1,000
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Series 2004J, 5.000%, 1/01/34 – AGM Insured
 
1/15 at 100.00
AA–
   
1,067,870
 
 
9,000
 
Total Transportation
         
9,943,901
 
     
U.S. Guaranteed – 12.0% (8.5% of Total Investments) (4)
             
 
1,000
 
Cherokee County School System, Georgia, General Obligation Bonds, Series 2003, 5.000%, 8/01/16 (Pre-refunded 8/01/13) – NPFG Insured
 
8/13 at 100.00
AA+ (4)
   
1,031,900
 
 
2,235
 
Coweta County Development Authority, Georgia, Revenue Bonds, Newnan Water and Sewer, and Light Commission Project, Series 2002, 5.250%, 1/01/18 (Pre-refunded 1/01/13) – FGIC Insured
 
1/13 at 100.00
N/R (4)
   
2,244,745
 
 
2,000
 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2002, 5.000%, 4/01/32 (Pre-refunded 4/01/13)
 
4/13 at 100.00
Aaa
   
2,032,060
 
 
1,000
 
Forsyth County, Georgia, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 (Pre-refunded 3/01/14)
 
3/14 at 101.00
Aaa
   
1,071,830
 
 
2,450
 
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
AA– (4)
   
2,574,068
 
 
25
 
Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z, 5.500%, 1/01/20 (Pre-refunded 1/01/17) – FGIC Insured
 
1/17 at 100.00
A+ (4)
   
28,159
 
 
2,000
 
Municipal Electric Authority of Georgia, Project One Subordinated Lien Revenue Bonds, Series 2003A, 5.000%, 1/01/22 (Pre-refunded 1/01/13) – NPFG Insured
 
1/13 at 100.00
A+ (4)
   
2,008,040
 
     
Newnan Hospital Authority, Georgia, Revenue Anticipation Certificates, Newnan Hospital Inc., Series 2002:
             
 
2,260
 
5.500%, 1/01/19 (Pre-refunded 1/01/13) – NPFG Insured
 
1/13 at 100.00
Aa3 (4)
   
2,270,328
 
 
3,020
 
5.500%, 1/01/20 (Pre-refunded 1/01/13) – NPFG Insured
 
1/13 at 100.00
Aa3 (4)
   
3,033,801
 
 
26
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
             
     
Oconee County, Georgia, General Obligation Bonds, Recreation Project, Series 2003:
             
$
1,410
 
5.500%, 1/01/23 (Pre-refunded 1/01/13) – AMBAC Insured
 
1/13 at 101.00
Aa2 (4)
 
$
1,430,530
 
 
1,470
 
5.250%, 1/01/26 (Pre-refunded 1/01/13) – AMBAC Insured
 
1/13 at 101.00
Aa2 (4)
   
1,491,095
 
 
18,870
 
Total U.S. Guaranteed
         
19,216,556
 
     
Utilities – 10.1% (7.3% of Total Investments)
             
 
525
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, First Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17)
 
No Opt. Call
A
   
542,787
 
 
200
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Ogelthrope Power Company – Vogtle Plant, Series 2008, 0.900%, 1/01/39 (Mandatory put 3/01/13)
 
No Opt. Call
A
   
200,184
 
 
2,000
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Project 1, Series 2007A, 5.000%, 1/01/25 – NPFG Insured
 
1/17 at 100.00
A+
   
2,247,220
 
 
3,000
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43
 
1/23 at 100.00
A+
   
3,497,460
 
 
975
 
Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z, 5.500%, 1/01/20 – FGIC Insured
 
No Opt. Call
A+
   
1,066,319
 
     
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:
             
 
1,000
 
5.000%, 3/15/20
 
No Opt. Call
A
   
1,164,880
 
 
1,300
 
5.000%, 3/15/21
 
No Opt. Call
A
   
1,514,084
 
 
1,500
 
5.000%, 3/15/22
 
No Opt. Call
A
   
1,759,575
 
     
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
             
 
350
 
5.125%, 9/15/17
 
No Opt. Call
A
   
400,285
 
 
950
 
5.000%, 3/15/18
 
No Opt. Call
A+
   
1,101,820
 
     
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
             
 
500
 
5.250%, 11/01/15 – NPFG Insured
 
11/13 at 100.00
A1
   
521,395
 
 
1,000
 
5.000%, 11/01/20 – NPFG Insured
 
11/13 at 100.00
A1
   
1,036,910
 
 
1,200
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31
 
7/17 at 100.00
Baa3
   
1,252,848
 
 
14,500
 
Total Utilities
         
16,305,767
 
     
Water and Sewer – 16.1% (11.5% of Total Investments)
             
 
190
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured
 
5/13 at 100.00
A1
   
190,585
 
     
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004:
             
 
500
 
5.250%, 11/01/15 – AGM Insured
 
11/14 at 100.00
AA–
   
542,475
 
 
2,425
 
5.000%, 11/01/24 – AGM Insured
 
11/14 at 100.00
AA–
   
2,601,564
 
 
700
 
5.000%, 11/01/37 – AGM Insured
 
11/14 at 100.00
AA–
   
743,155
 
 
5,105
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 – AGM Insured
 
8/18 at 100.00
AA
   
5,953,145
 
 
335
 
Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2001, 5.250%, 6/01/26 – AMBAC Insured
 
6/13 at 100.00
Aa2
   
339,633
 
     
Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:
             
 
1,000
 
5.000%, 6/01/32
 
6/18 at 100.00
Aa2
   
1,151,930
 
 
1,000
 
5.000%, 6/01/37
 
6/18 at 100.00
Aa2
   
1,134,660
 
 
1,250
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B, 5.250%, 10/01/32 – AGM Insured
 
10/26 at 100.00
Aa2
   
1,621,825
 
 
1,850
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41
 
10/21 at 100.00
Aa3
   
2,182,723
 
 
2,225
 
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewage Revenue Bonds, Series 2007, 5.000%, 6/01/37 – NPFG Insured
 
6/17 at 100.00
Aa2
   
2,554,901
 
 
1,000
 
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/29 – NPFG Insured
 
12/15 at 100.00
Aa2
   
1,115,670
 
 
385
 
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 1/01/35 – FGIC Insured
 
1/14 at 100.00
AA-
   
401,185
 
 
500
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Cobb County-Marietta Water Authority Loans, Series 2011, 5.250%, 2/15/36
 
2/21 at 100.00
Aaa
   
590,260
 

Nuveen Investments
 
27

 
 

 
 
   
Nuveen Georgia Dividend Advantage Municipal Fund 2 (continued)
NKG
 
Portfolio of Investments
     November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
1,000
 
Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21 – AGM Insured
 
No Opt. Call
AA–
 
$
1,240,140
 
 
1,000
 
Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008, 5.500%, 1/01/38
 
1/19 at 100.00
AA+
   
1,205,010
 
 
1,975
 
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, The Oconee-Hard Creek Reservoir Project, Series 2008, 5.000%, 2/01/38 – AGM Insured
 
2/18 at 100.00
Aa2
   
2,228,096
 
 
22,440
 
Total Water and Sewer
         
25,796,957
 
$
267,310
 
Total Investments (cost $204,334,229) – 140.0%
         
224,877,334
 
     
Floating Rate Obligations – (2.0)%
         
(3,245,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (46.7)% (5)
         
(74,945,000
)
     
Other Assets Less Liabilities – 8.7%
         
13,905,314
 
     
Net Assets Applicable to Common Shares – 100%
       
$
160,592,648
 
 
(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)   MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.3%
N/R
 
Not rated.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

28
 
Nuveen Investments

 
 

 
 
   
Nuveen Maryland Premium Income Municipal Fund
NMY
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Discretionary – 4.3% (3.0% of Total Investments)
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
$
540
 
5.000%, 9/01/16 – SYNCORA GTY Insured
 
No Opt. Call
BB+
 
$
572,654
 
 
400
 
5.250%, 9/01/19 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
   
426,424
 
 
160
 
5.250%, 9/01/25 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
   
166,725
 
 
350
 
5.250%, 9/01/27 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
   
363,475
 
 
250
 
4.600%, 9/01/30 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
   
252,300
 
 
100
 
5.000%, 9/01/32 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
   
101,944
 
 
12,130
 
5.250%, 9/01/39 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
   
12,448,531
 
 
1,000
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
 
9/16 at 100.00
Ba2
   
1,037,130
 
 
2,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31
 
12/16 at 100.00
N/R
   
1,403,840
 
 
16,930
 
Total Consumer Discretionary
         
16,773,023
 
     
Consumer Staples – 7.6% (5.3% of Total Investments)
             
     
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
             
 
3,240
 
5.250%, 6/01/32
 
6/17 at 100.00
B+
   
3,230,215
 
 
2,665
 
5.625%, 6/01/47
 
6/17 at 100.00
B+
   
2,435,970
 
 
155,700
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
BB–
   
12,160,167
 
     
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002:
             
 
7,625
 
5.375%, 5/15/33
 
5/13 at 100.00
BBB+
   
7,633,616
 
 
3,270
 
5.500%, 5/15/39
 
5/13 at 100.00
BBB
   
3,273,695
 
 
800
 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31
 
5/13 at 100.00
A3
   
735,688
 
 
173,300
 
Total Consumer Staples
         
29,469,351
 
     
Education and Civic Organizations – 12.0% (8.2% of Total Investments)
             
 
2,375
 
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s College, Series 2006, 5.625%, 9/01/38
 
9/16 at 100.00
BB+
   
2,403,951
 
 
3,020
 
Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34
 
4/14 at 100.00
A+
   
3,157,199
 
 
1,750
 
Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31
 
1/13 at 100.00
BBB–
   
1,751,313
 
 
700
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2012A, 5.000%, 7/01/34
 
7/22 at 100.00
A–
   
825,125
 
 
3,335
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2004, Trust 1003, 13.687%, 3/13/14 (IF)
 
No Opt. Call
AA+
   
3,966,082
 
 
3,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2006, 5.000%, 6/01/30
 
6/16 at 100.00
Baa1
   
3,725,715
 
 
1,130
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36
 
6/17 at 100.00
Baa1
   
1,213,925
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012, 5.000%, 6/01/47
 
6/22 at 100.00
Baa1
   
1,688,055
 
 
745
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
 
7/20 at 100.00
BBB
   
812,482
 
 
2,100
 
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel High School, Series 2005A, 6.000%, 5/01/35
 
5/15 at 100.00
N/R
   
2,207,751
 
     
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts Center Project, Series 2005A:
             
 
1,300
 
5.000%, 5/01/18
 
5/15 at 100.00
AA
   
1,419,366
 
 
1,365
 
5.000%, 5/01/19
 
5/15 at 100.00
AA
   
1,487,359
 
 
615
 
5.000%, 5/01/20
 
5/15 at 100.00
AA
   
667,404
 

Nuveen Investments
 
29

 
 

 
 
   
Nuveen Maryland Premium Income Municipal Fund (continued)
NMY
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
             
$
625
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2012, 5.000%, 7/01/29
 
7/22 at 100.00
Aa3
 
$
758,925
 
 
9,445
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
 
No Opt. Call
Aa3
   
11,643,699
 
 
2,000
 
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Refunding Series 2012A, 3.000%, 4/01/13
 
No Opt. Call
AA+
   
2,019,220
 
 
265
 
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/23
 
6/16 at 100.00
Baa2
   
276,647
 
 
1,145
 
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19
 
6/16 at 100.00
Baa2
   
1,208,227
 
     
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
             
 
2,000
 
5.000%, 11/01/31
 
11/16 at 100.00
BBB+
   
2,099,580
 
 
2,750
 
4.500%, 11/01/36
 
11/16 at 100.00
BBB+
   
2,799,830
 
 
41,665
 
Total Education and Civic Organizations
         
46,131,855
 
     
Health Care – 27.8% (19.2% of Total Investments)
             
 
500
 
Baltimore County, Maryland, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/36
 
9/16 at 100.00
AA–
   
563,520
 
 
1,115
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Refunding Series 2010, 5.750%, 7/01/38
 
7/20 at 100.00
Baa3
   
1,231,952
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A:
             
 
1,350
 
6.250%, 1/01/31
 
1/22 at 100.00
Baa2
   
1,629,761
 
 
375
 
6.125%, 1/01/36
 
1/22 at 100.00
Baa2
   
441,446
 
 
2,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/40
 
7/19 at 100.00
A–
   
2,739,600
 
 
3,075
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36
 
7/14 at 100.00
A
   
3,176,936
 
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%, 7/01/40
 
7/16 at 100.00
A3
   
2,708,279
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2012A:
             
 
1,000
 
4.000%, 7/01/30
 
7/22 at 100.00
A3
   
1,066,000
 
 
1,275
 
5.000%, 7/01/37
 
7/22 at 100.00
A3
   
1,441,222
 
 
4,755
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 – RAAI Insured
 
7/14 at 100.00
N/R
   
4,766,269
 
 
4,050
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29
 
7/17 at 100.00
Baa3
   
4,224,920
 
 
3,335
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32 (WI/DD, Settling 12/05/12)
 
7/22 at 100.00
BBB+
   
3,580,689
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2011A:
             
 
500
 
5.000%, 5/15/25
 
5/21 at 100.00
AA–
   
606,865
 
 
500
 
5.000%, 5/15/26
 
5/21 at 100.00
AA–
   
606,695
 
 
4,225
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente System, Series 1998A, 5.375%, 7/01/15
 
1/13 at 100.00
A+
   
4,237,295
 
 
6,800
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kennedy Krieger Institute, Series 2003, 5.500%, 7/01/33
 
7/13 at 100.00
Baa3
   
6,862,356
 
 
2,735
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 – AGC Insured
 
7/17 at 100.00
AA–
   
3,017,608
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011, 6.000%, 7/01/41
 
7/21 at 100.00
A
   
1,209,980
 
 
1,250
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2012A, 5.000%, 10/01/39
 
10/22 at 100.00
A
   
1,478,475
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004:
             
 
1,000
 
5.000%, 8/15/13
 
No Opt. Call
A2
   
1,032,960
 
 
4,050
 
5.375%, 8/15/24
 
8/14 at 100.00
A2
   
4,312,359
 

30
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
7,720
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 – BHAC Insured
 
5/16 at 100.00
AA+
 
$
8,604,632
 
 
2,300
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 5.000%, 7/01/31
 
7/22 at 100.00
BBB
   
2,591,824
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A:
             
 
2,375
 
5.000%, 7/01/37
 
7/17 at 100.00
BBB
   
2,508,689
 
 
2,905
 
5.500%, 7/01/42
 
7/17 at 100.00
BBB
   
3,133,130
 
 
3,950
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36
 
7/16 at 100.00
A
   
4,243,762
 
 
4,450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
 
5/20 at 100.00
AA–
   
5,042,340
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of Cecil County, Series 2005:
             
 
1,000
 
5.000%, 7/01/35
 
7/15 at 100.00
A
   
1,039,140
 
 
1,500
 
5.000%, 7/01/40
 
7/15 at 100.00
A
   
1,556,070
 
 
4,105
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2010, 5.125%, 7/01/39
 
7/19 at 100.00
A
   
4,592,756
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2004B, 5.000%, 7/01/24 – AMBAC Insured
 
7/13 at 100.00
A
   
1,018,140
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2006:
             
 
700
 
5.000%, 7/01/31
 
7/16 at 100.00
A
   
755,783
 
 
1,325
 
5.000%, 7/01/36
 
7/16 at 100.00
A
   
1,423,540
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008:
             
 
6,575
 
5.750%, 1/01/38
 
1/18 at 100.00
BBB
   
7,224,807
 
 
1,950
 
6.000%, 1/01/43
 
1/18 at 100.00
BBB
   
2,164,227
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A:
             
 
2,910
 
4.500%, 1/01/22 – NPFG Insured
 
7/16 at 100.00
BBB
   
3,211,185
 
 
95
 
5.000%, 7/01/34 – NPFG Insured
 
7/16 at 100.00
BBB
   
101,296
 
 
775
 
Maryland Health and Higher Educational Facilities Authority, Revenue Refunding Bonds, Adventist Healthcare, Series 2003A, 5.750%, 1/01/25
 
1/13 at 101.00
Baa2
   
784,106
 
     
Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994:
             
 
3,605
 
5.375%, 7/01/14
 
1/13 at 100.00
B3
   
3,606,478
 
 
2,595
 
5.300%, 7/01/24
 
1/13 at 100.00
B3
   
2,580,676
 
 
99,775
 
Total Health Care
         
107,117,768
 
     
Housing/Multifamily – 5.3% (3.6% of Total Investments)
             
 
2,060
 
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory put 1/01/27)
 
1/20 at 102.00
AA+
   
2,351,717
 
 
2,500
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1999A, 5.350%, 7/01/41 (Alternative Minimum Tax)
 
1/13 at 100.00
Aa2
   
2,502,800
 
 
980
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 2002B, 4.950%, 7/01/32 (Alternative Minimum Tax)
 
1/13 at 100.00
Aa2
   
981,068
 
 
3,145
 
Maryland Community Development Administration, Multifamily Development Revenue Bonds, Waters Towers Senior Apartments, Series 2001F, 5.450%, 12/15/33 (Alternative Minimum Tax)
 
12/12 at 100.00
Aaa
   
3,149,434
 
 
2,110
 
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax)
 
12/12 at 100.00
Aaa
   
2,112,975
 
     
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland – Baltimore, Series 2003A:
             
 
50
 
5.000%, 10/01/15
 
10/13 at 100.00
B3
   
48,069
 
 
3,460
 
5.625%, 10/01/23
 
10/13 at 100.00
B3
   
3,146,524
 
 
2,615
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 – CIFG Insured
 
6/16 at 100.00
AA–
   
2,726,164
 

Nuveen Investments
 
31

 
 

 

   
Nuveen Maryland Premium Income Municipal Fund (continued)
NMY
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
             
$
235
 
Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series 1995A, 5.900%, 7/01/15
 
1/13 at 100.00
Aa2
 
$
235,891
 
 
405
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
 
1/13 at 100.00
Aaa
   
405,834
 
     
Prince George’s County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue Refunding Bonds, Overlook Apartments, Series 1995A:
             
 
970
 
5.700%, 12/20/15
 
12/12 at 100.00
AA+
   
973,657
 
 
1,670
 
5.750%, 12/20/19
 
12/12 at 100.00
AA+
   
1,675,294
 
 
20,200
 
Total Housing/Multifamily
         
20,309,427
 
     
Housing/Single Family – 9.4% (6.5% of Total Investments)
             
 
3,535
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39
 
9/18 at 100.00
Aa2
   
3,877,471
 
 
3,000
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39
 
9/18 at 100.00
Aa2
   
3,201,780
 
 
2,130
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2010B, 5.250%, 9/01/35
 
3/20 at 100.00
Aa2
   
2,395,845
 
 
5,425
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2005E, 4.900%, 9/01/36 (Alternative Minimum Tax) (UB) (4)
 
9/14 at 100.00
AA
   
5,529,755
 
     
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006:
             
 
1,800
 
4.750%, 9/01/25 (Alternative Minimum Tax) (UB) (4)
 
9/15 at 100.00
AA
   
1,872,486
 
 
7,500
 
4.875%, 9/01/26 (Alternative Minimum Tax) (UB) (4)
 
3/16 at 100.00
AA
   
7,864,650
 
 
2,345
 
4.900%, 9/01/26 (Alternative Minimum Tax) (UB) (4)
 
9/15 at 100.00
AA
   
2,443,348
 
 
4,075
 
4.900%, 9/01/31 (Alternative Minimum Tax) (UB) (4)
 
9/16 at 100.00
AA
   
4,276,425
 
     
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007:
             
 
1,500
 
5.000%, 9/01/27 (Alternative Minimum Tax) (UB) (4)
 
3/17 at 100.00
AA
   
1,600,634
 
 
2,820
 
4.850%, 9/01/37 (Alternative Minimum Tax) (UB) (4)
 
3/17 at 100.00
AA
   
2,934,886
 
     
Maryland Community Development Administration, Residential Revenue Bonds, Series 2009, Trust 3364:
             
 
240
 
Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax)
 
6/13 at 100.00
Aaa
   
241,505
 
 
34,370
 
Total Housing/Single Family
         
36,238,785
 
     
Industrials – 2.7% (1.9% of Total Investments)
             
 
5,895
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
 
6/20 at 100.00
Baa3
   
6,746,828
 
 
3,340
 
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
 
No Opt. Call
BBB
   
3,623,332
 
 
9,235
 
Total Industrials
         
10,370,160
 
     
Long-Term Care – 5.6% (3.8% of Total Investments)
             
 
5,215
 
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37
 
1/17 at 100.00
A–
   
5,434,552
 
 
2,050
 
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23
 
1/20 at 100.00
BBB–
   
2,331,896
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010:
             
 
1,585
 
6.125%, 1/01/30
 
1/21 at 100.00
A
   
1,887,450
 
 
5,000
 
6.250%, 1/01/45
 
1/21 at 100.00
A
   
5,893,400
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series 2006A, 5.400%, 1/01/31
 
7/16 at 100.00
N/R
   
1,044,260
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A:
             
 
780
 
5.000%, 1/01/17
 
No Opt. Call
N/R
   
807,027
 
 
1,460
 
5.250%, 1/01/27
 
1/17 at 100.00
N/R
   
1,468,994
 
 
2,480
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34
 
7/17 at 100.00
A–
   
2,577,687
 
 
19,570
 
Total Long-Term Care
         
21,445,266
 

32
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/General – 11.6% (8.0% of Total Investments)
             
$
1,310
 
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvements, Series 2008, 5.000%, 4/01/13
 
No Opt. Call
AAA
 
$
1,331,288
 
     
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006:
             
 
2,540
 
5.000%, 3/01/13
 
No Opt. Call
AAA
   
2,571,064
 
 
1,565
 
5.000%, 3/01/21
 
3/16 at 100.00
AAA
   
1,775,727
 
 
685
 
Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 3/01/17
 
3/16 at 100.00
AAA
   
783,661
 
 
1,000
 
Baltimore County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2004, 5.000%, 8/01/13
 
No Opt. Call
AAA
   
1,032,440
 
     
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
             
 
1,000
 
5.000%, 10/15/29
 
10/21 at 100.00
Aa2
   
1,226,860
 
 
1,200
 
5.000%, 10/15/30
 
10/21 at 100.00
Aa2
   
1,464,660
 
 
1,540
 
Baltimore, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004A, 5.000%, 10/15/22 – AMBAC Insured
 
10/14 at 100.00
Aa2
   
1,667,343
 
 
150
 
Calvert County, Maryland, Consolidated General Obligation Public Improvement Refunding Bonds, Series 2003, 4.000%, 7/15/13
 
No Opt. Call
AAA
   
153,609
 
     
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006:
             
 
2,145
 
5.000%, 3/01/14
 
No Opt. Call
AA
   
2,273,528
 
 
805
 
5.000%, 3/01/16
 
No Opt. Call
Aa1
   
923,842
 
 
1,910
 
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 – NPFG Insured
 
8/15 at 100.00
AA
   
2,142,772
 
 
4,000
 
Harford County, Maryland, General Obligation Bonds,Consolidated Public Improvement Series 2009, 5.000%, 7/01/13
 
No Opt. Call
Aaa
   
4,114,200
 
 
2,305
 
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17
 
1/14 at 100.00
AAA
   
2,424,468
 
 
2,330
 
Maryland, General Obligation Bonds, State and Local Facilities Loan, First Series 2003A, 5.250%, 3/01/13
 
No Opt. Call
AAA
   
2,360,080
 
 
1,000
 
Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2010B, 5.000%, 8/01/14
 
No Opt. Call
AAA
   
1,078,940
 
 
1,315
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Refunding Series 2010A, 5.000%, 8/01/13
 
No Opt. Call
AAA
   
1,357,659
 
 
5,850
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15
 
No Opt. Call
AAA
   
6,550,479
 
 
2,800
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006A, 5.000%, 5/01/16
 
No Opt. Call
AAA
   
3,232,628
 
 
1,315
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004F, 5.000%, 12/01/15
 
No Opt. Call
AAA
   
1,438,347
 
 
2,270
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
Baa1
   
2,542,831
 
 
2,155
 
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
Baa1
   
2,414,009
 
 
41,190
 
Total Tax Obligation/General
         
44,860,435
 
     
Tax Obligation/Limited – 24.5% (16.9% of Total Investments)
             
 
865
 
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North Project, Series 2010, 6.100%, 7/01/40
 
7/18 at 102.00
N/R
   
947,045
 
 
385
 
Baltimore County, Maryland, Certificates of Participation, Equipment Acquisition Program, Series 2012, 4.000%, 10/01/14
 
No Opt. Call
AA+
   
409,486
 
     
Baltimore County, Maryland, Certificates of Participation, Health and Social Services Building Project, Series 2001:
             
 
1,580
 
5.000%, 8/01/20
 
8/13 at 100.00
AA+
   
1,593,999
 
 
1,660
 
5.000%, 8/01/21
 
8/13 at 100.00
AA+
   
1,674,708
 
 
120
 
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured
 
3/13 at 100.00
BBB
   
120,398
 
 
300
 
Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34
 
9/15 at 101.00
N/R
   
308,562
 
 
Nuveen Investments
 
33

 
 

 
 
   
Nuveen Maryland Premium Income Municipal Fund (continued)
NMY
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:
             
$
119
 
5.600%, 7/01/20 – RAAI Insured
 
1/13 at 100.00
N/R
 
$
119,201
 
 
450
 
5.700%, 7/01/29 – RAAI Insured
 
1/13 at 100.00
N/R
   
450,473
 
     
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Series 2010A:
             
 
5,150
 
5.000%, 7/01/30
 
7/20 at 100.00
A–
   
5,834,744
 
 
2,305
 
5.000%, 7/01/40
 
7/20 at 100.00
A–
   
2,550,529
 
 
1,000
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
 
1/22 at 100.00
A
   
1,157,510
 
 
2,050
 
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004, 5.750%, 7/01/34
 
7/14 at 102.00
N/R
   
2,102,501
 
 
11,750
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
 
No Opt. Call
AAA
   
13,611,078
 
 
3,180
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 5.000%, 5/01/13
 
No Opt. Call
AAA
   
3,245,222
 
 
1,000
 
Maryland Economic Development Corporation, Lease Revenue Bonds, Department of Transportation Headquarters Building, Series 2010, 4.000%, 6/01/13
 
No Opt. Call
AA+
   
1,019,190
 
 
920
 
Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center, Series 2012, 4.000%, 6/15/14
 
No Opt. Call
AA+
   
970,398
 
 
1,675
 
Montgomery County, Maryland, Special Obligation Bonds, West Germantown Development District, Senior Series 2002A, 5.500%, 7/01/27 – RAAI Insured
 
7/14 at 100.00
A+
   
1,695,251
 
 
3,000
 
Prince George’s County, Maryland, Certificates of Participation, Equipment Acquisition Program, Series 2012, 3.000%, 10/15/14
 
No Opt. Call
AA+
   
3,143,940
 
 
740
 
Prince George’s County, Maryland, Lease Revenue Bonds, Upper Marlboro Justice Center, Series 2003A, 5.000%, 6/30/14 – NPFG Insured
 
6/13 at 100.00
AA+
   
760,076
 
 
4,650
 
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34
 
7/15 at 100.00
N/R
   
4,780,340
 
 
1,414
 
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35
 
7/13 at 100.00
N/R
   
1,417,648
 
 
1,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/35 – NPFG Insured
 
No Opt. Call
Baa1
   
1,082,570
 
     
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
             
 
1,100
 
5.500%, 7/01/29 – AMBAC Insured
 
No Opt. Call
Baa1
   
1,256,057
 
 
7,025
 
5.250%, 7/01/31 – AMBAC Insured
 
No Opt. Call
Baa1
   
7,753,844
 
 
1,850
 
5.250%, 7/01/33 – NPFG Insured
 
No Opt. Call
Baa1
   
2,030,967
 
 
1,000
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003, 5.250%, 7/01/15 – FGIC Insured
 
7/13 at 100.00
Baa2
   
1,027,520
 
 
1,530
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/44 – AMBAC Insured
 
No Opt. Call
BBB+
   
218,331
 
 
5,605
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/26 – AMBAC Insured
 
No Opt. Call
BBB+
   
6,172,899
 
 
2,100
 
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
 
2/13 at 100.00
AA–
   
2,108,505
 
 
525
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2004I, 5.250%, 7/01/33
 
7/14 at 100.00
Baa1
   
540,472
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
             
 
970
 
0.000%, 8/01/32
 
8/26 at 100.00
A+
   
1,025,436
 
 
1,500
 
5.750%, 8/01/37
 
8/19 at 100.00
A+
   
1,674,090
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
             
 
1,425
 
5.375%, 8/01/39
 
2/20 at 100.00
A+
   
1,547,393
 
 
200
 
5.500%, 8/01/42
 
2/20 at 100.00
A+
   
217,036
 
 
4,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
A+
   
4,637,517
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
7,000
 
0.000%, 8/01/40 – NPFG Insured
 
No Opt. Call
AA–
   
1,615,110
 
 
8,000
 
0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
AA–
   
1,739,840
 
 
210
 
0.000%, 8/01/47 – AMBAC Insured
 
No Opt. Call
AA–
   
31,105
 
 
12,140
 
0.000%, 8/01/56
 
No Opt. Call
AA–
   
969,986
 

34
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA:
             
$
520
 
5.500%, 7/01/19 – NPFG Insured
 
No Opt. Call
A3
 
$
596,518
 
 
2,350
 
5.300%, 7/01/35
 
7/20 at 100.00
A3
   
2,445,857
 
 
820
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured
 
No Opt. Call
AA–
   
961,507
 
     
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC:
             
 
765
 
5.500%, 7/01/28 – NPFG Insured
 
No Opt. Call
A3
   
877,401
 
 
1,200
 
5.500%, 7/01/30
 
No Opt. Call
A3
   
1,362,780
 
 
2,300
 
5.500%, 7/01/30 – AGM Insured
 
No Opt. Call
AA–
   
2,763,473
 
 
1,645
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
 
10/20 at 100.00
Baa2
   
1,834,159
 
 
111,403
 
Total Tax Obligation/Limited
         
94,402,672
 
     
Transportation – 5.6% (3.9% of Total Investments)
             
     
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A:
             
 
1,060
 
5.250%, 7/01/17 – FGIC Insured
 
No Opt. Call
A1
   
1,187,931
 
 
110
 
5.250%, 7/01/21 – FGIC Insured
 
No Opt. Call
A1
   
130,062
 
 
265
 
Guam International Airport Authority, Revenue Bonds, Series 2003A, 5.250%, 10/01/21 – NPFG Insured
 
10/13 at 100.00
BBB
   
272,767
 
 
725
 
Guam International Airport Authority, Revenue Bonds, Series 2003B, 5.250%, 10/01/19 – NPFG Insured
 
10/13 at 100.00
BBB
   
746,250
 
     
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001:
             
 
1,300
 
5.000%, 7/01/27 – AMBAC Insured
 
1/13 at 100.00
N/R
   
1,301,885
 
 
1,000
 
5.000%, 7/01/34 – AMBAC Insured
 
1/13 at 100.00
N/R
   
1,001,050
 
 
750
 
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institution, Series 2004B, 5.000%, 7/01/15 – AMBAC Insured
 
1/15 at 100.00
N/R
   
810,233
 
 
460
 
Maryland Health and Higher Educational Facilities Authority, Parking Revenue Bonds, Johns Hopkins Medical Institutions Parking Facilities, Series 1996, 5.500%, 7/01/26 – AMBAC Insured
 
1/13 at 100.00
N/R
   
460,966
 
 
2,000
 
Maryland Transportation Authority, Revenue Bonds, Grant Anticipation Series 2008, 5.250%, 3/01/16
 
No Opt. Call
AAA
   
2,314,920
 
 
10,110
 
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2007, 5.000%, 7/01/30 – AGM Insured (UB)
 
7/17 at 100.00
AA–
   
11,614,368
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
             
 
20
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
 
6/13 at 100.00
BBB
   
20,009
 
 
70
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
 
6/13 at 100.00
BBB
   
70,025
 
 
2,075
 
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (5)
 
6/13 at 100.00
N/R
   
1,603,021
 
 
19,945
 
Total Transportation
         
21,533,487
 
     
U.S. Guaranteed – 19.3% (13.3% of Total Investments) (6)
             
 
2,030
 
Anne Arundel County, Maryland, General Obligation Bonds, Series 2004, 5.000%, 4/01/16 (Pre-refunded 4/01/14)
 
4/14 at 100.00
AAA
   
2,157,971
 
 
1,530
 
Baltimore Board of School Commissioners, Maryland, Revenue Bonds, City Public School System, Series 2003A, 5.000%, 5/01/15 (Pre-refunded 5/01/13)
 
5/13 at 100.00
AA+ (6)
   
1,560,738
 
 
1,000
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13) – FGIC Insured
 
7/13 at 100.00
AA (6)
   
1,028,070
 
 
3,015
 
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM)
 
No Opt. Call
AA (6)
   
3,801,312
 
 
2,000
 
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%, 7/01/24 – FGIC Insured (ETM)
 
No Opt. Call
AA (6)
   
2,627,400
 
 
1,500
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AMBAC Insured
 
7/16 at 100.00
AA (6)
   
1,743,975
 
 
1,680
 
Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16 (Pre-refunded 12/01/15)
 
12/15 at 100.00
AAA
   
1,909,354
 
     
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006:
             
 
40
 
5.000%, 3/01/14 (ETM)
 
No Opt. Call
Aa1 (6)
   
42,353
 
 
15
 
5.000%, 3/01/16 (ETM)
 
No Opt. Call
Aa1 (6)
   
17,209
 

Nuveen Investments
 
35

 
 

 

   
Nuveen Maryland Premium Income Municipal Fund (continued)
NMY
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (6) (continued)
             
     
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004B:
             
$
1,625
 
5.000%, 8/15/17 (Pre-refunded 2/15/14)
 
2/14 at 100.00
AAA
 
$
1,716,569
 
 
1,180
 
5.000%, 8/15/19 (Pre-refunded 2/15/14)
 
2/14 at 100.00
AAA
   
1,246,493
 
 
750
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 5.000%, 5/01/15 (Pre-refunded 5/01/14)
 
5/14 at 100.00
AAA
   
799,688
 
 
2,875
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
A– (6)
   
3,091,229
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997:
             
 
1,545
 
5.000%, 7/01/17 – AMBAC Insured (ETM)
 
No Opt. Call
N/R (6)
   
1,709,373
 
 
3,200
 
5.000%, 7/01/27 – AMBAC Insured (ETM)
 
No Opt. Call
N/R (6)
   
4,074,432
 
 
3,125
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Howard County General Hospital, Series 1993, 5.500%, 7/01/25 (ETM)
 
1/13 at 100.00
N/R (6)
   
3,595,031
 
 
3,875
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
N/R (6)
   
4,163,223
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2003A, 6.000%, 4/01/35 (Pre-refunded 4/01/13)
 
4/13 at 101.00
AA+ (6)
   
1,029,210
 
 
885
 
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 (Pre-refunded 1/15/14)
 
1/14 at 100.00
Aaa
   
930,914
 
     
Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center Facilities, Series 2003:
             
 
1,465
 
5.000%, 6/15/21 (Pre-refunded 6/15/13)
 
6/13 at 100.00
AA+ (6)
   
1,502,636
 
 
1,620
 
5.000%, 6/15/23 (Pre-refunded 6/15/13)
 
6/13 at 100.00
AA+ (6)
   
1,661,618
 
 
1,700
 
5.000%, 6/15/24 (Pre-refunded 6/15/13)
 
6/13 at 100.00
AA+ (6)
   
1,743,673
 
 
1,555
 
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)
 
No Opt. Call
AAA
   
1,750,370
 
 
1,670
 
Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2003, 5.000%, 8/01/15 (Pre-refunded 8/01/13)
 
8/13 at 100.00
AAA
   
1,723,507
 
     
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2003A:
             
 
500
 
5.000%, 7/01/20 (Pre-refunded 7/01/13) – FGIC Insured
 
7/13 at 100.00
Aa3 (6)
   
513,885
 
 
1,000
 
5.000%, 7/01/32 (Pre-refunded 7/01/13) – FGIC Insured
 
7/13 at 100.00
Aa3 (6)
   
1,027,770
 
     
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2003A:
             
 
1,500
 
5.000%, 10/01/17 (Pre-refunded 10/01/13)
 
10/13 at 100.00
AAA
   
1,559,925
 
 
5,770
 
5.000%, 10/01/18 (Pre-refunded 10/01/13)
 
10/13 at 100.00
AAA
   
6,000,512
 
 
1,315
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/19 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Aaa
   
1,377,134
 
 
1,100
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM)
 
No Opt. Call
Aaa
   
1,383,723
 
 
1,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 5.500%, 7/01/36 (Pre-refunded 7/01/16)
 
7/16 at 100.00
Aaa
   
1,179,640
 
 
2,380
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)
 
No Opt. Call
BBB (6)
   
3,094,452
 
 
3,135
 
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%, 10/01/22 (Pre-refunded 10/01/16)
 
10/16 at 100.00
AA+ (6)
   
3,661,868
 
     
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, Sewerage Disposal Bonds, Series 2005:
             
 
4,500
 
5.000%, 6/01/16 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
   
5,015,925
 
 
1,235
 
5.000%, 6/01/23 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
   
1,376,593
 
 
1,235
 
5.000%, 6/01/24 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
   
1,376,593
 
 
1,235
 
5.000%, 6/01/25 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
   
1,376,593
 
 
66,785
 
Total U.S. Guaranteed
         
74,570,961
 
     
Utilities – 5.5% (3.8% of Total Investments)
             
 
5,750
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
 
3/13 at 100.00
N/R
   
5,782,200
 
 
4,000
 
Northeast Maryland Waste Disposal Authority, Montgomery County, Resource Recovery Bonds, Series 2003, 5.500%, 4/01/15 – AMBAC Insured (Alternative Minimum Tax)
 
4/13 at 100.00
AA
   
4,072,480
 

36
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Utilities (continued)
             
$
550
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002LL, 5.500%, 7/01/17 – NPFG Insured
 
No Opt. Call
BBB+
 
$
621,825
 
 
2,015
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004OO, 5.000%, 7/01/13 – CIFG Insured
 
No Opt. Call
AA–
   
2,062,272
 
 
3,600
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – FGIC Insured
 
7/14 at 100.00
BBB+
   
3,777,840
 
 
1,570
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
 
7/15 at 100.00
BBB+
   
1,672,757
 
 
1,040
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40
 
7/20 at 100.00
BBB+
   
1,077,107
 
 
1,225
 
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002JJ, 5.250%, 7/01/15 – NPFG Insured
 
No Opt. Call
BBB+
   
1,329,848
 
 
730
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24
 
7/17 at 100.00
Baa3
   
781,115
 
 
20,480
 
Total Utilities
         
21,177,444
 
     
Water and Sewer – 3.8% (2.6% of Total Investments)
             
 
2,690
 
Baltimore, Maryland, Revenue Refunding Bonds, Wastewater Projects, Series 2002A, 5.125%, 7/01/42 – NPFG Insured
 
1/13 at 100.00
AA
   
2,699,711
 
 
1,045
 
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%, 7/01/24 – FGIC Insured
 
No Opt. Call
AA
   
1,262,026
 
 
2,570
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 – AMBAC Insured
 
7/16 at 100.00
AA
   
2,873,311
 
 
3,000
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 – AMBAC Insured
 
7/17 at 100.00
AA
   
3,446,400
 
 
2,000
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2011A, 5.000%, 7/01/41
 
7/21 at 100.00
AA
   
2,385,020
 
 
1,645
 
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series 2005A, 5.000%, 9/01/15
 
No Opt. Call
AAA
   
1,853,439
 
 
12,950
 
Total Water and Sewer
         
14,519,907
 
$
687,798
 
Total Investments (cost $513,767,502) – 145.0%
         
558,920,541
 
     
Floating Rate Obligations – (5.7)%
         
(21,995,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (43.1)% (7)
         
(166,144,000
     
Other Assets Less Liabilities – 3.8%
         
14,790,531
 
     
Net Assets Applicable to Common Shares – 100%
       
$
385,572,072
 
 
(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)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
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.
(7)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.7%
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. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
37

 
 

 

   
Nuveen Missouri Premium Income Municipal Fund
NOM
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 3.7% (2.4% of Total Investments)
             
$
1,000
 
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)
 
No Opt. Call
AA–
 
$
1,309,890
 
     
Education and Civic Organizations – 9.0% (5.9% of Total Investments)
             
 
250
 
Lincoln University, Missouri, Auxillary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured
 
6/17 at 100.00
AA–
   
269,663
 
 
630
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41
 
10/21 at 100.00
A–
   
728,066
 
 
700
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 6.500%, 10/01/35
 
10/18 at 103.00
BBB
   
809,697
 
 
550
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37
 
11/21 at 100.00
AAA
   
670,346
 
 
600
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36
 
4/21 at 100.00
A2
   
684,342
 
 
2,730
 
Total Education and Civic Organizations
         
3,162,114
 
     
Health Care – 36.4% (23.7% of Total Investments)
             
 
485
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A, 5.750%, 6/01/39
 
6/19 at 100.00
AA–
   
556,935
 
 
760
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/27
 
6/17 at 100.00
BBB+
   
796,936
 
 
930
 
Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 5.625%, 5/01/38
 
11/16 at 100.00
BBB–
   
960,430
 
 
480
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/37
 
12/17 at 100.00
N/R
   
488,813
 
 
750
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/29
 
2/15 at 102.00
BBB+
   
795,743
 
 
200
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31
 
2/21 at 100.00
BBB+
   
227,320
 
 
540
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27
 
11/20 at 100.00
A3
   
609,320
 
 
335
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37
 
2/22 at 100.00
A1
   
376,071
 
 
750
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42 (WI/DD, Settling 12/18/12)
 
11/22 at 100.00
AA–
   
780,330
 
 
500
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, St. Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25
 
12/21 at 100.00
A+
   
582,070
 
 
2,000
 
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Lukes’s Health System, Series 2010A, 5.000%, 11/15/30
 
11/20 at 100.00
A+
   
2,279,020
 
     
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003:
             
 
1,500
 
5.125%, 5/15/25
 
5/13 at 100.00
AA
   
1,529,250
 
 
1,155
 
5.250%, 5/15/32
 
5/13 at 100.00
AA
   
1,177,626
 
 
500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, Reg S, 5.700%, 2/15/34
 
2/14 at 100.00
BBB+
   
514,560
 
 
720
 
Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28
 
12/20 at 100.00
BBB–
   
783,317
 
 
350
 
St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding Series 2007, 5.000%, 11/15/27
 
11/16 at 100.00
N/R
   
359,849
 
 
11,955
 
Total Health Care
         
12,817,590
 
     
Housing/Multifamily – 0.3% (0.2% of Total Investments)
             
 
105
 
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Series 2001II, 5.250%, 12/01/16
 
6/13 at 100.00
AA
   
105,320
 

38
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Single Family – 2.6% (1.7% of Total Investments)
             
$
350
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%, 9/01/27 (Alternative Minimum Tax)
 
9/16 at 100.00
AA+
 
$
367,714
 
 
535
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007C-1, 4.800%, 9/01/38 (Alternative Minimum Tax)
 
3/17 at 100.00
AA+
   
548,899
 
 
885
 
Total Housing/Single Family
         
916,613
 
     
Long-Term Care – 11.6% (7.5% of Total Investments)
             
 
1,750
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35
 
2/14 at 100.00
BBB+
   
1,783,320
 
 
500
 
Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.750%, 5/15/31
 
5/17 at 100.00
BBB–
   
528,495
 
 
475
 
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/32
 
8/17 at 100.00
BBB–
   
486,628
 
 
250
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41
 
2/21 at 100.00
BBB+
   
287,638
 
 
425
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012, 5.000%, 9/01/42
 
9/22 at 100.00
A
   
459,196
 
 
500
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.500%, 9/01/28
 
9/17 at 100.00
BBB–
   
527,375
 
 
3,900
 
Total Long-Term Care
         
4,072,652
 
     
Materials – 2.1% (1.4% of Total Investments)
             
 
750
 
Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)
 
6/13 at 101.00
A
   
755,250
 
     
Tax Obligation/General – 17.2% (11.2% of Total Investments)
             
 
600
 
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32
 
3/22 at 100.00
A+
   
672,120
 
 
1,500
 
Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Series 2005, 5.250%, 3/01/24 – AGM Insured
 
3/15 at 100.00
AA–
   
1,647,720
 
 
1,685
 
Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27
 
3/20 at 100.00
AA+
   
2,030,071
 
 
500
 
Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007, 5.250%, 3/01/27 – AGM Insured
 
3/17 at 100.00
AA–
   
572,625
 
 
1,000
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
Baa1
   
1,120,190
 
 
5,285
 
Total Tax Obligation/General
         
6,042,726
 
     
Tax Obligation/Limited – 28.9% (18.8% of Total Investments)
             
 
600
 
Chesterfield, Missouri, Certificates of Participation, Series 2005, 5.000%,
12/01/24 – FGIC Insured
 
12/15 at 100.00
Aa1
   
670,482
 
 
150
 
Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2006, 4.500%, 4/01/21
 
4/14 at 100.00
BBB+
   
154,083
 
 
315
 
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28
 
6/16 at 100.00
N/R
   
274,847
 
 
455
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
 
1/22 at 100.00
A
   
515,856
 
 
485
 
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23
 
12/21 at 100.00
Aa3
   
560,995
 
 
300
 
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32
 
9/21 at 100.00
AA–
   
346,248
 
 
475
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24
 
6/14 at 102.00
N/R
   
475,147
 
 
100
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011, 5.000%, 6/01/21
 
6/16 at 100.00
N/R
   
105,242
 
 
360
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%, 6/01/35
 
6/15 at 100.00
A
   
373,752
 
 
Nuveen Investments
 
39

 
 

 
 
   
Nuveen Missouri Premium Income Municipal Fund (continued)
NOM
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
415
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series 2006C, 5.000%, 3/01/28
 
3/16 at 100.00
A–
 
$
429,886
 
 
450
 
Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured
 
3/13 at 100.00
A
   
451,764
 
 
500
 
Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23
 
5/13 at 101.00
N/R
   
448,390
 
 
1,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
A+
   
1,987,528
 
 
225
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/41
 
No Opt. Call
AA–
   
49,455
 
 
1,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
AA–
   
326,220
 
 
600
 
Riverside, Missouri, L-385 Levee Redevelopment Plan Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
 
5/15 at 100.00
A
   
638,346
 
 
1,395
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured
 
12/12 at 100.00
N/R
   
1,395,000
 
     
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:
             
 
340
 
5.375%, 11/01/24
 
11/14 at 100.00
N/R
   
342,972
 
 
400
 
5.500%, 11/01/27
 
11/14 at 100.00
N/R
   
402,944
 
 
200
 
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27
 
11/14 at 100.00
N/R
   
201,472
 
 
11,015
 
Total Tax Obligation/Limited
         
10,150,629
 
     
Transportation – 12.8% (8.3% of Total Investments)
             
 
500
 
Kansas City, Missouri, Passenger Facility Charge Revenue Bonds, Kansas City International Airport, Series 2001, 5.000%, 4/01/23 – AMBAC Insured (Alternative Minimum Tax)
 
4/13 at 100.00
A
   
503,445
 
 
1,000
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured
 
No Opt. Call
A–
   
1,176,870
 
 
2,500
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/21 – AGM Insured
 
7/17 at 100.00
AA–
   
2,820,272
 
 
4,000
 
Total Transportation
         
4,500,587
 
     
U.S. Guaranteed – 7.8% (5.1% of Total Investments) (4)
             
 
80
 
Cottleville, Missouri, Certificates of Participation, Series 2006, 5.250%, 8/01/31 (Pre-refunded 8/01/14)
 
8/14 at 100.00
N/R (4)
   
86,530
 
 
1,630
 
North Kansas City School District, Missouri, General Obligation Bonds, Series 2003A, 5.000%, 3/01/23 (Pre-refunded 3/01/13)
 
3/13 at 100.00
AA+ (4)
   
1,649,772
 
     
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004:
             
 
80
 
5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
AA (4)
   
84,918
 
 
250
 
5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
AA– (4)
   
265,370
 
 
20
 
5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
AA (4)
   
21,237
 
 
500
 
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) (ETM)
 
No Opt. Call
AA+ (4)
   
640,205
 
 
2,560
 
Total U.S. Guaranteed
         
2,748,032
 
     
Utilities – 6.0% (3.9% of Total Investments)
             
 
110
 
Missouri Joint Municipal Electric Utility Commission, Iatan 2 Power Project Revenue Bonds, Series 2006A, 4.125%, 1/01/21 – AMBAC Insured
 
1/16 at 100.00
A2
   
119,422
 
 
500
 
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 5.000%, 1/01/34 – NPFG Insured
 
1/16 at 100.00
A–
   
526,310
 
     
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:
             
 
400
 
5.000%, 1/01/32
 
1/21 at 100.00
A2
   
454,744
 
 
425
 
5.000%, 1/01/37
 
1/21 at 100.00
A2
   
474,462
 
 
530
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40
 
7/20 at 100.00
BBB+
   
548,910
 
 
1,965
 
Total Utilities
         
2,123,848
 
 
40
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer – 15.3% (9.9% of Total Investments)
             
$
600
 
Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39
 
3/18 at 100.00
A
 
$
688,884
 
 
1,150
 
Kansas City, Missouri, Water Revenue Bonds, Series 2012A, 4.500%, 12/01/36
 
12/21 at 100.00
AA+
   
1,334,897
 
 
200
 
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2006C, 5.000%, 5/01/36 – NPFG Insured
 
5/17 at 100.00
AAA
   
228,800
 
 
2,965
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (5)
 
12/16 at 100.00
AA+
   
3,122,412
 
 
4,915
 
Total Water and Sewer
         
5,374,993
 
$
51,065
 
Total Investments (cost $50,078,529) – 153.7%
         
54,080,244
 
     
Floating Rate Obligations – (6.3)%
         
(2,225,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (50.8)% (6)
         
(17,880,000
     
Other Assets Less Liabilities – 3.4%
         
1,206,553
 
     
Net Assets Applicable to Common Shares – 100%
       
$
35,181,797
 
 
(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)   MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.1%
N/R
 
Not rated.
WI/DD
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
41

 
 

 

   
Nuveen North Carolina Premium Income Municipal Fund
NNC
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 0.8% (0.5% of Total Investments)
             
$
2,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
 
5/13 at 100.00
BBB
 
$
2,002,260
 
     
Education and Civic Organizations – 7.2% (4.6% of Total Investments)
             
 
30
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 – NPFG Insured
 
No Opt. Call
Aa2
   
35,682
 
 
1,500
 
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
 
4/21 at 100.00
AA–
   
1,688,520
 
 
2,500
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41 (UB)
 
10/15 at 100.00
AA+
   
2,740,925
 
     
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales University, Series 2003A:
             
 
970
 
5.250%, 4/01/23 – SYNCORA GTY Insured
 
4/13 at 100.00
N/R
   
978,022
 
 
1,650
 
5.000%, 4/01/33 – SYNCORA GTY Insured
 
4/13 at 100.00
N/R
   
1,658,531
 
 
2,500
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/34
 
3/22 at 100.00
BBB
   
2,780,500
 
     
The University of North Carolina, System Pool Revenue Bonds, Series 2009C:
             
 
1,000
 
5.250%, 10/01/28
 
10/19 at 100.00
A3
   
1,170,760
 
 
1,000
 
5.375%, 10/01/29
 
10/19 at 100.00
A3
   
1,175,130
 
     
University of North Carolina System, Pooled Revenue Bonds, Series 2005A:
             
 
1,530
 
5.000%, 4/01/15 – AMBAC Insured
 
No Opt. Call
A+
   
1,688,003
 
 
445
 
5.000%, 4/01/22 – AMBAC Insured
 
4/15 at 100.00
A+
   
482,789
 
     
University of North Carolina Wilmington, Certificates of Participation, Student Housing Project Revenue Bonds, Series 2006:
             
 
1,000
 
5.000%, 6/01/21 – FGIC Insured
 
6/16 at 100.00
A–
   
1,101,680
 
 
1,430
 
5.000%, 6/01/23 – FGIC Insured
 
6/16 at 100.00
A–
   
1,560,030
 
 
1,505
 
5.000%, 6/01/24 – FGIC Insured
 
6/16 at 100.00
A–
   
1,635,815
 
 
250
 
University of North Carolina, Charlotte, Certificates of Participation, Student Housing Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured
 
3/15 at 100.00
A
   
272,728
 
 
17,310
 
Total Education and Civic Organizations
         
18,969,115
 
     
Health Care – 34.1% (21.8% of Total Investments)
             
     
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007:
             
 
1,840
 
5.250%, 10/01/27
 
10/17 at 100.00
N/R
   
1,919,562
 
 
1,725
 
5.250%, 10/01/38
 
10/17 at 100.00
N/R
   
1,770,747
 
 
2,750
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39
 
1/19 at 100.00
AA–
   
3,112,670
 
 
4,950
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
 
1/18 at 100.00
AA–
   
5,348,921
 
 
2,000
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
 
1/21 at 100.00
AA–
   
2,332,460
 
 
5,250
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
 
1/22 at 100.00
AA–
   
6,039,600
 
 
2,270
 
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured
 
4/18 at 100.00
AA–
   
2,539,608
 
 
3,860
 
Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 5.000%, 11/01/41
 
5/22 at 100.00
A
   
4,332,618
 
 
555
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured
 
10/19 at 100.00
AA–
   
629,398
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
 
6/22 at 100.00
AA
   
2,327,700
 
     
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health Inc., Series 2010A:
             
 
4,750
 
5.250%, 11/01/40
 
11/20 at 100.00
AA–
   
5,357,240
 
 
5,000
 
5.000%, 11/01/43
 
11/20 at 100.00
AA–
   
5,545,700
 

42
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
2,750
 
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue Ridge HealthCare, Series 2010A, 5.000%, 1/01/36
 
1/20 at 100.00
A
 
$
2,940,025
 
 
2,680
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian Regional HealthCare System, Series 2011A, 6.500%, 7/01/31
 
7/21 at 100.00
BBB+
   
3,244,060
 
 
1,680
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35
 
1/21 at 100.00
A
   
1,944,802
 
 
2,335
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, FirstHealth of the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39
 
10/17 at 100.00
AA
   
2,378,618
 
 
9,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 4.000%, 12/01/45
 
12/22 at 100.00
AA–
   
9,319,318
 
 
2,375
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape Fear Valley Health System, Series 2012A, 5.000%, 10/01/27 (WI/DD, Settling 12/19/12)
 
10/22 at 100.00
A–
   
2,814,874
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/27
 
10/22 at 100.00
AA–
   
2,397,840
 
     
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health Obligated Group, Series 2003A:
             
 
2,000
 
5.000%, 11/01/18
 
11/13 at 100.00
AA–
   
2,075,340
 
 
2,000
 
5.000%, 11/01/19
 
11/13 at 100.00
AA–
   
2,071,940
 
 
2,000
 
5.000%, 11/01/20
 
11/13 at 100.00
AA–
   
2,068,200
 
 
2,000
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial Hospital, Series 1999, 6.375%, 10/01/29
 
4/13 at 100.00
BBB+
   
2,008,680
 
 
1,700
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012, 5.000%, 6/01/32
 
6/22 at 100.00
A
   
1,986,212
 
     
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series 2007:
             
 
500
 
5.000%, 11/01/20
 
11/17 at 100.00
A–
   
555,095
 
 
3,425
 
5.000%, 11/01/27
 
11/17 at 100.00
A–
   
3,668,826
 
 
3,295
 
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 2005, 5.000%, 1/01/33 – FGIC Insured
 
1/15 at 100.00
A
   
3,371,806
 
     
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System, Series 2004A:
             
 
1,195
 
5.250%, 7/01/20 – AMBAC Insured
 
7/14 at 100.00
A
   
1,252,922
 
 
1,000
 
5.250%, 7/01/22 – AMBAC Insured
 
7/14 at 100.00
A
   
1,042,640
 
 
750
 
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue Bonds, Series 2008, 6.250%, 10/01/38
 
4/18 at 100.00
BBB
   
827,475
 
 
1,675
 
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
 
10/16 at 100.00
BBB
   
1,790,759
 
 
81,310
 
Total Health Care
         
89,015,656
 
     
Housing/Multifamily – 1.7% (1.1% of Total Investments)
             
     
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003:
             
 
965
 
5.150%, 1/01/22 (Alternative Minimum Tax)
 
7/13 at 105.00
AA+
   
1,024,676
 
 
2,260
 
5.375%, 1/01/36 (Alternative Minimum Tax)
 
7/13 at 105.00
AA+
   
2,393,159
 
 
1,000
 
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
 
6/13 at 100.00
N/R
   
1,005,990
 
 
4,225
 
Total Housing/Multifamily
         
4,423,825
 
     
Housing/Single Family – 2.4% (1.5% of Total Investments)
             
 
1,555
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 7/01/33 (Alternative Minimum Tax)
 
1/17 at 100.00
AA
   
1,624,369
 
 
2,200
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28
 
1/21 at 100.00
AA
   
2,448,688
 
 
2,020
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 7/01/37 (Alternative Minimum Tax)
 
7/16 at 100.00
AA
   
2,095,831
 
 
5,775
 
Total Housing/Single Family
         
6,168,888
 
 
Nuveen Investments
 
43

 
 

 
 
   
Nuveen North Carolina Premium Income Municipal Fund (continued)
NNC
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Long-Term Care – 1.2% (0.8% of Total Investments)
             
     
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian Homes, Series 2006:
             
$
700
 
5.400%, 10/01/27
 
10/16 at 100.00
N/R
 
$
726,166
 
 
1,500
 
5.500%, 10/01/31
 
10/16 at 100.00
N/R
   
1,553,280
 
 
900
 
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 5.000%, 1/01/36
 
1/16 at 100.00
A–
   
926,775
 
 
3,100
 
Total Long-Term Care
         
3,206,221
 
     
Materials – 0.5% (0.4% of Total Investments)
             
 
1,400
 
Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.625%, 3/01/27
 
3/17 at 100.00
BBB
   
1,446,172
 
     
Tax Obligation/General – 5.9% (3.7% of Total Investments)
             
     
Durham, North Carolina, General Obligation Bonds, Series 2007:
             
 
2,820
 
5.000%, 4/01/21
 
4/17 at 100.00
AAA
   
3,283,495
 
 
1,475
 
5.000%, 4/01/22
 
4/17 at 100.00
AAA
   
1,729,054
 
 
1,050
 
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30
 
4/20 at 100.00
AA+
   
1,247,747
 
     
North Carolina State, General Obligation Bonds, Series 2004A:
             
 
1,000
 
5.000%, 3/01/18
 
3/14 at 100.00
AAA
   
1,058,510
 
 
1,800
 
5.000%, 3/01/22
 
3/14 at 100.00
AAA
   
1,900,170
 
 
5,100
 
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37
 
1/20 at 100.00
AA+
   
6,107,964
 
 
13,245
 
Total Tax Obligation/General
         
15,326,940
 
     
Tax Obligation/Limited – 24.7% (15.8% of Total Investments)
             
     
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G:
             
 
3,100
 
5.375%, 6/01/26
 
6/13 at 100.00
AA+
   
3,171,548
 
 
1,750
 
5.000%, 6/01/28
 
6/13 at 100.00
AA+
   
1,786,470
 
 
2,750
 
5.000%, 6/01/33
 
6/13 at 100.00
AA+
   
2,806,320
 
 
2,405
 
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series 2008A, 5.000%, 6/01/33
 
6/18 at 100.00
AA+
   
2,770,392
 
 
1,505
 
Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A, 5.000%, 6/01/33
 
6/13 at 100.00
AA+
   
1,535,822
 
     
Craven County, North Carolina, Certificates of Participation, Series 2007:
             
 
160
 
5.000%, 6/01/23 – NPFG Insured
 
6/17 at 100.00
AA–
   
185,726
 
 
3,000
 
5.000%, 6/01/27 – NPFG Insured
 
6/17 at 100.00
AA–
   
3,428,100
 
 
2,085
 
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 5.000%, 6/01/28
 
6/22 at 100.00
AA–
   
2,550,122
 
     
Davidson County, North Carolina, Certificates of Participation, Series 2004:
             
 
1,000
 
5.250%, 6/01/14 – AMBAC Insured
 
No Opt. Call
Aa3
   
1,065,630
 
 
1,250
 
5.250%, 6/01/21 – AMBAC Insured
 
6/14 at 100.00
Aa3
   
1,334,800
 
 
1,390
 
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25
 
6/15 at 100.00
AA+
   
1,536,353
 
 
1,060
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
 
1/22 at 100.00
A
   
1,212,110
 
     
Harnett County, North Carolina, Certificates of Participation, Series 2009:
             
 
1,000
 
5.000%, 6/01/28 – AGC Insured
 
6/19 at 100.00
AA–
   
1,144,990
 
 
500
 
5.000%, 6/01/29 – AGC Insured
 
6/19 at 100.00
AA–
   
570,245
 
     
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:
             
 
1,065
 
5.000%, 4/01/29
 
4/22 at 100.00
A1
   
1,278,075
 
 
1,165
 
5.000%, 4/01/30
 
4/22 at 100.00
A1
   
1,391,674
 
 
1,000
 
5.000%, 4/01/31
 
4/22 at 100.00
A1
   
1,190,920
 
 
200
 
5.000%, 4/01/32
 
4/22 at 100.00
A1
   
236,372
 
 
400
 
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27
 
2/19 at 100.00
AA+
   
462,872
 
 
8,065
 
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/41
 
7/21 at 100.00
AA
   
9,440,806
 
 
1,380
 
Pasquotank County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/25 – NPFG Insured
 
6/14 at 100.00
A
   
1,429,390
 

44
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
2,000
 
Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 2004, 5.000%, 9/15/21 – NPFG Insured
 
3/14 at 100.00
A+
 
$
2,082,480
 
 
9,450
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/35
 
No Opt. Call
A+
   
2,796,539
 
     
Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project, Series 2004B:
             
 
1,275
 
5.000%, 6/01/20
 
6/14 at 100.00
AA+
   
1,358,717
 
 
1,310
 
5.000%, 6/01/21
 
6/14 at 100.00
AA+
   
1,396,015
 
 
1,135
 
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
 
2/17 at 100.00
AA+
   
1,285,365
 
 
2,000
 
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 – AGM Insured
 
6/14 at 102.00
AA–
   
2,167,800
 
 
2,250
 
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 12/01/27 – AGM Insured
 
12/17 at 100.00
AA–
   
2,573,393
 
 
5,000
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 – AGM Insured (UB)
 
6/17 at 100.00
AA–
   
5,591,151
 
 
2,450
 
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
 
6/18 at 100.00
AA
   
2,822,229
 
 
1,750
 
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, Series 2007, 5.000%, 4/01/25 – AMBAC Insured
 
4/17 at 100.00
Aa3
   
2,018,345
 
 
64,850
 
Total Tax Obligation/Limited
         
64,620,771
 
     
Transportation – 15.4% (9.9% of Total Investments)
             
 
5,000
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010A, 5.000%, 7/01/39
 
7/20 at 100.00
Aa3
   
5,774,700
 
 
10
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax)
 
7/20 at 100.00
Aa3
   
11,839
 
 
1,400
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2010B, 5.000%, 7/01/36 (Alternative Minimum Tax)
 
7/21 at 100.00
Aa3
   
1,571,640
 
     
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:
             
 
600
 
5.250%, 7/01/24 – NPFG Insured
 
7/14 at 100.00
Aa3
   
641,700
 
 
2,710
 
5.000%, 7/01/29 – NPFG Insured
 
7/14 at 100.00
Aa3
   
2,863,359
 
 
1,935
 
5.000%, 7/01/34 – NPFG Insured
 
7/14 at 100.00
Aa3
   
2,044,502
 
 
2,700
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 5.250%, 2/01/40
 
2/20 at 100.00
A3
   
3,116,259
 
 
515
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B, 5.000%, 2/01/29
 
2/20 at 100.00
A3
   
589,732
 
     
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
             
 
140
 
5.000%, 1/01/21 – AGC Insured
 
1/19 at 100.00
AA–
   
167,005
 
 
240
 
5.375%, 1/01/26 – AGC Insured
 
1/19 at 100.00
AA–
   
281,165
 
 
1,405
 
5.500%, 1/01/29 – AGC Insured
 
1/19 at 100.00
AA–
   
1,645,466
 
 
7,150
 
5.750%, 1/01/39 – AGC Insured
 
1/19 at 100.00
AA–
   
8,394,670
 
     
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds, Series 2009B:
             
 
150
 
0.000%, 1/01/31 – AGC Insured
 
No Opt. Call
AA–
   
72,701
 
 
4,355
 
0.000%, 1/01/33 – AGC Insured
 
No Opt. Call
AA–
   
1,925,041
 
 
2,300
 
0.000%, 1/01/34 – AGC Insured
 
No Opt. Call
AA–
   
966,345
 
 
2,345
 
0.000%, 1/01/35 – AGC Insured
 
No Opt. Call
AA–
   
941,658
 
 
7,505
 
0.000%, 1/01/37 – AGC Insured
 
No Opt. Call
AA–
   
2,762,365
 
 
1,325
 
0.000%, 1/01/38 – AGC Insured
 
No Opt. Call
AA–
   
464,320
 
 
1,235
 
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/20 – SYNCORA GTY Insured
 
7/15 at 100.00
A–
   
1,367,157
 
 
4,125
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A, 5.000%, 5/01/36
 
5/20 at 100.00
Aa3
   
4,766,438
 
 
47,145
 
Total Transportation
         
40,368,062
 
     
U.S. Guaranteed – 19.4% (12.4% of Total Investments) (4)
             
     
Cabarrus County, North Carolina, Certificates of Participation, Series 2002:
             
 
30
 
5.250%, 2/01/16 (Pre-refunded 2/01/13)
 
2/13 at 100.00
AA (4)
   
30,257
 
 
1,330
 
5.250%, 2/01/17 (Pre-refunded 2/01/13)
 
2/13 at 100.00
AA (4)
   
1,341,398
 

Nuveen Investments
 
45

 
 

 

   
Nuveen North Carolina Premium Income Municipal Fund (continued)
NNC
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
             
     
Catawba County, North Carolina, Certificates of Participation, Series 2004:
             
$
1,800
 
5.250%, 6/01/21 (Pre-refunded 6/01/14) – NPFG Insured
 
6/14 at 100.00
Aa2 (4)
 
$
1,932,570
 
 
1,800
 
5.250%, 6/01/22 (Pre-refunded 6/01/14) – NPFG Insured
 
6/14 at 100.00
Aa2 (4)
   
1,932,570
 
 
500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
 
1/15 at 100.00
AA+ (4)
   
548,765
 
     
Forsyth County, North Carolina, Certificates of Participation, Public Facilities and Equipment Project, Series 2002:
             
 
1,325
 
5.125%, 1/01/16 (Pre-refunded 1/01/13)
 
1/13 at 101.00
AA+ (4)
   
1,343,722
 
 
770
 
5.250%, 1/01/19 (Pre-refunded 1/01/13)
 
1/13 at 101.00
AA+ (4)
   
780,965
 
     
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A:
             
 
500
 
5.000%, 6/01/25 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
   
557,195
 
 
1,295
 
5.000%, 6/01/26 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
   
1,443,135
 
     
Lee County, North Carolina, Certificates of Participation, Public Schools and Community College, Series 2004:
             
 
1,715
 
5.250%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
AA– (4)
   
1,827,384
 
 
1,715
 
5.250%, 4/01/20 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
AA– (4)
   
1,827,384
 
 
1,000
 
5.250%, 4/01/22 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
AA– (4)
   
1,065,530
 
 
25
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003C, 5.375%, 1/01/17 (Pre-refunded 1/01/13)
 
1/13 at 100.00
A– (4)
   
25,110
 
     
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F:
             
 
3,000
 
5.500%, 1/01/15 (Pre-refunded 1/01/13)
 
1/13 at 100.00
A– (4)
   
3,013,650
 
 
150
 
5.500%, 1/01/16 (Pre-refunded 1/01/13)
 
1/13 at 100.00
A– (4)
   
150,683
 
 
1,500
 
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/23 (Pre-refunded 2/01/14)
 
2/14 at 100.00
AA+ (4)
   
1,582,290
 
 
2,250
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series 2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured
 
10/14 at 100.00
AA– (4)
   
2,466,810
 
 
2,035
 
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 5.000%, 11/01/24 (Pre-refunded 11/01/14)
 
11/14 at 100.00
N/R (4)
   
2,211,272
 
 
4,260
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM)
 
No Opt. Call
Aaa
   
5,397,846
 
 
2,285
 
North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%, 10/01/15 (Pre-refunded 10/01/13)
 
10/13 at 100.00
Aa1 (4)
   
2,376,080
 
 
2,500
 
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 5.000%, 6/01/20 (Pre-refunded 6/01/14)
 
6/14 at 100.00
AA+ (4)
   
2,674,750
 
     
North Carolina, Certificates of Participation, Series 2003:
             
 
1,130
 
5.250%, 6/01/21 (Pre-refunded 6/01/13)
 
6/13 at 100.00
AA+ (4)
   
1,157,583
 
 
1,000
 
5.250%, 6/01/23 (Pre-refunded 6/01/13)
 
6/13 at 100.00
AA+ (4)
   
1,024,410
 
 
2,070
 
Pitt County, North Carolina, Certificates of Participation, School Facilities Project, Series 2004B, 5.000%, 4/01/29 (Pre-refunded 4/01/14) – AMBAC Insured
 
4/14 at 100.00
AA (4)
   
2,198,754
 
     
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004:
             
 
1,000
 
5.000%, 3/01/21 (Pre-refunded 3/01/14)
 
3/14 at 100.00
AAA
   
1,059,010
 
 
1,250
 
5.000%, 3/01/22 (Pre-refunded 3/01/14)
 
3/14 at 100.00
AAA
   
1,323,763
 
 
1,785
 
Union County, North Carolina, Certificates of Participation, Series 2003, 5.000%, 6/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 101.00
Aa2 (4)
   
1,845,547
 
 
555
 
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
 
4/15 at 100.00
N/R (4)
   
613,269
 
     
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003:
             
 
2,380
 
5.000%, 12/01/19 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Aaa
   
2,492,717
 
 
2,725
 
5.000%, 12/01/21 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Aaa
   
2,854,056
 
 
1,500
 
5.000%, 12/01/23 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Aaa
   
1,571,040
 
 
47,180
 
Total U.S. Guaranteed
         
50,669,515
 
     
Utilities – 12.1% (7.7% of Total Investments)
             
 
2,500
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
 
1/16 at 100.00
A–
   
2,830,650
 
 
1,400
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 5.000%, 1/01/26
 
1/19 at 100.00
A–
   
1,625,148
 

46
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Utilities (continued)
             
$
3,500
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, 5.000%, 1/01/25
 
7/22 at 100.00
A–
 
$
4,273,395
 
     
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B:
             
 
95
 
6.000%, 1/01/22
 
No Opt. Call
A–
   
126,287
 
 
180
 
6.000%, 1/01/22 – FGIC Insured
 
No Opt. Call
Baa1
   
238,928
 
 
1,100
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/30
 
1/19 at 100.00
A
   
1,268,091
 
     
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A:
             
 
4,000
 
5.000%, 1/01/18 (WI/DD, Settling 12/11/12)
 
No Opt. Call
A
   
4,769,400
 
 
2,000
 
5.000%, 1/01/19 (WI/DD, Settling 12/11/12)
 
No Opt. Call
A
   
2,438,680
 
 
1,000
 
4.000%, 1/01/19 (WI/DD, Settling 12/11/12)
 
No Opt. Call
A
   
1,161,160
 
 
1,050
 
4.000%, 1/01/20 (WI/DD, Settling 12/11/12)
 
No Opt. Call
A
   
1,232,784
 
 
4,665
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/15 – AMBAC Insured
 
1/13 at 100.00
A
   
4,685,293
 
 
250
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A, 5.250%, 1/01/20
 
1/18 at 100.00
A
   
297,293
 
 
6,500
 
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17
 
2/13 at 100.50
A1
   
6,582,353
 
 
28,240
 
Total Utilities
         
31,529,462
 
     
Water and Sewer – 30.9% (19.8% of Total Investments)
             
 
1,605
 
Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%, 6/01/20 – SYNCORA GTY Insured
 
6/15 at 100.00
A2
   
1,730,672
 
 
3,100
 
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 4/01/31 – AGM Insured
 
4/18 at 100.00
AA–
   
3,586,235
 
     
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2008:
             
 
425
 
5.000%, 8/01/28
 
8/18 at 100.00
AA
   
507,463
 
 
1,005
 
5.000%, 8/01/35
 
8/18 at 100.00
AA
   
1,190,372
 
 
2,135
 
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2011, 5.000%, 8/01/31
 
8/21 at 100.00
AA
   
2,597,847
 
 
1,520
 
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.250%, 7/01/13
 
No Opt. Call
AAA
   
1,565,083
 
 
1,000
 
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008, 5.000%, 7/01/38
 
7/18 at 100.00
AAA
   
1,187,750
 
     
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:
             
 
3,860
 
5.000%, 2/01/36
 
2/21 at 100.00
AA
   
4,539,321
 
 
1,250
 
5.000%, 2/01/41
 
2/21 at 100.00
AA
   
1,456,975
 
     
Durham County, North Carolina, Enterprise System Revenue Bonds, Series 2002:
             
 
300
 
5.000%, 6/01/18 – NPFG Insured
 
6/13 at 100.00
AA
   
306,807
 
 
1,000
 
5.000%, 6/01/23 – NPFG Insured
 
6/13 at 100.00
AA
   
1,022,490
 
 
8,600
 
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
 
6/21 at 100.00
AAA
   
10,205,101
 
 
1,535
 
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/28
 
5/22 at 100.00
AA–
   
1,906,946
 
 
1,210
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 – NPFG Insured
 
6/18 at 100.00
A2
   
1,437,250
 
     
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A:
             
 
2,020
 
6.000%, 6/01/34 – AGC Insured
 
6/19 at 100.00
AA–
   
2,398,548
 
 
1,020
 
6.000%, 6/01/36 – AGC Insured
 
6/19 at 100.00
AA–
   
1,207,160
 
     
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
             
 
500
 
5.625%, 6/01/30 – AGC Insured
 
6/21 at 100.00
AA–
   
613,645
 
 
2,100
 
5.750%, 6/01/36 – AGC Insured
 
6/21 at 100.00
AA–
   
2,543,730
 
 
1,400
 
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%, 6/01/23 – SYNCORA GTY Insured
 
6/14 at 100.00
A+
   
1,481,928
 
 
1,550
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
 
7/18 at 100.00
Baa2
   
1,642,070
 
 
Nuveen Investments
 
47

 
 

 

   
Nuveen North Carolina Premium Income Municipal Fund (continued)
NNC
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:
             
 
550
 
5.000%, 3/01/30
 
3/22 at 100.00
AAA
 
$
686,362
 
 
1,600
 
5.000%, 3/01/31
 
3/22 at 100.00
AAA
   
1,986,016
 
     
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:
             
 
12,485
 
5.000%, 3/01/31 (UB)
 
3/16 at 100.00
AAA
   
13,968,343
 
 
6,975
 
5.000%, 3/01/36 (UB)
 
3/16 at 100.00
AAA
   
7,803,700
 
 
40
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals Series II-R-645-1, 13.713%, 3/01/14 (IF)
 
No Opt. Call
AAA
   
54,254
 
 
10
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals Series II-R-645-2, 14.020%, 3/01/14 (IF)
 
No Opt. Call
AAA
   
13,562
 
 
500
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%, 3/01/31
 
3/16 at 100.00
AAA
   
559,405
 
 
1,000
 
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25 – AGM Insured
 
6/15 at 100.00
AA
   
1,096,640
 
 
9,900
 
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%, 6/01/37 (UB)
 
6/17 at 100.00
AAA
   
11,367,873
 
 
70,195
 
Total Water and Sewer
         
80,663,548
 
$
385,975
 
Total Investments (cost $373,563,385) – 156.3%
         
408,410,435
 
     
Floating Rate Obligations – (9.1)%
         
(23,715,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (47.8)% (5)
         
(124,860,000
     
Other Assets Less Liabilities – 0.6%
         
1,453,269
 
     
Net Assets Applicable to Common Shares – 100%
       
$
261,288,704
 
 
(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)   MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.6%
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. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

48
 
Nuveen Investments

 
 

 

   
Nuveen Virginia Premium Income Municipal Fund
NPV
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Consumer Staples – 7.1% (4.9% of Total Investments)
             
     
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
             
$
910
 
5.250%, 6/01/32
 
6/17 at 100.00
B+
 
$
907,252
 
 
700
 
5.625%, 6/01/47
 
6/17 at 100.00
B+
   
639,842
 
 
57,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
BB–
   
4,451,700
 
     
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002:
             
 
3,310
 
5.375%, 5/15/33
 
5/13 at 100.00
BBB+
   
3,313,740
 
 
325
 
5.500%, 5/15/39
 
5/13 at 100.00
BBB
   
325,367
 
 
11,425
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
 
6/17 at 100.00
B2
   
9,130,743
 
 
2,145
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
 
6/17 at 100.00
B2
   
1,776,339
 
 
75,815
 
Total Consumer Staples
         
20,544,983
 
     
Education and Civic Organizations – 7.9% (5.4% of Total Investments)
             
 
580
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26
 
9/16 at 100.00
BBB
   
615,769
 
 
2,000
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
 
4/15 at 100.00
AA–
   
2,154,560
 
 
1,000
 
Fairfax County Economic Development Authority, Virginia, Revenue Bonds, National Wildlife Federation, Series 1999, 5.375%, 9/01/29 – NPFG Insured
 
3/13 at 100.00
A3
   
1,003,660
 
 
1,000
 
Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C, 5.000%, 12/01/36
 
6/19 at 100.00
Aa2
   
1,179,670
 
 
2,500
 
Prince William County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Catholic Diocese of Arlington, Series 2003, 5.500%, 10/01/33
 
10/13 at 101.00
A2
   
2,571,600
 
 
1,630
 
Prince William County Industrial Development Authority, Virginia, Student Housing Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 2011A, 5.125%, 9/01/41
 
9/21 at 100.00
A
   
1,865,796
 
 
1,890
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.375%, 12/01/21
 
12/13 at 100.00
BBB–
   
1,910,790
 
 
2,950
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 5.000%, 6/01/37
 
6/15 at 100.00
AAA
   
3,227,477
 
 
390
 
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/14
 
No Opt. Call
Baa2
   
406,953
 
 
3,600
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A, 5.000%, 9/01/28
 
9/18 at 100.00
Aa1
   
4,268,988
 
 
750
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2010B, 5.000%, 9/01/13
 
No Opt. Call
Aa1
   
777,165
 
 
500
 
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured
 
1/13 at 100.00
N/R
   
501,140
 
 
1,635
 
Virginia Commonwealth University, Revenue Bonds, Series 2004A, 5.000%, 5/01/17 – AMBAC Insured
 
5/14 at 101.00
Aa2
   
1,753,031
 
 
500
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke College, Series 2011, 5.750%, 4/01/41
 
4/20 at 100.00
A–
   
579,390
 
 
20,925
 
Total Education and Civic Organizations
         
22,815,989
 
     
Health Care – 22.7% (15.6% of Total Investments)
             
 
5,000
 
Arlington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31
 
7/20 at 100.00
A1
   
5,625,100
 
     
Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007:
             
 
1,545
 
5.000%, 9/01/27
 
9/17 at 100.00
BBB+
   
1,663,455
 
 
250
 
5.000%, 9/01/37
 
9/17 at 100.00
BBB+
   
263,975
 

Nuveen Investments
 
49

 
 

 

   
Nuveen Virginia Premium Income Municipal Fund (continued)
NPV
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Health Care (continued)
             
 
$ 2,145
 
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health, Series 2010C-2, 5.000%, 11/01/42 – AGC Insured
 
11/20 at 100.00
AA–
 
$
2,423,571
 
 
3,340
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2009, Trust 11733, 14.967%, 11/15/29 (IF)
 
5/19 at 100.00
AA+
   
5,037,588
 
 
4,950
 
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23
 
No Opt. Call
AA+
   
6,285,757
 
 
2,500
 
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23
 
No Opt. Call
Baa1
   
3,071,650
 
 
2,480
 
Fredericksburg Industrial Development Authority, Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%, 6/15/33
 
12/12 at 100.00
Baa1
   
2,483,447
 
 
795
 
Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995, 6.375%, 8/15/18 – NPFG Insured
 
No Opt. Call
A–
   
890,885
 
 
5,345
 
Harrisonburg Industrial Development Authority, Virginia, Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006, 5.000%,
8/15/31 – AMBAC Insured
 
8/16 at 100.00
AA
   
5,926,536
 
 
2,880
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30
 
5/13 at 100.00
A–
   
2,887,200
 
 
1,500
 
Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured
 
No Opt. Call
A–
   
1,792,035
 
 
3,180
 
Manassas Industrial Development Authority, Virginia, Hospital Revenue Bonds, Prince William Hospital, Series 2002, 5.250%, 4/01/33
 
4/13 at 100.00
A2
   
3,200,161
 
     
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006:
             
 
2,000
 
5.250%, 6/15/25
 
6/16 at 100.00
Baa1
   
2,150,800
 
 
2,000
 
5.250%, 6/15/26
 
6/16 at 100.00
Baa1
   
2,145,240
 
 
2,025
 
5.250%, 6/15/31
 
6/16 at 100.00
Baa1
   
2,148,626
 
 
3,395
 
5.250%, 6/15/37
 
6/16 at 100.00
Baa1
   
3,574,460
 
 
2,550
 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara Healthcare, Refunding Series 2010, 5.000%, 11/01/40
 
5/20 at 100.00
AA
   
2,882,393
 
 
4,425
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
 
9/17 at 100.00
BBB+
   
4,678,641
 
 
1,620
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health System Obligated Group, Series 2009E, 5.625%, 1/01/44
 
1/19 at 100.00
A+
   
1,863,162
 
 
2,855
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31
 
1/17 at 100.00
A+
   
3,105,498
 
 
1,020
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39
 
4/20 at 100.00
A
   
1,187,494
 
 
57,800
 
Total Health Care
         
65,287,674
 
     
Housing/Multifamily – 1.3% (0.9% of Total Investments)
             
 
970
 
Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Mandatory put 11/01/19) (Alternative Minimum Tax)
 
12/12 at 101.00
AA+
   
982,038
 
 
400
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45
 
10/19 at 100.00
AA+
   
435,420
 
 
530
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32
 
2/20 at 100.00
AA+
   
578,331
 
 
1,440
 
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51
 
4/20 at 100.00
AA+
   
1,572,653
 
 
3,340
 
Total Housing/Multifamily
         
3,568,442
 
     
Housing/Single Family – 6.1% (4.2% of Total Investments)
             
 
250
 
Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax)
 
6/13 at 100.00
Aaa
   
251,568
 
 
2,600
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2005C-2, 4.750%, 10/01/32 (Alternative Minimum Tax)
 
1/15 at 100.00
AAA
   
2,660,814
 
 
3,615
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006 D1, 4.900%, 1/01/33 (Alternative Minimum Tax)
 
7/15 at 100.00
AAA
   
3,741,272
 

50
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
   
Value
 
     
Housing/Single Family (continued)
             
$
2,740
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum Tax)
 
7/15 at 100.00
AAA
 
$
2,842,038
 
 
7,900
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum Tax)
 
7/16 at 100.00
AAA
   
8,209,600
 
 
17,105
 
Total Housing/Single Family
         
17,705,292
 
     
Long-Term Care – 8.9% (6.1% of Total Investments)
             
 
2,000
 
Albemarle County Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Westminster-Cantebury of the Blue Ridge, Series 2007, 5.000%, 1/01/31
 
1/17 at 100.00
N/R
   
2,063,220
 
 
1,000
 
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.625%, 12/01/39
 
12/15 at 100.00
N/R
   
1,017,780
 
 
5,585
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37
 
10/17 at 100.00
BBB
   
5,855,984
 
     
Fairfax County Economic Development Authority, Virginia, Retirement Center Revenue Bonds, Greenspring Village, Series 2006A:
             
 
1,000
 
4.750%, 10/01/26
 
10/16 at 100.00
A
   
1,059,500
 
 
800
 
4.875%, 10/01/36
 
10/16 at 100.00
A
   
839,280
 
     
Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Series 2006:
             
 
100
 
5.000%, 10/01/27
 
10/17 at 100.00
BBB
   
102,636
 
 
4,740
 
5.000%, 10/01/35
 
10/35 at 100.00
BBB
   
4,863,335
 
 
3,590
 
Industrial Development Authority of the County of Prince William, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake, First Mortgage, Series 2006, 5.125%, 1/01/26
 
1/17 at 100.00
N/R
   
2,754,535
 
 
2,000
 
James City County Industrial Development Authority, Virginia, Residential Care Facility First Mortgage Revenue Refunding Bonds, Williamsburg Landing Inc., Series 2003A, 6.000%, 3/01/23
 
3/13 at 100.00
N/R
   
2,008,180
 
 
1,000
 
Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 12/01/27
 
12/22 at 100.00
N/R
   
1,022,110
 
 
1,500
 
Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39
 
12/16 at 100.00
N/R
   
1,508,100
 
 
1,000
 
Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31
 
9/16 at 100.00
N/R
   
1,036,700
 
 
1,000
 
Virginia Beach Development Authority, Virginia, Residential Care Facility Mortgage Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2005, 5.000%, 11/01/22
 
11/15 at 100.00
N/R
   
1,037,600
 
 
500
 
Winchester Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster-Canterbury of Winchester Inc., Series 2005A, 5.200%, 1/01/27
 
1/15 at 100.00
BBB+
   
518,095
 
 
25,815
 
Total Long-Term Care
         
25,687,055
 
     
Tax Obligation/General – 12.7% (8.7% of Total Investments)
             
 
1,440
 
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25
 
7/20 at 100.00
Aa3
   
1,791,158
 
 
3,560
 
Chesterfield County, Virginia, General Obligation Public Improvement Bonds, Series 2009A, 5.000%, 1/01/13
 
No Opt. Call
AAA
   
3,574,916
 
 
1,000
 
Hampton, Virginia, General Obligation Bonds, Series 1998, 5.000%, 1/15/13
 
No Opt. Call
AA+
   
1,006,070
 
 
1,000
 
Loudoun County, Virginia, General Obligation Bonds, Public Improvement Series 2009A, 4.000%, 7/01/14
 
No Opt. Call
AAA
   
1,059,080
 
 
1,700
 
Loudoun County, Virginia, General Obligation Bonds, Series 2006B, 5.000%, 12/01/25
 
12/16 at 100.00
AAA
   
1,973,054
 
 
1,000
 
Newport News, Virginia, General Obligation Bonds, Series 2004B, 5.000%, 1/15/13
 
No Opt. Call
Aa1
   
1,006,070
 
 
6,050
 
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34
 
7/20 at 100.00
AA
   
7,137,608
 
 
1,280
 
Portsmouth, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 4/01/15 – NPFG Insured
 
No Opt. Call
AA
   
1,415,181
 
 
380
 
Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 4.750%, 12/01/15 – NPFG Insured
 
12/13 at 100.00
BBB
   
391,115
 
 
610
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 1998, 6.000%, 7/01/15 – NPFG Insured
 
No Opt. Call
Baa1
   
662,423
 
 
740
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
Baa1
   
828,941
 
 
560
 
Puerto Rico, General Obligation Bonds, Series 2004A, 5.000%, 7/01/15 – AGM Insured
 
7/14 at 100.00
AA–
   
592,463
 

Nuveen Investments
 
51

 
 

 

   
Nuveen Virginia Premium Income Municipal Fund (continued)
NPV
 
Portfolio of Investments
   
November 30, 2012 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/General (continued)
           
$
895
 
Richmond, Virginia, General Obligation Bonds, Refunding & Improvement Series 2012B, 2.000%, 7/15/13
 
No Opt. Call
AA+
$
905,230
 
 
1,535
 
Suffolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 12/01/15
 
No Opt. Call
AA+
 
1,740,122
 
 
2,000
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2003B, 5.000%, 5/01/15
 
5/13 at 100.00
AAA
 
2,039,960
 
     
Virginia Beach, Virginia, General Obligation Bonds, Series 2008:
           
 
4,500
 
5.000%, 10/01/26 (UB)
 
10/17 at 100.00
AAA
 
5,276,745
 
 
4,500
 
5.000%, 10/01/27 (UB)
 
10/17 at 100.00
AAA
 
5,276,745
 
 
32,750
 
Total Tax Obligation/General
       
36,676,881
 
     
Tax Obligation/Limited – 33.1% (22.7% of Total Investments)
           
 
200
 
Bell Creek Community Development Authority, Virginia, Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22
 
3/13 at 101.00
N/R
 
202,664
 
     
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:
           
 
665
 
5.250%, 7/15/25 – ACA Insured
 
7/15 at 100.00
N/R
 
624,881
 
 
520
 
5.500%, 7/15/35 – ACA Insured
 
7/15 at 100.00
N/R
 
476,767
 
 
1,340
 
Culpeper Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities Project, Series 2005, 5.000%, 1/01/20 – NPFG Insured
 
1/15 at 100.00
AA-
 
1,464,245
 
 
1,375
 
Cumberland County, Virginia, Certificates of Participation, Series 1997, 6.375%, 7/15/17
 
No Opt. Call
N/R
 
1,534,294
 
 
2,300
 
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%, 5/15/18
 
5/16 at 100.00
AA+
 
2,606,659
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
           
 
1,020
 
5.000%, 1/01/31
 
1/22 at 100.00
A
 
1,178,090
 
 
500
 
5.250%, 1/01/36
 
1/22 at 100.00
A
 
578,755
 
 
5,600
 
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005, 5.000%, 6/15/30 – NPFG Insured
 
6/15 at 100.00
A+
 
6,061,384
 
 
1,270
 
James City County Economic Development Authority, Virginia, Lease Revenue Bonds, County Government Projects, Series 2005, 5.000%, 7/15/19
 
7/15 at 100.00
AA+
 
1,410,310
 
 
890
 
Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29
 
2/18 at 100.00
AA–
 
1,000,227
 
 
580
 
Prince William County, Virginia, Certificates of Participation, County Facilities, Series 2005, 5.000%, 6/01/20 – AMBAC Insured
 
6/15 at 100.00
Aa1
 
640,303
 
 
2,895
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.000%, 7/01/32 – AGM Insured
 
1/13 at 100.00
AA–
 
2,897,113
 
 
680
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.000%, 7/01/33
 
7/13 at 100.00
Baa1
 
680,884
 
     
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
           
 
545
 
5.500%, 7/01/29 – AMBAC Insured
 
No Opt. Call
Baa1
 
622,319
 
 
1,465
 
5.250%, 7/01/30 – AMBAC Insured
 
No Opt. Call
Baa1
 
1,619,162
 
 
5,565
 
5.250%, 7/01/31 – AMBAC Insured
 
No Opt. Call
Baa1
 
6,142,369
 
 
955
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 1998, 5.000%, 7/01/28
 
1/13 at 100.00
Baa1
 
955,306
 
     
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003:
           
 
1,000
 
5.250%, 7/01/15 – FGIC Insured
 
7/13 at 100.00
Baa2
 
1,027,520
 
 
1,500
 
5.250%, 7/01/17 – FGIC Insured
 
7/13 at 100.00
Baa2
 
1,541,280
 
     
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
           
 
5,000
 
0.000%, 7/01/29 – AMBAC Insured
 
No Opt. Call
BBB+
 
2,081,200
 
 
5,000
 
0.000%, 7/01/43 – AMBAC Insured
 
No Opt. Call
BBB+
 
765,650
 
     
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C:
           
 
2,000
 
5.500%, 7/01/26 – AMBAC Insured
 
No Opt. Call
BBB+
 
2,202,640
 
 
5,875
 
0.000%, 7/01/28 – AMBAC Insured
 
No Opt. Call
BBB+
 
2,609,616
 
 
2,900
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 6.000%, 7/01/27 – NPFG Insured
 
7/18 at 100.00
Baa1
 
3,168,714
 
     
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D:
           
 
665
 
5.250%, 7/01/27
 
1/13 at 100.00
BBB
 
666,037
 
 
320
 
5.250%, 7/01/36
 
1/13 at 100.00
BBB
 
320,077
 

52
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
           
$
1,190
 
5.750%, 8/01/37
 
8/19 at 100.00
A+
$
1,328,111
 
 
3,400
 
6.000%, 8/01/42
 
8/19 at 100.00
A+
 
3,861,482
 
 
3,705
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42
 
2/20 at 100.00
A+
 
4,020,592
 
 
3,195
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
 
8/20 at 100.00
A+
 
3,685,049
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
AA–
 
2,174,800
 
 
1,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 6.250%, 7/01/13
 
No Opt. Call
A3
 
1,029,710
 
 
5
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured
 
No Opt. Call
A3
 
5,647
 
     
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB:
           
 
1,080
 
5.250%, 7/01/17 – AMBAC Insured
 
No Opt. Call
A3
 
1,189,685
 
 
1,290
 
5.250%, 7/01/22 – AGM Insured
 
No Opt. Call
AA–
 
1,512,615
 
     
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC:
           
 
760
 
5.500%, 7/01/28 – NPFG Insured
 
No Opt. Call
A3
 
871,667
 
 
1,000
 
5.500%, 7/01/30 – AGM Insured
 
No Opt. Call
AA–
 
1,201,510
 
 
2,490
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
 
8/16 at 100.00
Baa2
 
2,735,713
 
 
500
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
 
2/17 at 100.00
BBB
 
533,740
 
 
5,000
 
Stafford County Economic Development Authority, Virginia, Public Project Lease Revenue Bonds, Series 2008, 5.000%, 4/01/33 – AGC Insured (UB)
 
4/18 at 100.00
AA
 
5,728,200
 
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/25
 
10/19 at 100.00
BBB+
 
1,109,370
 
 
1,950
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
 
10/20 at 100.00
Baa2
 
2,174,231
 
 
1,665
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-3B, 13.345%, 2/01/27 (IF) (4)
 
2/19 at 100.00
AA+
 
2,740,091
 
 
1,665
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-4B, 13.425%, 2/01/28 (IF) (4)
 
2/19 at 100.00
AA+
 
2,743,387
 
 
2,100
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2010A, 5.000%, 2/01/13
 
No Opt. Call
AA+
 
2,117,283
 
 
985
 
Virginia Gateway Community Development Authority, Prince William County, Special Assessment Bonds, Series 2003, 6.375%, 3/01/30
 
3/13 at 102.00
N/R
 
1,008,482
 
 
750
 
Virginia Public School Authority, Literary Trust Fund State Appropriation Bonds, School Technology Notes, Series 2008-VIII, 5.000%, 4/15/13
 
No Opt. Call
AA+
 
763,680
 
 
1,500
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2005B, 5.250%, 8/01/13
 
No Opt. Call
AA+
 
1,551,030
 
 
2,000
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2009C, 5.000%, 8/01/13
 
No Opt. Call
AA+
 
2,064,840
 
 
95
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Prerefunded-Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19
 
5/13 at 100.00
AA
 
95,372
 
 
600
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2010-A1, 5.000%, 5/15/13
 
No Opt. Call
AA+
 
613,308
 
 
2,000
 
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2004B, 5.000%, 5/15/15
 
5/14 at 100.00
AA+
 
2,136,960
 
 
1,275
 
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2007B, 5.000%, 5/15/13
 
No Opt. Call
AA+
 
1,303,280
 
 
104,825
 
Total Tax Obligation/Limited
       
95,378,301
 

Nuveen Investments
 
53
 
 
 

 

   
Nuveen Virginia Premium Income Municipal Fund (continued)
NPV
 
Portfolio of Investments
November 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Transportation – 19.0% (13.1% of Total Investments)
           
$
1,000
 
Capital Region Airport Authority, Richmond, Virginia, Revenue Bonds, Richmond International Airport, Series 2005A, 5.000%, 7/01/18 – AGM Insured
 
7/15 at 100.00
AA–
$
1,095,130
 
 
1,000
 
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Refunding Bonds, Series 1998, 5.500%, 7/01/25 – NPFG Insured
 
No Opt. Call
A–
 
1,213,540
 
 
4,125
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
 
7/28 at 100.00
BBB
 
2,638,598
 
     
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2:
           
 
4,000
 
0.000%, 10/01/26 – AGC Insured
 
No Opt. Call
AA–
 
2,267,440
 
 
11,825
 
0.000%, 10/01/34 – AGC Insured
 
No Opt. Call
AA–
 
4,349,590
 
 
1,135
 
0.000%, 10/01/36 – AGC Insured
 
No Opt. Call
AA–
 
374,788
 
 
5,010
 
0.000%, 10/01/39 – AGC Insured
 
No Opt. Call
AA–
 
1,330,556
 
 
750
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 10/01/26 (Alternative Minimum Tax)
 
10/20 at 100.00
AA–
 
880,035
 
 
1,200
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2009C, 5.000%, 10/01/28
 
10/18 at 100.00
AA–
 
1,404,768
 
     
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2010A:
           
 
3,000
 
5.000%, 10/01/30
 
10/20 at 100.00
AA–
 
3,543,510
 
 
275
 
5.000%, 10/01/35
 
10/20 at 100.00
AA–
 
320,554
 
 
2,500
 
Metropolitan Washington D.C. Airports Authority, System Revenue Bonds, Series 2007B, 5.000%, 10/01/35 – AMBAC Insured (Alternative Minimum Tax)
 
10/17 at 100.00
AA–
 
2,694,800
 
 
6,700
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
 
10/28 at 100.00
BBB+
 
6,189,527
 
 
3,000
 
Norfolk, Virginia, Parking System Revenue Bonds, Series 2005A, 5.000%,
2/01/23 – NPFG Insured
 
2/15 at 100.00
BBB
 
3,132,660
 
 
3,000
 
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured
 
No Opt. Call
A–
 
3,558,930
 
 
3,195
 
Virginia Port Authority, Port Facilities Revenue Refunding Bonds Series 2010, 5.000%, 7/01/40
 
7/19 at 100.00
Aa3
 
3,628,370
 
 
3,415
 
Virginia Port Authority, Revenue Bonds, Port Authority Facilities, Series 2006, 5.000%, 7/01/36 – FGIC Insured (Alternative Minimum Tax)
 
7/13 at 100.00
Aa3
 
3,454,990
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
           
 
500
 
5.250%, 1/01/32 (Alternative Minimum Tax)
 
7/22 at 100.00
BBB–
 
557,775
 
 
5,000
 
6.000%, 1/01/37 (Alternative Minimum Tax)
 
7/22 at 100.00
BBB–
 
5,872,300
 
 
5,500
 
5.500%, 1/01/42 (Alternative Minimum Tax)
 
7/22 at 100.00
BBB–
 
6,216,815
 
 
66,130
 
Total Transportation
       
54,724,676
 
     
U.S. Guaranteed – 21.4% (14.7% of Total Investments) (5)
           
 
1,750
 
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 – AGM Insured (ETM)
 
No Opt. Call
AA– (5)
 
2,205,928
 
 
1,000
 
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM Insured (ETM)
 
No Opt. Call
AA– (5)
 
1,214,040
 
     
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2003:
           
 
1,705
 
5.250%, 7/15/14 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
BBB (5)
 
1,756,815
 
 
1,800
 
5.250%, 7/15/15 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
BBB (5)
 
1,854,702
 
 
2,775
 
5.250%, 7/15/23 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
BBB (5)
 
2,859,332
 
 
1,122
 
Broad Street Community Development Authority, Virginia, Revenue Bonds, Series 2003, 7.500%, 6/01/33 (Pre-refunded 6/01/13)
 
6/13 at 102.00
N/R (5)
 
1,181,791
 
     
Chesapeake, Virginia, General Obligation Bonds, Water and Sewerage Series 2003B:
           
 
1,880
 
5.000%, 6/01/21 (Pre-refunded 6/01/13)
 
6/13 at 100.00
AA+ (5)
 
1,925,440
 
 
2,060
 
5.000%, 6/01/23 (Pre-refunded 6/01/13)
 
6/13 at 100.00
AA+ (5)
 
2,109,790
 
     
Dinwiddie County Industrial Development Authority, Virginia, Lease Revenue Bonds, Refunding Series 2004B:
           
 
1,000
 
5.125%, 2/15/16 (Pre-refunded 2/15/14) – NPFG Insured
 
2/14 at 100.00
A+ (5)
 
1,057,560
 
 
750
 
5.000%, 2/15/24 (Pre-refunded 2/15/14) – NPFG Insured
 
2/14 at 100.00
A+ (5)
 
792,510
 

54
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
U.S. Guaranteed (5) (continued)
           
     
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Laurel Hill Public Facilities Projects, Series 2003:
           
$
2,210
 
5.000%, 6/01/14 (Pre-refunded 6/01/13)
 
6/13 at 101.00
AA+ (5)
$
2,285,162
 
 
1,165
 
5.000%, 6/01/22 (Pre-refunded 6/01/13)
 
6/13 at 101.00
AA+ (5)
 
1,204,622
 
 
1,660
 
Front Royal and Warren County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2004B, 5.000%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
AA– (5)
 
1,761,642
 
 
3,850
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 (Pre-refunded 1/15/13) – AMBAC Insured
 
1/13 at 100.00
Aa3 (5)
 
3,873,639
 
     
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Refunding Bonds, Public Facility Project, Series 2003:
           
 
385
 
5.000%, 3/01/19 (Pre-refunded 3/01/13)
 
3/13 at 100.00
N/R (5)
 
389,662
 
 
1,415
 
5.000%, 3/01/19 (Pre-refunded 3/01/13)
 
3/13 at 100.00
AA+ (5)
 
1,432,249
 
 
1,000
 
Loudoun County Sanitation Authority, Virginia, Water and Sewerage System Revenue Bonds, Series 2004, 5.000%, 1/01/26 (Pre-refunded 1/01/15)
 
1/15 at 100.00
AAA
 
1,095,790
 
 
500
 
Loudoun County, Virginia, General Obligation Public Improvement Bonds, Series 2005B, 5.000%, 6/01/18 (Pre-refunded 6/01/15)
 
6/15 at 100.00
AAA
 
557,460
 
 
1,185
 
Lynchburg, Virginia, General Obligation Bonds, Series 2004, 5.000%, 6/01/21 (Pre-refunded 6/01/14)
 
6/14 at 100.00
AA+ (5)
 
1,267,464
 
 
1,000
 
Newport News, Virginia, General Obligation Bonds, Series 2003B, 5.000%, 11/01/22 (Pre-refunded 11/01/13)
 
11/13 at 100.00
Aa1 (5)
 
1,043,670
 
 
2,145
 
Newport News, Virginia, General Obligation Bonds, Series 2004C, 5.000%, 5/01/16 (Pre-refunded 5/01/14)
 
5/14 at 101.00
Aa1 (5)
 
2,309,951
 
 
1,015
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%, 12/01/18 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Aaa
 
1,062,959
 
 
145
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured (ETM)
 
No Opt. Call
BBB (5)
 
183,382
 
 
710
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured (ETM)
 
No Opt. Call
AA– (5)
 
951,769
 
 
1,480
 
Richmond, Virginia, General Obligation Bonds, Series 2004A, 5.000%, 7/15/21 (Pre-refunded 7/15/14) – AGM Insured
 
7/14 at 100.00
AA+ (5)
 
1,593,723
 
 
620
 
Richmond, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 7/15/17 (Pre-refunded 7/15/15) – AGM Insured
 
7/15 at 100.00
AA+ (5)
 
694,623
 
     
Spotsylvania County Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities, Series 2003B:
           
 
1,110
 
4.375%, 8/01/20 (Pre-refunded 8/01/13) – AMBAC Insured
 
8/13 at 100.00
N/R (5)
 
1,140,014
 
 
2,000
 
5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured
 
8/13 at 100.00
N/R (5)
 
2,064,100
 
 
710
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 (Pre-refunded 8/01/16) – NPFG Insured
 
8/16 at 100.00
Baa2 (5)
 
822,698
 
 
1,000
 
Staunton, Virginia, General Obligation Bonds, Series 2004, 6.250%, 2/01/25 (Pre-refunded 2/01/14) – AMBAC Insured
 
2/14 at 101.00
Aa2 (5)
 
1,080,020
 
 
1,260
 
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Series 2003B, 5.000%, 6/01/21 (Pre-refunded 6/01/13)
 
6/13 at 100.00
N/R (5)
 
1,289,938
 
     
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005:
           
 
6,510
 
5.500%, 6/01/26 (Pre-refunded 6/01/15)
 
6/15 at 100.00
Aaa
 
7,028,716
 
 
1,510
 
5.625%, 6/01/37 (Pre-refunded 6/01/15)
 
6/15 at 100.00
Aaa
 
1,702,963
 
 
2,295
 
Virginia Beach Development Authority, Public Facilities Revenue Bonds, Series 2005A, 5.000%, 5/01/22 (Pre-refunded 5/01/15)
 
5/15 at 100.00
AA+ (5)
 
2,550,227
 
 
2,100
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2005, 5.000%, 1/15/20 (Pre-refunded 1/15/16)
 
1/16 at 100.00
AAA
 
2,395,659
 
 
2,540
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2005C, 5.000%, 8/01/17 (Pre-refunded 8/01/15)
 
8/15 at 100.00
AA+ (5)
 
2,843,428
 
 
57,362
 
Total U.S. Guaranteed
       
61,583,438
 

Nuveen Investments
 
55

 
 

 

   
Nuveen Virginia Premium Income Municipal Fund (continued)
NPV
 
Portfolio of Investments
November 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Utilities – 0.7% (0.5% of Total Investments)
           
$
395
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
BBB
$
451,315
 
 
635
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007UU, 5.000%, 7/01/19 – NPFG Insured
 
No Opt. Call
BBB+
 
714,610
 
 
730
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24
 
7/17 at 100.00
Baa3
 
781,115
 
 
1,760
 
Total Utilities
       
1,947,040
 
     
Water and Sewer – 4.6% (3.2% of Total Investments)
           
     
Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001:
           
 
1,265
 
5.500%, 11/15/17 – AGM Insured
 
No Opt. Call
AA–
 
1,495,091
 
 
3,000
 
5.500%, 11/15/19 – AGM Insured
 
No Opt. Call
AA–
 
3,720,660
 
 
3,300
 
Virginia Beach, Virginia, Water and Sewer System Revenue Bonds, Series 2005, 5.000%, 10/01/30
 
10/15 at 100.00
AAA
 
3,670,623
 
 
3,050
 
Virginia State Resources Authority, Clean Water Revenue Bonds, Series 2007, Trust 3036, 13.478%, 10/01/15 (IF)
 
No Opt. Call
AAA
 
4,374,981
 
 
10,615
 
Total Water and Sewer
       
13,261,355
 
$
474,242
 
Total Investments (cost $385,187,332) – 145.5%
       
419,181,126
 
     
Floating Rate Obligations – (3.2)%
       
(9,250,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (44.2)% (6)
       
(127,408,000
     
Other Assets Less Liabilities – 1.9%
       
5,586,076
 
     
Net Assets Applicable to Common Shares – 100%
     
$
288,109,202
 
 
(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)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
 
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.
(6)
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.4%
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
56
 
Nuveen Investments
 
 
 

 

   
Statement of
   
Assets & Liabilities
November 30, 2012 (Unaudited)
 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Assets
                               
Investments, at value (cost $204,334,229, $513,767,502, $50,078,529, $373,563,385 and $385,187,332, respectively)
 
$
224,877,334
 
$
558,920,541
 
$
54,080,244
 
$
408,410,435
 
$
419,181,126
 
Cash
   
2,665,313
   
2,194,677
   
1,157,243
   
2,020,826
   
 
Receivables:
                               
Interest
   
3,585,693
   
8,858,267
   
755,723
   
6,036,807
   
6,285,561
 
Investments sold
   
11,122,056
   
9,296,046
   
10,000
   
6,538,253
   
980,212
 
Deferred offering costs
   
848,165
   
2,170,993
   
354,584
   
1,595,582
   
1,251,904
 
Other assets
   
3,996
   
9,061
   
2,028
   
7,901
   
7,716
 
Total assets
   
243,102,557
   
581,449,585
   
56,359,822
   
424,609,804
   
427,706,519
 
Liabilities
                               
Cash overdraft
   
   
   
   
   
675,904
 
Floating rate obligations
   
3,245,000
   
21,995,000
   
2,225,000
   
23,715,000
   
9,250,000
 
Payables:
                               
Common share dividends
   
588,770
   
1,567,384
   
133,330
   
946,717
   
1,103,869
 
Investments purchased
   
2,906,589
   
4,570,071
   
768,495
   
12,416,898
   
39,123
 
Interest
   
165,513
   
374,966
   
31,290
   
272,738
   
279,882
 
Offering costs
   
   
276,836
   
70,439
   
236,204
   
84,870
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
74,945,000
   
166,144,000
   
17,880,000
   
124,860,000
   
127,408,000
 
Accrued expenses:
                               
Management fees
   
120,541
   
279,366
   
26,776
   
192,092
   
211,524
 
Trustees fees
   
850
   
2,946
   
192
   
2,124
   
2,210
 
Reorganization
   
457,941
   
423,994
   
   
555,890
   
361,561
 
Other
   
79,705
   
242,950
   
42,503
   
123,437
   
180,374
 
Total liabilities
   
82,509,909
   
195,877,513
   
21,178,025
   
163,321,100
   
139,597,317
 
Net assets applicable to Common shares
 
$
160,592,648
 
$
385,572,072
 
$
35,181,797
 
$
261,288,704
 
$
288,109,202
 
Common shares outstanding
   
10,548,246
   
24,104,666
   
2,325,827
   
16,548,509
   
17,922,209
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
15.22
 
$
16.00
 
$
15.13
 
$
15.79
 
$
16.08
 
Net assets applicable to Common shares consist of:
                               
Common shares, $.01 par value per share
 
$
105,482
 
$
241,047
 
$
23,258
 
$
165,485
 
$
179,222
 
Paid-in surplus
   
142,408,155
   
338,844,434
   
31,017,899
   
226,672,890
   
252,105,107
 
Undistributed (Over-distribution of) net investment income
   
128,564
   
2,560,296
   
316,785
   
(260,348
)
 
1,182,113
 
Accumulated net realized gain (loss)
   
(2,592,658
)
 
(1,226,744
)
 
(177,860
)
 
(136,373
)
 
648,966
 
Net unrealized appreciation (depreciation)
   
20,543,105
   
45,153,039
   
4,001,715
   
34,847,050
   
33,993,794
 
Net assets applicable to Common shares
 
$
160,592,648
 
$
385,572,072
 
$
35,181,797
 
$
261,288,704
 
$
288,109,202
 
Authorized shares:
                               
Common
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
57

 
 

 

   
Statement of
   
Operations
 
Six Months Ended November 30, 2012
(Unaudited)
 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Investment Income
 
$
4,767,147
 
$
10,502,805
 
$
1,255,777
 
$
7,491,348
 
$
7,841,460
 
Expenses
                               
Management fees
   
644,783
   
1,364,125
   
162,244
   
1,020,127
   
1,053,662
 
Shareholder servicing agent fees and expenses
   
23,112
   
35,413
   
9,557
   
33,528
   
27,108
 
Interest expense and amortization of offering costs
   
1,034,375
   
2,209,689
   
247,757
   
1,785,125
   
1,638,504
 
Custodian fees and expenses
   
15,811
   
20,584
   
6,486
   
25,698
   
20,661
 
Trustees fees and expenses
   
2,948
   
6,164
   
758
   
4,800
   
4,758
 
Professional fees
   
17,688
   
14,806
   
12,245
   
22,560
   
12,424
 
Shareholder reporting expenses
   
71,347
   
52,259
   
12,931
   
110,665
   
34,156
 
Stock exchange listing fees
   
7,794
   
9,248
   
7,649
   
19,235
   
9,834
 
Investor relations expense
   
11,124
   
13,604
   
2,906
   
18,195
   
8,322
 
Reorganization expenses
   
14,627
   
   
   
6,211
   
 
Other expenses
   
22,584
   
10,687
   
12,079
   
24,993
   
10,860
 
Total expenses before custodian fee credit
   
1,866,193
   
3,736,579
   
474,612
   
3,071,137
   
2,820,289
 
Custodian fee credit
   
(1,026
)
 
(771
)
 
(146
)
 
(1,608
)
 
(855
)
Net expenses
   
1,865,167
   
3,735,808
   
474,466
   
3,069,529
   
2,819,434
 
Net investment income (loss)
   
2,901,980
   
6,766,997
   
781,311
   
4,421,819
   
5,022,026
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from investments
   
56,392
   
216,464
   
6,355
   
243,255
   
266,647
 
Change in net unrealized appreciation (depreciation) of investments
   
5,843,955
   
6,092,466
   
1,236,037
   
8,793,633
   
7,235,607
 
Net realized and unrealized gain (loss)
   
5,900,347
   
6,308,930
   
1,242,392
   
9,036,888
   
7,502,254
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
8,802,327
 
$
13,075,927
 
$
2,023,703
 
$
13,458,707
 
$
12,524,280
 
 
See accompanying notes to financial statements.
 
58
 
Nuveen Investments

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)
 
   
Georgia Dividend Advantage 2 (NKG)
 
Maryland Premium Income (NMY)
 
Missouri Premium Income (NOM)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
11/30/12
 
5/31/12
 
11/30/12
 
5/31/12
 
11/30/12
 
5/31/12
 
Operations
                                     
Net investment income (loss)
 
$
2,901,980
 
$
2,794,038
 
$
6,766,997
 
$
7,296,589
 
$
781,311
 
$
1,601,799
 
Net realized gain (loss) from investments
   
56,392
   
242,277
   
216,464
   
98,201
   
6,355
   
29,398
 
Change in net unrealized appreciation (depreciation) of investments
   
5,843,955
   
4,370,828
   
6,092,466
   
14,845,670
   
1,236,037
   
3,488,918
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
8,802,327
   
7,407,143
   
13,075,927
   
22,240,460
   
2,023,703
   
5,120,115
 
Distributions to Common Shareholders
                                     
From net investment income
   
(2,982,972
)
 
(3,157,205
)
 
(6,594,027
)
 
(8,215,471
)
 
(850,984
)
 
(1,810,947
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(2,982,972
)
 
(3,157,205
)
 
(6,594,027
)
 
(8,215,471
)
 
(850,984
)
 
(1,810,947
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations(1)
   
87,714,734
   
   
211,807,271
   
   
   
 
Net proceeds issued to shareholders due to reinvestment of distributions
   
19,647
   
12,432
   
75,351
   
100,957
   
30,111
   
74,892
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
87,734,381
   
12,432
   
211,882,622
   
100,957
   
30,111
   
74,892
 
Net increase (decrease) in net assets applicable to Common shares
   
93,553,736
   
4,262,370
   
218,364,522
   
14,125,946
   
1,202,830
   
3,384,060
 
Net assets applicable to Common shares at the beginning of period
   
67,038,912
   
62,776,542
   
167,207,550
   
153,081,604
   
33,978,967
   
30,594,907
 
Net assets applicable to Common shares at the end of period
 
$
160,592,648
 
$
67,038,912
 
$
385,572,072
 
$
167,207,550
 
$
35,181,797
 
$
33,978,967
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
128,564
 
$
209,556
 
$
2,560,296
 
$
2,387,326
 
$
316,785
 
$
386,458
 
 
(1) Refer to Footnote 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
59

 
 

 

   
Statement of
   
Changes in Net Assets (continued)
 
   
North Carolina Premium Income (NNC)
 
Virginia Premium Income (NPV)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
11/30/12
 
5/31/12
 
11/30/12
 
5/31/12
 
Operations
                         
Net investment income (loss)
 
$
4,421,819
 
$
3,645,610
 
$
5,022,026
 
$
6,106,911
 
Net realized gain (loss) from investments
   
243,255
   
158,661
   
266,647
   
336,954
 
Change in net unrealized appreciation (depreciation) of investments
   
8,793,633
   
6,853,662
   
7,235,607
   
11,664,825
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
13,458,707
   
10,657,933
   
12,524,280
   
18,108,690
 
Distributions to Common Shareholders
                         
From net investment income
   
(5,120,761
)
 
(4,508,294
)
 
(4,866,379
)
 
(7,259,759
)
From accumulated net realized gains
   
   
   
   
(214,014
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(5,120,761
)
 
(4,508,294
)
 
(4,866,379
)
 
(7,473,773
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganizations(1)
   
155,423,952
   
   
139,077,537
   
 
Net proceeds issued to shareholders due to reinvestment of distributions
   
29,851
   
91,188
   
274,869
   
432,067
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
155,453,803
   
91,188
   
139,352,406
   
432,067
 
Net increase (decrease) in net assets applicable to Common shares
   
163,791,749
   
6,240,827
   
147,010,307
   
11,066,984
 
Net assets applicable to Common shares at the beginning of period
   
97,496,955
   
91,256,128
   
141,098,895
   
130,031,911
 
Net assets applicable to Common shares at the end of period
 
$
261,288,704
 
$
97,496,955
 
$
288,109,202
 
$
141,098,895
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
(260,348
)
$
438,594
 
$
1,182,113
 
$
1,026,466
 
 
(1) Refer to Footnote 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
60
 
Nuveen Investments

 
 

 

   
Statement of
   
Cash Flows
 
Six Months Ended November 30, 2012
(Unaudited)
 
     
Georgia
   
Maryland
   
Missouri
 
     
Dividend
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
8,802,327
 
$
13,075,927
 
$
2,023,703
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(14,203,764
)
 
(48,593,115
)
 
(1,580,078
)
Proceeds from sales and maturities of investments
   
18,605,000
   
49,971,475
   
1,830,000
 
Assets and (Liabilities) acquired in the Reorganization, net
   
(35,001,647
)
 
(82,738,631
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
119,418
   
247,840
   
39,002
 
(Increase) Decrease in:
                   
Receivable for interest
   
(2,028,898
)
 
(4,658,743
)
 
(25,873
)
Receivable for investments sold
   
(11,122,056
)
 
(6,106,671
)
 
5,000
 
Other assets
   
7,606
   
19,335
   
8,162
 
Increase (Decrease) in:
                   
Payable for interest
   
87,127
   
185,558
   
(3,129
)
Payable for investments purchased
   
2,906,589
   
4,152,000
   
284,703
 
Accrued management fees
   
66,925
   
149,178
   
(545
)
Accrued Trustees fees
   
460
   
2,001
   
(11
)
Accrued other expenses
   
(83,609
)
 
(180,848
)
 
2,731
 
Net realized (gain) loss from investments
   
(56,392
)
 
(216,464
)
 
(6,355
)
Change in net unrealized (appreciation) depreciation of investments
   
(5,843,955
)
 
(6,092,466
)
 
(1,236,037
)
Taxes paid on undistributed capital gains
   
(1,471
)
 
(14,666
)
 
 
Net cash provided by (used in) operating activities
   
(37,746,340
)
 
(80,798,290
)
 
1,341,273
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(454,044
)
 
(1,054,438
)
 
59,205
 
Increase (Decrease) in:
                   
Cash overdraft balance
   
   
(2,439,861
)
 
 
Payable for offering costs
   
(16,250
)
 
107,398
   
1,882
 
Accrued reorganization expense
   
457,941
   
423,994
   
 
MTP Shares, at liquidation value
   
42,680,000
   
91,551,000
   
 
Cash distributions paid to Common shareholders
   
(2,624,137
)
 
(5,595,126
)
 
(828,678
)
Net cash provided by (used in) financing activities
   
40,043,510
   
82,992,967
   
(767,591
)
Net Increase (Decrease) in Cash
   
2,297,170
   
2,194,677
   
573,682
 
Cash at the beginning of period
   
368,143
   
   
583,561
 
Cash at the End of Period
 
$
2,665,313
 
$
2,194,677
 
$
1,157,243
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:
 
     
Georgia
   
Maryland
   
Missouri
 
     
Dividend
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
   
$
19,647
 
$
75,351
 
$
30,111
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:
 
     
Georgia
   
Maryland
   
Missouri
 
     
Dividend
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
   
$
788,078
 
$
1,698,777
 
$
191,682
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
61

 
 

 

   
Statement of
   
Cash Flows (Unaudited) (continued)
 
     
North
       
     
Carolina
   
Virginia
 
     
Premium
   
Premium
 
     
Income
   
Income
 
     
(NNC
)
 
(NPV
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
13,458,707
 
$
12,524,280
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(41,460,121
)
 
(38,770,334
)
Proceeds from sales and maturities of investments
   
29,090,450
   
36,889,500
 
Assets and (Liabilities) acquired in Reorganization, net
   
(63,243,549
)
 
(62,237,994
)
Amortization (Accretion) of premiums and discounts, net
   
445,884
   
145,478
 
(Increase) Decrease in:
             
Receivable for interest
   
(3,597,245
)
 
(3,249,725
)
Receivable for investments sold
   
(2,256,255
)
 
1,095,898
 
Other assets
   
18,116
   
20,263
 
Increase (Decrease) in:
             
Payable for interest
   
152,852
   
141,408
 
Payable for investments purchased
   
11,062,590
   
(589,820
)
Accrued management fees
   
113,802
   
101,995
 
Accrued Trustees fees
   
1,546
   
1,417
 
Accrued other expenses
   
(272,371
)
 
(214,983
)
Net realized (gain) loss from investments
   
(243,255
)
 
(266,647
)
Change in net unrealized (appreciation) depreciation of investments
   
(8,793,633
)
 
(7,235,607
)
Taxes paid on undistributed capital gains
   
(3,235
)
 
(30,202
)
Net cash provided by (used in) operating activities
   
(65,525,717
)
 
(61,675,073
)
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
(740,898
)
 
(441,608
)
Increase (Decrease) in:
             
Cash overdraft balance
   
(2,841,072
)
 
(93,029
)
Payable for offering costs
   
32,122
   
(117,700
)
Accrued reorganization expense
   
555,890
   
361,561
 
MTP Shares, at liquidation value
   
75,025,000
   
66,000,000
 
Cash distributions paid to Common shareholders
   
(4,484,499
)
 
(4,034,151
)
Net cash provided by (used in) financing activities
   
67,546,543
   
61,675,073
 
Net Increase (Decrease) in Cash
   
2,020,826
   
 
Cash at the beginning of period
   
   
 
Cash at the End of Period
 
$
2,020,826
 
$
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:
 
     
North
       
     
Carolina
   
Virginia
 
     
Premium
   
Premium
 
     
Income
   
Income
 
     
(NNC
)
 
(NPV
)
   
$
29,851
 
$
274,869
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:
 
     
North
       
     
Carolina
   
Virginia
 
     
Premium
   
Premium
 
     
Income
   
Income
 
     
(NNC
)
 
(NPV
)
   
$
1,344,573
 
$
1,213,142
 
 
See accompanying notes to financial statements.
 
62
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK
 
Nuveen Investments
 
63

 
 

 

   
Financial
   
Highlights (Unaudited)
     
 
Selected data for a Common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Georgia Dividend Advantage 2 (NKG)
                                                       
Year Ended 5/31:
                                                             
2013(g)
 
$
14.71
 
$
.31
 
$
.54
 
$
 
$
 
$
.85
 
$
(.34
)
$
 
$
(.34
)
$
15.22
 
$
15.23
 
2012
   
13.78
   
.61
   
1.01
   
   
   
1.62
   
(.69
)
 
   
(.69
)
 
14.71
   
14.73
 
2011
   
14.21
   
.65
   
(.36
)
 
   
   
.29
   
(.72
)
 
   
(.72
)
 
13.78
   
13.92
 
2010
   
13.27
   
.78
   
.87
   
(.02
)
 
   
1.63
   
(.69
)
 
   
(.69
)
 
14.21
   
14.00
 
2009
   
13.92
   
.87
   
(.73
)
 
(.16
)
 
   
(.02
)
 
(.63
)
 
   
(.63
)
 
13.27
   
11.88
 
2008
   
14.44
   
.88
   
(.50
)
 
(.26
)
 
   
.12
   
(.64
)
 
   
(.64
)
 
13.92
   
13.18
 
                                                                     
Maryland Premium Income (NMY)
                                                       
Year Ended 5/31:
                                                             
2013(g)
   
15.68
   
.28
   
.43
   
   
   
.71
   
(.39
)
 
   
(.39
)
 
16.00
   
15.95
 
2012
   
14.37
   
.68
   
1.40
   
   
   
2.08
   
(.77
)
 
   
(.77
)
 
15.68
   
15.64
 
2011
   
14.77
   
.80
   
(.43
)
 
(.01
)
 
   
.36
   
(.76
)
 
   
(.76
)
 
14.37
   
14.00
 
2010
   
13.58
   
.84
   
1.10
   
(.02
)
 
   
1.92
   
(.73
)
 
   
(.73
)
 
14.77
   
14.43
 
2009
   
14.19
   
.89
   
(.67
)
 
(.16
)
 
(.01
)
 
.05
   
(.63
)
 
(.03
)
 
(.66
)
 
13.58
   
12.68
 
2008
   
14.57
   
.88
   
(.41
)
 
(.24
)
 
   
.23
   
(.61
)
 
   
(.61
)
 
14.19
   
13.10
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
64
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)(e)
     
                                 
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(f)
Net
Investment
Income
(Loss)
 
Expenses
(f)
Net
Investment
Income
(Loss)
 
Portfolio
Turnover
Rate
 
                                                 
                                                 
   
5.80
%
 
5.86
%
$
160,593
   
2.69
%*
 
4.18
%*
 
N/A
   
N/A
   
7
%
   
11.12
   
12.04
   
67,039
   
2.95
   
4.30
   
N/A
   
N/A
   
11
 
   
4.84
   
2.13
   
62,777
   
2.79
   
4.64
   
2.75
%
 
4.68
%
 
4
 
   
24.23
   
12.54
   
64,721
   
1.75
   
5.43
   
1.59
   
5.59
   
3
 
   
(4.77
)
 
.20
   
60,419
   
1.42
   
6.54
   
1.13
   
6.84
   
13
 
   
(4.64
)
 
.89
   
63,402
   
1.23
   
5.82
   
.83
   
6.22
   
23
 
                                                 
                                                 
   
4.55
   
4.60
   
385,572
   
2.45
 
4.44
 
N/A
   
N/A
   
11
 
   
17.69
   
14.82
   
167,208
   
2.91
   
4.54
   
N/A
   
N/A
   
7
 
   
2.32
   
2.53
   
153,082
   
2.10
   
5.48
   
N/A
   
N/A
   
6
 
   
19.89
   
14.44
   
157,243
   
1.49
   
5.88
   
N/A
   
N/A
   
2
 
   
2.57
   
.66
   
144,504
   
1.35
   
6.80
   
N/A
   
N/A
   
5
 
   
(7.55
)
 
1.63
   
150,994
   
1.25
   
6.13
   
N/A
   
N/A
   
14
 
 
(c)
 
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”) and/or MTP Shares, where applicable.
(d)
 
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
 
After expense reimbursement from the Adviser, where applicable. As of September 30, 2010, the Adviser is no longer reimbursing Georgia Dividend Advantage 2 (NKG) for any fees and expenses.
(f)
 
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Georgia Dividend Advantage 2 (NKG)
       
Year Ended 5/31:
       
2013(g)
   
1.49
%*
2012
   
1.56
 
2011
   
1.60
 
2010
   
.55
 
2009
   
.10
 
2008
   
 

Maryland Premium Income (NMY)
       
Year Ended 5/31:
       
2013(g)
   
1.45
%*
2012
   
1.56
 
2011
   
1.00
 
2010
   
.32
 
2009
   
.05
 
2008
   
.01
 
 
(g)
 
For the six months ended November 30, 2012.
N/A
 
Fund does not have, or no longer has, a contractual reimbursement agreement with the Adviser.
*
 
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
65

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
     
 
Selected data for a Common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Missouri Premium Income (NOM)
                                                       
Year Ended 5/31:
                                                             
2013(f)
 
$
14.62
 
$
.34
 
$
.54
 
$
 
$
 
$
.88
 
$
(.37
)
$
 
$
(.37
)
$
15.13
 
$
17.40
 
2012
   
13.19
   
.69
   
1.52
   
   
   
2.21
   
(.78
)
 
   
(.78
)
 
14.62
   
16.90
 
2011
   
13.55
   
.78
   
(.35
)
 
(.01
)
 
   
.42
   
(.78
)
 
   
(.78
)
 
13.19
   
13.88
 
2010
   
12.44
   
.83
   
.99
   
(.03
)
 
   
1.79
   
(.68
)
 
   
(.68
)
 
13.55
   
16.50
 
2009
   
13.52
   
.85
   
(1.12
)
 
(.16
)
 
   
(.43
)
 
(.65
)
 
   
(.65
)
 
12.44
   
12.90
 
2008
   
14.27
   
.89
   
(.62
)
 
(.20
)
 
(.04
)
 
.03
   
(.65
)
 
(.13
)
 
(.78
)
 
13.52
   
14.76
 
                                                                     
North Carolina Premium Income (NNC)
                                                       
Year Ended 5/31:
                                                             
2013(f)
   
15.30
   
.27
   
.57
   
   
   
.84
   
(.35
)
 
   
(.35
)
 
15.79
   
15.80
 
2012
   
14.34
   
.57
   
1.10
   
   
   
1.67
   
(.71
)
 
   
(.71
)
 
15.30
   
15.97
 
2011
   
14.72
   
.69
   
(.32
)
 
(.01
)
 
   
.36
   
(.74
)
 
   
(.74
)
 
14.34
   
14.41
 
2010
   
13.78
   
.81
   
.87
   
(.03
)
 
   
1.65
   
(.71
)
 
   
(.71
)
 
14.72
   
15.37
 
2009
   
13.98
   
.85
   
(.27
)
 
(.17
)
 
   
.41
   
(.61
)
 
   
(.61
)
 
13.78
   
12.60
 
2008
   
14.36
   
.84
   
(.35
)
 
(.23
)
 
(.01
)
 
.25
   
(.59
)
 
(.04
)
 
(.63
)
 
13.98
   
13.30
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
66
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
     
                         
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
(Loss)
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
5.25
%
 
6.07
%
$
35,182
   
2.76
%*
 
4.54
%*
 
3
%
   
28.21
   
17.16
   
33,979
   
2.95
   
4.93
   
13
 
   
(11.29
)
 
3.22
   
30,595
   
2.30
   
5.90
   
11
 
   
34.31
   
14.69
   
31,348
   
1.37
   
6.37
   
7
 
   
(7.83
)
 
(2.92
)
 
28,734
   
1.55
   
6.96
   
2
 
   
(5.74
)
 
.26
   
31,170
   
1.52
   
6.43
   
5
 
                                     
                                     
   
1.21
   
5.56
   
261,289
   
2.75
 
3.95
 
9
 
   
16.23
   
11.88
   
97,497
   
3.28
   
3.85
   
18
 
   
(1.27
)
 
2.57
   
91,256
   
2.49
   
4.77
   
10
 
   
28.20
   
12.24
   
93,570
   
1.54
   
5.68
   
6
 
   
(.44
)
 
3.22
   
87,558
   
1.39
   
6.43
   
7
 
   
(2.52
)
 
1.76
   
88,827
   
1.39
   
5.94
   
6
 
 
(c)
 
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)
 
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
 
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Missouri Premium Income (NOM)
       
Year Ended 5/31:
       
2013(f)
   
1.44
%*
2012
   
1.55
 
2011
   
.93
 
2010
   
.03
 
2009
   
13
 
2008
   
.21
 

North Carolina Premium Income (NNC)
       
Year Ended 5/31:
       
2013(f)
   
1.60
%*
2012
   
1.71
 
2011
   
1.29
 
2010
   
.34
 
2009
   
.07
 
2008
   
.14
 
 
(f)
 
For the six months ended November 30, 2012.
*
 
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
67

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
     
 
Selected data for a Common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Virginia Premium Income (NPV)
                                                       
Year Ended 5/31:
                                                             
2013(f)
 
$
15.60
 
$
.34
 
$
.53
 
$
 
$
 
$
.87
 
$
(.39
)
$
 
$
(.39
)
$
16.08
 
$
16.54
 
2012
   
14.42
   
.68
   
1.32
   
   
   
2.00
   
(.80
)
 
(.02
)
 
(.82
)
 
15.60
   
17.05
 
2011
   
14.73
   
.77
   
(.27
)
 
(.01
)
 
   
.49
   
(.80
)
 
   
(.80
)
 
14.42
   
14.92
 
2010
   
13.76
   
.88
   
.93
   
(.03
)
 
   
1.78
   
(.81
)
 
   
(.81
)
 
14.73
   
15.85
 
2009
   
14.39
   
.90
   
(.66
)
 
(.15
)
 
(.02
)
 
.07
   
(.65
)
 
(.05
)
 
(.70
)
 
13.76
   
14.36
 
2008
   
14.89
   
.88
   
(.40
)
 
(.22
)
 
(.03
)
 
.23
   
(.64
)
 
(.09
)
 
(.73
)
 
14.39
   
14.04
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
68
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
     
                         
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income
(Loss)
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
(.60
)%
 
5.65
%
$
288,109
   
2.43
%*
 
4.33
%*
 
11
%
   
20.61
   
14.26
   
141,099
   
2.78
   
4.49
   
12
 
   
(.58
)
 
3.48
   
130,032
   
2.11
   
5.36
   
12
 
   
16.60
   
13.19
   
132,302
   
1.45
   
6.14
   
3
 
   
8.05
   
.88
   
123,119
   
1.36
   
6.82
   
6
 
   
(2.94
)
 
1.56
   
128,512
   
1.25
   
6.02
   
14
 
 
(c)
 
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)
 
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
 
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Virginia Premium Income (NPV)
       
Year Ended 5/31:
       
2013(f)
   
1.41
%*
2012
   
1.41
 
2011
   
.93
 
2010
   
.29
 
2009
   
.08
 
2008
   
.02
 
 
(f)
 
For the six months ended November 30, 2012.
*
 
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
69

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
MTP Shares at the End of Period(a)
 
ARPS and MTP
Shares at the
End of Period
 
   
Aggregate Amount
Outstanding
(000
)
Asset
Coverage
Per $25,000 Share
 
Aggregate Amount
Outstanding
(000
)
Asset
Coverage
Per $10 Share
 
Asset Coverage
Per $1 Liquidation
Preference
 
Georgia Dividend Advantage 2 (NKG)
                         
Year Ended 5/31:
                               
2013(b)
 
$
 
$
 
$
74,945
 
$
31.43
 
$
 
2012
   
   
   
32,265
   
30.78
   
 
2011
   
   
   
32,265
   
29.46
   
 
2010
   
   
   
32,265
   
30.06
   
 
2009
   
31,700
   
72,649
   
   
   
 
2008
   
33,000
   
73,032
   
   
   
 
                                 
Maryland Premium Income (NMY)
                         
Year Ended 5/31:
                               
2013(b)
   
   
   
166,144
   
33.21
   
 
2012
   
   
   
74,593
   
32.42
   
 
2011
   
   
   
74,593
   
30.52
   
 
2010
   
32,975
   
79,788
   
38,775
   
31.92
   
3.19
 
2009
   
70,875
   
75,972
   
   
   
 
2008
   
79,100
   
72,722
   
   
   
 
 
(a)     The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2013
(b)
 
2012
   
2011
   
2010
(d)
Georgia Dividend Advantage 2 (NKG)
                         
Series 2015 (NKG PRC)
                         
Ending Market Value per Share
 
$
10.08
 
$
10.10
 
$
10.06
 
$
9.99
 
Average Market Value per Share
   
10.08
   
10.07
   
10.02
   
9.99
^
Series 2015-1 (NKG PRD) (c)
                         
Ending Market Value per Share
   
10.05
   
   
   
 
Average Market Value per Share
   
10.07
Ω
 
   
   
 
Series 2015-2 (NKG PRE) (c)
                         
Ending Market Value per Share
   
10.07
   
   
   
 
Average Market Value per Share
   
10.07
Ω
 
   
   
 
                           
Maryland Premium Income (NMY)
                         
Series 2015 (NMY PRC)
                         
Ending Market Value per Share
   
10.05
   
10.06
   
10.09
   
10.00
 
Average Market Value per Share
   
10.10
   
10.10
   
10.04
   
10.01
^
Series 2016 (NMY PRD)
                         
Ending Market Value per Share
   
10.16
   
10.11
   
10.10
   
 
Average Market Value per Share
   
10.17
   
10.14
   
10.04
^^
 
 
Series 2015 (NMY PRE) (c)
                         
Ending Market Value per Share
   
10.07
   
   
   
 
Average Market Value per Share
   
10.08
ΩΩ
 
   
   
 
Series 2015-1(NMY PRF) (c)
                         
Ending Market Value per Share
   
10.06
   
   
   
 
Average Market Value per Share
   
10.08
ΩΩ
 
   
   
 
Series 2015-1(NMY PRG) (c)
                         
Ending Market Value per Share
   
10.08
   
   
   
 
Average Market Value per Share
   
10.09
ΩΩ
 
   
   
 
Series 2016 (NMY PRH) (c)
                         
Ending Market Value per Share
   
10.10
   
   
   
 
Average Market Value per Share
   
10.13
ΩΩ
 
   
   
 
 
(b)
For the six months ended November 30, 2012.
(c)
MTP Shares issued in connection with the Reorganizations as further described in Footnote 1, General Information and Significant Accounting Policies, Fund Reorganizations and MuniFund Term Preferred Shares.
(d)
The Fund did not issue MTP Shares prior to the fiscal year ended May 31, 2010.
^
For the period January 29, 2010 (first issuance date of shares) through May 31, 2010.
^^
For the period March 15, 2011 (first issuance date of shares) through May 31, 2011.
Ω
For the period July 9, 2012 (effective date of the Reorganizations) through November 30, 2012.
ΩΩ
For the period August 6, 2012 (effective date of the Reorganizations) through November 30, 2012.
 
70
 
Nuveen Investments

 
 

 
 
   
ARPS at the End of Period
 
MTP Shares at the End of Period(a)
 
ARPS and MTP
Shares at the
End of Period
 
   
Aggregate Amount
 
Asset
 
Aggregate Amount
 
Asset
 
Asset Coverage
 
   
Outstanding
 
Coverage
 
Outstanding
 
Coverage
 
Per $1 Liquidation
 
   
(000
)
Per $25,000 Share
 
(000
)
Per $10 Share
 
Preference
 
Missouri Premium Income (NOM)
                         
Year Ended 5/31:
                               
2013(b)
 
$
 
$
 
$
17,880
 
$
29.68
 
$
 
2012
   
   
   
17,880
   
29.00
   
 
2011
   
   
   
17,880
   
27.11
   
 
2010
   
16,000
   
73,981
   
   
   
 
2009
   
16,000
   
69,897
   
   
   
 
2008
   
16,000
   
73,703
   
   
   
 
                                 
North Carolina Premium Income (NNC)
                         
Year Ended 5/31:
                               
2013(b)
   
   
   
124,860
   
30.93
   
 
2012
   
   
   
49,835
   
29.56
   
 
2011
   
   
   
49,835
   
28.31
   
 
2010
   
21,550
   
76,020
   
24,300
   
30.41
   
3.04
 
2009
   
46,800
   
71,773
   
   
   
 
2008
   
46,800
   
72,450
   
   
   
 
 
(a)     The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2013
(b)
 
2012
   
2011
   
2010
(d)
Missouri Premium Income (NOM)
                         
Series 2015 (NOM PRC)
                         
Ending Market Value per Share
 
$
10.04
 
$
10.40
 
$
13.88
 
$
 
Average Market Value per Share
   
10.09
   
9.98
   
15.41
Δ
 
 
                           
North Carolina Premium Income (NNC)
                         
Series 2015 (NNC PRC)
                         
Ending Market Value per Share
   
10.06
   
10.11
   
10.04
   
9.99
 
Average Market Value per Share
   
10.12
   
10.09
   
10.04
   
10.01
ΔΔ
Series 2016 (NNC PRD)
                         
Ending Market Value per Share
   
10.12
   
10.10
   
10.00
   
 
Average Market Value per Share
   
10.10
   
10.07
   
9.94
ΔΔΔ
 
 
Series 2015 (NNC PRE) (c)
                         
Ending Market Value per Share
   
10.06
   
   
   
 
Average Market Value per Share
   
10.07
Ω
 
   
   
 
Series 2015-1 (NNC PRF) (c)
                         
Ending Market Value per Share
   
10.04
   
   
   
 
Average Market Value per Share
   
10.06
Ω
 
   
   
 
Series 2015-1 (NNC PRG) (c)
                         
Ending Market Value per Share
   
10.08
   
   
   
 
Average Market Value per Share
   
10.07
Ω
 
   
   
 
 
(b)
For the six months ended November 30, 2012.
(c)
MTP Shares issued in connection with the Reorganizations as further described in Footnote 1, General Information and Significant Accounting Policies, Fund Reorganizations and MuniFund Term Preferred Shares.
(d)
Missouri Premium Income (NOM) and North Carolina Premium Income (NNC) did not issue MTP Shares prior to the fiscal year ended May 31, 2011 and May 31, 2010, respectively.
Δ
For the period November 9, 2010 (first issuance date of shares) through May 31, 2011.
ΔΔ
For the period January 21, 2010 (first issuance date of shares) through May 31, 2010.
ΔΔΔ
For the period December 14, 2010 (first issuance date of shares) through May 31, 2011.
Ω
For the period July 9, 2012 (effective date of the Reorganizations) through November 30, 2012.
ΩΩ
For the period August 6, 2012 (effective date of the Reorganizations) through November 30, 2012.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
71

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
 
                           
ARPS and
 
                           
MTP Shares
 
                           
at the
 
     
ARPS at the End of Period
 
MTP Shares at the End of Period(a)
 
End of Period
 
   
Aggregate Amount
 
Asset
 
Aggregate Amount
 
Asset
 
Asset Coverage
 
   
Outstanding
 
Coverage
 
Outstanding
 
Coverage
 
Per $1 Liquidation
 
   
(000
)
Per $25,000 Share
 
(000
)
Per $10 Share
 
Preference
 
Virginia Premium Income (NPV)
                               
Year Ended 5/31:
                               
2013(b)
 
$
 
$
 
$
127,408
 
$
32.61
 
$
 
2012
   
   
   
61,408
   
32.98
   
 
2011
   
   
   
61,408
   
31.18
   
 
2010
   
25,550
   
82,269
   
32,205
   
32.91
   
3.29
 
2009
   
63,800
   
73,244
   
   
   
 
2008
   
63,800
   
75,357
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2013
(b)
 
2012
   
2011
   
2010
(d)
Virginia Premium Income (NPV)
                         
Series 2014 (NPV PRA)
                         
Ending Market Value per Share
 
$
10.04
 
$
10.12
 
$
10.03
 
$
 
Average Market Value per Share
   
10.09
   
10.10
   
10.02
*
 
 
Series 2015 (NPV PRC)
                         
Ending Market Value per Share
   
10.08
   
10.13
   
10.01
   
10.00
 
Average Market Value per Share
   
10.09
   
10.09
   
10.07
   
10.00
**
Series 2014 (NPV PRD) (c)
                         
Ending Market Value per Share
   
10.10
   
   
   
 
Average Market Value per Share
   
10.09
ΩΩ
 
   
   
 
Series 2014-1 (NPV PRE) (c)
                         
Ending Market Value per Share
   
10.13
   
   
   
 
Average Market Value per Share
   
10.09
ΩΩ
 
   
   
 
 
(b)
For the six months ended November 30, 2012.
(c)
MTP Shares issued in connection with the Reorganizations as further described in Footnote 1, General Information and Significant Accounting Policies, Fund Reorganizations and MuniFund Term Preferred Shares.
(d)
The Fund did not issue MTP Shares prior to the fiscal year ended May 31, 2010.
*
For the period March 14, 2011 (first issuance date of shares) through May 31, 2011.
**
For the period January 26, 2010 (first issuance date of shares) through May 31, 2010.
ΩΩ
For the period August 6, 2012 (effective date of the Reorganizations) through November 30, 2012.
 
72
 
Nuveen Investments
 
 
 

 

   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
The state funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG), Nuveen Maryland Premium Income Municipal Fund (NMY), Nuveen Missouri Premium Income Municipal Fund (NOM), Nuveen North Carolina Premium Income Municipal Fund (NNC) and Nuveen Virginia Premium Income Municipal Fund (NPV) (each a “Fund” and collectively, the “Funds”). Common shares of Maryland Premium Income (NMY) and Virginia Premium Income (NPV) are traded on the New York Stock Exchange (“NYSE”) while common shares of Georgia Dividend Advantage 2 (NKG), North Carolina Premium Income (NNC) and Missouri Premium Income (NOM) are traded on the NYSE MKT. The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end registered investment companies.
 
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisers, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
 
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
 
Fund Reorganizations
Effective before the opening of business on July 9, 2012, certain Georgia and North Carolina funds and effective before the opening of business on August 6, 2012, certain Maryland and Virginia funds (the “Acquired Funds”) were reorganized in four of the larger-state funds included in this report (the “Acquiring Funds”) as follows:
 
Acquired Funds
 
Acquiring Funds
Georgia Funds
   
Nuveen Georgia Premium Income Municipal Fund (NPG) (“Georgia Premium Income (NPG)”)
 
Georgia Dividend Advantage 2 (NKG)
Nuveen Georgia Dividend Advantage Municipal Fund (NZX) (“Georgia Dividend Advantage (NZX)”)
   
     
Maryland Funds
   
Nuveen Maryland Dividend Advantage Municipal Fund (NFM) (“Maryland Dividend Advantage (NFM)”)
 
Maryland Premium Income (NMY)
Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR) (“Maryland Dividend Advantage 2 (NZR)”)
   
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI) (“Maryland Dividend Advantage 3 (NWI)”)
   
     
North Carolina Funds
   
Nuveen North Carolina Dividend Advantage Municipal Fund (NRB) (“North Carolina Dividend Advantage (NRB)”)
 
North Carolina Premium Income (NNC)
Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO) (“North Carolina Dividend Advantage 2 (NNO)”)
   
Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII) (“North Carolina Dividend Advantage 3 (NII)”)
   
     
Virginia Funds
   
Nuveen Virginia Dividend Advantage Municipal Fund (NGB) (“Virginia Dividend Advantage (NGB)”)
 
Virginia Premium Income (NPV)
Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB) (“Virginia Dividend Advantage 2 (NNB)”)
   
 
The reorganizations of the Georgia, Maryland, North Carolina and Virginia Funds were approved by the shareholders of the Acquired Funds at a special meeting on May 15, 2012, July 18, 2012, May 14, 2012 and June 22, 2012, respectively.
 
Upon the closing of each Fund’s reorganization (each a “Reorganization” and collectively, the “Reorganizations”), the Acquired Funds transferred their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Funds. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Funds, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of MuniFund Term Preferred (“MTP”) Shares of the Acquired Funds received on a one-for-one basis newly issued MTP Shares of the Acquiring Funds, in exchange for their MTP Shares of the Acquired Funds held immediately prior to the Reorganizations. Details of each state’s Reorganizations are further described in the MuniFund Term Preferred Shares section of this footnote and Footnote 8 – Fund Reorganizations.

Nuveen Investments
 
73

 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Advisor. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of these securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At November 30, 2012, Maryland Premium Income (NMY), Missouri Premium Income (NOM) and North Carolina Premium Income (NNC) had outstanding delayed delivery purchase commitments of $3,522,961, $768,495 and $12,416,898, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally

74
 
Nuveen Investments

 
 

 
 
the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of May 31, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value.
 
MuniFund Term Preferred Shares
The Funds have issued and outstanding MTP Shares, with a $10 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, the remainder of each Fund’s outstanding ARPS in previous fiscal periods. Each Fund’s MTP Shares may be issued in one or more Series and trade on the NYSE. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances.
 
In connection with Georgia Dividend Advantage 2’s (NKG), Maryland Premium Income’s (NMY), North Carolina Premium Income’s (NNC) and Virginia Premium Income’s (NPV) Reorganizations, holders of MTP Shares of the Acquired Funds received on a one-for-one basis newly issued MTP Shares of the Acquiring Funds, in exchange for MTP Shares of the Acquired Funds held immediately prior to the Reorganizations.
 
Prior to the closing of the Reorganizations, the Acquired Funds’ outstanding MTP Shares and annual interest rate by NYSE “ticker” symbol were as follows:

                       
Shares
       
                       
Outstanding
   
Annual
 
           
NYSE
   
Shares
   
at $10 Per Share
   
Interest
 
     
Series
   
Ticker
   
Outstanding
   
Liquidation Value
   
Rate
 
Georgia Premium Income (NPG)
                               
     
2015
   
NPG PRC
   
2,834,000
 
$
28,340,000
   
2.65
%
Georgia Dividend Advantage (NZX)
                               
     
2015
   
NZX PRC
   
1,434,000
 
$
14,340,000
   
2.65
%
Maryland Dividend Advantage (NFM)
                               
     
2015
   
NFM PRC
   
2,648,500
 
$
26,485,000
   
2.60
%
Maryland Dividend Advantage 2 (NZR)
                               
     
2015
   
NZR PRC
   
2,730,000
 
$
27,300,000
   
2.60
%
Maryland Dividend Advantage 3 (NWI)
                               
     
2015
   
NWI PRC
   
2,070,000
 
$
20,700,000
   
2.65
%
     
2016
   
NWI PRD
   
1,706,600
   
17,066,000
   
2.85
 
North Carolina Dividend Advantage (NRB)
                               
     
2015
   
NRB PRC
   
1,660,000
 
$
16,600,000
   
2.60
%
North Carolina Dividend Advantage 2 (NNO)
                               
     
2015
   
NNO PRC
   
2,970,000
 
$
29,700,000
   
2.60
%
North Carolina Dividend Advantage 3 (NII)
                               
     
2015
   
NII PRC
   
2,872,500
 
$
28,725,000
   
2.65
%
Virginia Dividend Advantage (NGB)
                               
     
2014
   
NGB PRC
   
2,280,000
 
$
22,800,000
   
2.80
%
Virginia Dividend Advantage 2 (NNB)
                               
     
2014
   
NNB PRC
   
4,320,000
 
$
43,200,000
   
2.80
%
 
Nuveen Investments
 
75

 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
As of November 30, 2012, the Funds’ outstanding MTP Shares and annual interest rate by NYSE ticker symbol are as follows:

                       
Shares
       
                       
Outstanding
   
Annual
 
           
NYSE
   
Shares
   
at $10 Per Share
   
Interest
 
     
Series
   
Ticker
   
Outstanding
   
Liquidation Value
   
Rate
 
Georgia Dividend Advantage 2 (NKG)
                               
     
2015
   
NKG PRC
   
3,226,500
 
$
32,265,000
   
2.65
%
     
2015-1 *
   
NKG PRD
   
2,834,000
   
28,340,000
   
2.65
 
     
2015-2 *
   
NKG PRE
   
1,434,000
   
14,340,000
   
2.65
 
Maryland Premium Income (NMY)
                               
     
2015
   
NMY PRC
   
3,877,500
   
38,775,000
   
2.65
%
     
2016
   
NMY PRD
   
3,581,800
   
35,818,000
   
2.90
 
     
2015 *
   
NMY PRE
   
2,648,500
   
26,485,000
   
2.60
 
     
2015-1 *
   
NMY PRF
   
2,730,000
   
27,300,000
   
2.60
 
     
2015-1 *
   
NMY PRG
   
2,070,000
   
20,700,000
   
2.65
 
     
2016 *
   
NMY PRH
   
1,706,600
   
17,066,000
   
2.85
 
Missouri Premium Income (NOM)
                               
     
2015
   
NOM PRC
   
1,780,000
   
17,800,000
   
2.10
%
North Carolina Premium Income (NNC)
                               
     
2015
   
NNC PRC
   
2,430,000
   
24,300,000
   
2.65
%
     
2016
   
NNC PRD
   
2,553,500
   
25,535,000
   
2.60
 
     
2015 *
   
NNC PRE
   
1,660,000
   
16,600,000
   
2.60
 
     
2015-1 *
   
NNC PRF
   
2,970,000
   
29,700,000
   
2.60
 
     
2015-1 *
   
NNC PRG
   
2,872,500
   
28,725,000
   
2.65
 
Virginia Premium Income (NPV)
                               
     
2014
   
NPV PRA
   
2,920,300
   
29,203,000
   
2.25
%
     
2015
   
NPV PRC
   
3,220,500
   
32,205,000
   
2.65
 
     
2014 *
   
NPV PRD
   
2,280,000
   
22,800,000
   
2.80
 
     
2014-1 *
   
NPV PRE
   
4,320,000
   
43,200,000
   
2.80
 
 
* MTP Shares issued in connection with the Reorganizations.
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares by NYSE ticker symbol are as follows:

           
Term
 
Optional
 
Premium
       
NYSE
 
Redemption
 
Redemption
 
Expiration
   
Series
 
Ticker
 
Date
 
Date
 
Date
Georgia Dividend Advantage 2 (NKG)
                   
   
2015
 
NKG PRC
 
February 1, 2015
 
February 1, 2011
 
January 31, 2012
   
2015-1 *
 
NKG PRD
 
March 1, 2015
 
March 1, 2012
 
February 28, 2013
   
2015-2 *
 
NKG PRE
 
March 1, 2015
 
March 1, 2012
 
February 28, 2013
Maryland Premium Income (NMY)
                   
   
2015
 
NMY PRC
 
February 1, 2015
 
February 1, 2011
 
January 31, 2012
   
2016
 
NMY PRD
 
April 1, 2016
 
April 1, 2012
 
March 31, 2013
   
2015 *
 
NMY PRE
 
May 1, 2015
 
May 1, 2012
 
April 30, 2013
   
2015-1 *
 
NMY PRF
 
May 1, 2015
 
May 1, 2012
 
April 30, 2013
   
2015-1 *
 
NMY PRG
 
March 1, 2015
 
March 1, 2012
 
February 28, 2013
   
2016 *
 
NMY PRH
 
February 1, 2016
 
February 1, 2013
 
January 31, 2014
 
* MTP Shares issued in connection with Reorganization.

76
 
Nuveen Investments

 
 

 
 
           
Term
 
Optional
 
Premium
       
NYSE
 
Redemption
 
Redemption
 
Expiration
   
Series
 
Ticker
 
Date
 
Date
 
Date
Missouri Premium Income (NOM)
                   
   
2015
 
NOM PRC
 
December 1, 2015
 
December 1, 2011
 
November 30, 2012
North Carolina Premium Income (NNC)
                   
   
2015
 
NNC PRC
 
February 1, 2015
 
February 1, 2011
 
January 31, 2012
   
2016
 
NNC PRD
 
January 1, 2016
 
January 1, 2012
 
December 31, 2012
   
2015 *
 
NNC PRE
 
April 1, 2015
 
April 1, 2012
 
March 31, 2013
   
2015-1 *
 
NNC PRF
 
April 1, 2015
 
April 1, 2012
 
March 31, 2013
   
2015-1 *
 
NNC PRG
 
March 1, 2015
 
March 1, 2012
 
February 28, 2013
Virginia Premium Income (NPV)
                   
   
2014
 
NPV PRA
 
April 1, 2014
 
April 1, 2012
 
March 31, 2013
   
2015
 
NPV PRC
 
February 1, 2015
 
February 1, 2011
 
January 31, 2012
   
2014 *
 
NPV PRD
 
December 1, 2014
 
December 1, 2011
 
November 30, 2012
   
2014-1 *
 
NPV PRE
 
December 1, 2014
 
December 1, 2011
 
November 30, 2012
 
* MTP Shares issued in connection with the Reorganizations.
 
The aggregate average liquidation value for all series of each Fund’s MTP Shares outstanding during the six months ended November 30, 2012, was as follows:

                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Average liquidation value of MTP Shares outstanding
 
$
66,082,486
 
$
133,125,607
 
$
17,880,000
 
$
109,281,038
 
$
103,604,721
 
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares and each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended November 30, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Nuveen Investments
 
77

 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of November 30, 2012, Virginia Premium Income (NPV) was invested in externally-deposited Recourse Trusts. The Fund’s maximum exposure to the floating rate obligations issued by externally-deposited recourse trusts was $13,330,000. As of November 30, 2012, none of the other Funds were invested in externally-deposited Recourse Trusts.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended November 30, 2012, were as follows:

                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Average floating rate obligations outstanding
 
$
3,245,000
 
$
21,995,000
 
$
2,225,000
 
$
23,715,000
 
$
9,250,000
 
Average annual interest rate and fees
   
0.54
%
 
0.82
%
 
0.35
%
 
0.67
%
 
0.45
%
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended November 30, 2012.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
78
 
Nuveen Investments

 
 

 
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. 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 each Fund’s fair value measurements as of the end of the reporting period:
 
Georgia Dividend Advantage 2 (NKG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
224,877,334
 
$
 
$
224,877,334
 
                           
Maryland Premium Income (NMY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
528,920,541
 
$
 
$
528,920,541
 
                           
Missouri Premium Income (NOM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
54,080,244
 
$
 
$
54,080,244
 
                           
North Carolina Premium Income (NNC)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
408,410,435
 
$
 
$
408,410,435
 
                           
Virginia Premium Income (NPV)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
419,181,126
 
$
 
$
419,181,126
 
 
* Refer to the Fund’s Portfolio of Investments for industry classifications.
 
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.

Nuveen Investments
 
79

 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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.
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended November 30, 2012.
 
4. Fund Shares
 
Common Shares
Since the inception of the Funds’ repurchase program, the Funds have not repurchased any of their outstanding Common shares.
 
Transactions in Common shares were as follows:

   
Georgia Dividend
 
Maryland Premium
 
Missouri Premium
 
   
Advantage 2 (NKG)
 
Income (NMY)
 
Income (NOM)
 
     
Six Months
         
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
11/30/12
   
5/31/12
   
11/30/12
   
5/31/12
   
11/30/12
   
5/31/12
 
Common shares:
                                     
Issued in the Reorganizations (1)
   
5,990,755
   
   
13,439,122
   
   
   
 
Issued to shareholders due to reinvestment of distributions
   
1,315
   
877
   
4,796
   
6,501
   
1,831
   
5,049
 

   
North Carolina
 
Virginia Premium
 
   
Premium Income (NNC)
 
Income (NPV)
 
     
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
11/30/12
   
5/31/12
   
11/30/12
   
5/31/12
 
Common shares:
                         
Issued in the Reorganizations (1)
   
10,175,659
   
   
8,861,589
   
 
Issued to shareholders due to reinvestment of distributions
   
1,941
   
6,117
   
17,342
   
28,499
 
 
(1)
Refer to Footnote 8–Fund Reorganizations for further details.
 
Preferred Shares
Missouri Premium Income (NOM) did not have any transactions in MTP Shares during the six months ended November 30, 2012. Transactions in MTP Shares for the other Funds were as follows:

   
Six Months ended November 30, 2012
 
         
NYSE
             
     
Series
 
Ticker
   
Shares
   
Amount
 
Georgia Dividend Advantage 2 (NKG)
                       
     
2015-1 *
 
NKG PRD
   
2,834,000
 
$
28,340,000
 
     
2015-2 *
 
NKG PRE
   
1,434,000
   
14,340,000
 
               
4,268,000
 
$
42,680,000
 
Maryland Premium Income (NMY)
                       
     
2015 *
 
NMY PRE
   
2,648,500
 
$
26,485,000
 
     
2015-1 *
 
NMY PRF
   
2,730,000
   
27,300,000
 
     
2015-1 *
 
NMY PRG
   
2,070,000
   
20,700,000
 
     
2016 *
 
NMY PRH
   
1,706,600
   
17,066,000
 
               
9,155,100
 
$
91,551,000
 
North Carolina Premium Income (NNC)
                       
     
2015 *
 
NNC PRE
   
1,660,000
 
$
16,600,000
 
     
2015-1 *
 
NNC PRF
   
2,970,000
   
29,700,000
 
     
2015-1 *
 
NNC PRG
   
2,872,500
   
28,725,000
 
               
7,502,500
 
$
75,025,000
 
 
*
MTP Shares issued in connection with the Reorganizations.
 
80
 
Nuveen Investments

 
 

 
 
   
Six Months ended November 30, 2012
 
         
NYSE
             
     
Series
 
Ticker
   
Shares
   
Amount
 
Virginia Premium Income (NPV)
                       
     
2014 *
 
NPV PRD
   
2,280,000
 
$
22,800,000
 
     
2014-1 *
 
NPV PRE
   
4,320,000
   
43,200,000
 
               
6,600,000
 
$
66,000,000
 
 
*
MTP Shares issued in connection with the Reorganizations.
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended November 30, 2012, were as follows:

                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Purchases
 
$
14,203,764
 
$
48,593,115
 
$
1,580,078
 
$
41,460,121
 
$
38,770,334
 
Sales and maturities
   
18,605,000
   
49,971,475
   
1,830,000
   
29,090,450
   
36,889,500
 
 
6. 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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At November 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Cost of investments
 
$
201,022,998
 
$
492,325,665
 
$
47,808,723
 
$
349,767,656
 
$
375,687,711
 
Gross unrealized:
                               
Appreciation
 
$
20,628,958
 
$
47,243,009
 
$
4,133,955
 
$
34,943,138
 
$
38,107,175
 
Depreciation
   
(19,043
)
 
(2,642,983
)
 
(87,751
)
 
(16,913
)
 
(3,863,760
)
Net unrealized appreciation (depreciation) of investments
 
$
20,609,915
 
$
44,600,026
 
$
4,046,204
 
$
34,926,225
 
$
34,243,415
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs and nondeductible reorganization costs, resulted in reclassifications among the Funds’ components of Common share net assets at May 31, 2012, the Funds’ last tax year end, as follows:
 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Paid-in-surplus
 
$
(266,952
)
$
(692,796
)
$
(118,412
)
$
(619,856
)
$
(681,182
)
Undistributed (Over-distribution of) net investment income
   
266,920
   
691,581
   
117,952
   
618,660
   
705,251
 
Accumulated net realized gain (loss)
   
32
   
1,215
   
460
   
1,196
   
(24,069
)
 
Nuveen Investments
 
81

 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at May 31, 2012, the Funds’ last tax year end, were as follows:
 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Undistributed net tax-exempt income*
 
$
507,992
 
$
2,899,381
 
$
533,311
 
$
892,451
 
$
1,605,268
 
Undistributed net ordinary income **
   
6,397
   
42,483
   
   
   
59,977
 
Undistributed net long-term capital gains
   
   
   
   
   
317,648
 
 
The tax character of distributions paid during the Funds’ last tax year ended May 31, 2012, was designated for purposes of the dividends paid deduction as follows:
 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)  
(NPV
)
Distributions from net tax-exempt income
 
$
4,030,387
 
$
10,273,550
 
$
2,186,098
 
$
5,847,630
 
$
8,769,902
 
Distributions from net ordinary income**
   
   
   
   
   
 
Distributions from net long-term capital gains
   
   
   
   
   
214,014
 
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2012, paid on June 1, 2012.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
At May 31, 2012, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

                       
North
 
     
Georgia
   
Maryland
   
Missouri
   
Carolina
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)
Expiration:
                         
May 31, 2014
 
$
182,725
 
$
 
$
 
$
 
May 31, 2017
   
1,087,212
   
297,132
   
92,675
   
12,771
 
May 31, 2018
   
1,329,548
   
   
91,539
   
353,181
 
May 31, 2019
   
48,370
   
   
   
 
Total
 
$
2,647,855
 
$
297,132
 
$
184,214
 
$
365,952
 
 
During the Funds’ last tax year ended May 31, 2012, the Funds utilized capital loss carryforwards as follows:

                       
North
 
     
Georgia
   
Maryland
   
Missouri
   
Carolina
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NOM
)  
(NNC
)
Utilized capital loss carryforwards
 
$
206,372
 
$
99,416
 
$
29,858
 
$
159,857
 
 
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended May 31, 2012, there were no post-enactment capital losses generated by any of the Funds.
 
The Funds have elected to defer losses incurred from November 1, 2011 through May 31, 2012, the Funds’ last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:

     
Georgia
 
     
Dividend
 
     
Advantage 2
 
     
(NKG
)
Post-October capital losses
 
$
2,668
 
Late-year ordinary losses
   
 
 
82
 
Nuveen Investments

 
 

 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:

 
Georgia Dividend Advantage 2 (NKG)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For managed assets over $2 billion
.3750
 

 
North Carolina Premium Income (NNC)
 
Maryland Premium Income (NMY)
 
Missouri Premium Income (NOM)
 
Virginia Premium Income (NPV)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For the next $3 billion
.3875
 
For managed assets over $5 billion
.3750
 
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
%
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2012, the complex level fee rate for each of these Funds was .1684%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible of each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the”Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Nuveen Investments
 
83
 
 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Fund Reorganizations
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganizations. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.
 
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization, were as follows:
 
     
Georgia
   
Georgia
   
Maryland
   
Maryland
   
Maryland
 
     
Premium
   
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Income
   
Advantage
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPG
)  
(NZX
)  
(NFM
)  
(NZR
)  
(NWI
)
Cost of investments
 
$
74,023,324
 
$
39,598,253
 
$
82,829,435
 
$
82,417,114
 
$
109,258,185
 
Fair value of investments
   
80,083,798
   
42,632,583
   
88,564,164
   
88,714,979
   
117,266,759
 
Net unrealized appreciation (depreciation) of investments
   
6,060,474
   
3,034,330
   
5,734,729
   
6,297,865
   
8,008,574
 

     
North
   
North
   
North
             
     
Carolina
   
Carolina
   
Carolina
   
Virginia
   
Virginia
 
     
Dividend
   
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
   
Advantage
   
Advantage 2
 
     
(NRB
)  
(NNO
)  
(NII
)  
(NGB
)  
(NNB
)
Cost of investments
 
$
44,956,748
 
$
77,258,450
 
$
80,525,486
 
$
65,656,871
 
$
122,078,841
 
Fair value of investments
   
48,849,544
   
83,400,020
   
86,417,939
   
70,027,790
   
131,287,742
 
Net unrealized appreciation (depreciation) of investments
   
3,892,796
   
6,141,570
   
5,892,453
   
4,370,919
   
9,208,901
 
 
For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
 
For accounting and performance reporting purposes, the Acquiring Funds are the survivors. The shares outstanding, net assets and net asset value (“NAV”) per Common share immediately before and after the Reorganizations are as follows:

     
Georgia
   
Georgia
   
Maryland
   
Maryland
   
Maryland
 
     
Premium
   
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Income
   
Advantage
   
Advantage
   
Advantage 2
   
Advantage 3
 
Acquired Funds – Prior to Reorganizations
 
(NPG
)  
(NZX
)  
(NFM
)  
(NZR
)  
(NWI
)
Common shares outstanding
   
3,810,299
   
1,975,018
   
4,197,999
   
4,204,113
   
5,366,559
 
Net assets applicable to Common shares
 
$
57,081,247
 
$
30,633,487
 
$
64,327,256
 
$
65,104,341
 
$
82,375,675
 
NAV per Common share outstanding
 
$
14.98
 
$
15.51
 
$
15.32
 
$
15.49
 
$
15.35
 

     
North
   
North
   
North
             
     
Carolina
   
Carolina
   
Carolina
   
Virginia
   
Virginia
 
     
Dividend
   
Dividend
   
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
   
Advantage
   
Advantage 2
 
Acquired Funds – Prior to Reorganizations
 
(NRB
)  
(NNO
)  
(NII
)  
(NGB
)  
(NNB
)
Common shares outstanding
   
2,275,204
   
3,755,555
   
3,939,410
   
3,148,929
   
5,770,011
 
Net assets applicable to Common shares
 
$
35,996,337
 
$
58,882,419
 
$
60,545,196
 
$
48,481,366
 
$
90,596,172
 
NAV per Common share outstanding
 
$
15.82
 
$
15.68
 
$
15.37
 
$
15.40
 
$
15.70
 
 
84
 
Nuveen Investments

 
 

 
 
                 
North
       
     
Georgia
   
Maryland
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
Acquiring Funds – Prior to Reorganizations
   
(NKG
)  
(NMY
)  
(NNC
)  
(NPV
)
Common shares outstanding
   
4,556,373
   
10,663,947
   
6,372,067
   
9,048,006
 
Net assets applicable to Common shares
 
$
66,712,868
 
$
168,069,475
 
$
97,327,475
 
$
142,002,913
 
NAV per Common share outstanding
 
$
14.64
 
$
15.76
 
$
15.27
 
$
15.69
 

                 
North
       
     
Georgia
   
Maryland
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
Acquiring Funds – Post Reorganizations
   
(NKG
)  
(NMY
)  
(NNC
)  
(NPV
)
Common shares outstanding
   
10,547,129
   
24,103,070
   
16,547,726
   
17,909,595
 
Net assets applicable to Common shares
 
$
154,427,602
 
$
379,876,747
 
$
252,751,427
 
$
281,080,451
 
NAV per Common share outstanding
 
$
14.64
 
$
15.76
 
$
15.27
 
$
15.69
 
 
The beginning of the Acquired Funds’ current fiscal period was June 1, 2012.
 
Assuming the Reorganizations had been completed on June 1, 2012, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the six months ended November 30, 2012, are as follows:

                 
North
       
     
Georgia
   
Maryland
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
     
(NKG
)  
(NMY
)  
(NNC
)  
(NPV
)
Net investment income (loss)
 
$
3,266,363
 
$
8,605,390
 
$
5,096,869
 
$
6,168,369
 
Net realized and unrealized gains (losses)
   
5,722,490
   
8,624,434
   
8,763,932
   
9,628,805
 
Change in net assets resulting from operations
   
8,988,853
   
17,229,824
   
13,860,801
   
15,797,174
 
 
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations since the Reorganizations were consummated.
 
In connection with the Reorganizations, the Acquiring Funds have accrued for certain associated costs and expenses. Such amounts are included as components of “Accrued reorganization expenses” on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.
 
9. New Accounting Pronouncements
 
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

Nuveen Investments
 
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Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may

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exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Average Maturity: For a bond fund or defined portfolio, the average of the stated maturity dates of the fixed-income securities held. In general, the longer the average maturity, the greater the fund’s or defined portfolio’s sensitivity to interest-rate changes, which means greater price fluctuation. A shorter average maturity usually means a less sensitive, and consequently, less volatile, portfolio.
   
Duration: A measure of the price sensitivity of a fixed-income security or portfolio to changes in interest rates. Duration is stated in years. For example, if a bond has a duration of four years, the price of the bond is expected to change by approximately 4% for every one percentage point change in interest rates. The shorter the duration the less price variability expected in the security’s price due to changes in interest rates.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the

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floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
   
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
   
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares or debt issued by the Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Georgia Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Georgia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Maryland Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Maryland municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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Glossary of Terms
Used in this Report (continued)
 

S&P Missouri Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Missouri municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P North Carolina Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade North Carolina municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Virginia Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Virginia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pays interest periodically.

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Additional Fund Information
 
Board of Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common and Preferred Share Information
 
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

     
Common Shares
Fund
   
Repurchased
NKG
   
NMY
   
NOM
   
NNC
   
NPV
   
 
Any future repurchases will be reported to shareholders in the next annual or semiannual report.

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Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of September 30, 2012.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com

ESA-A-1112D

 
 

 
  
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
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)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 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 Missouri Premium Income Municipal Fund

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

Date: February 7, 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: February 7, 2013

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: February 7, 2013