Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
GEORGIA PREMIUM INCOME (NPG)
MARYLAND PREMIUM INCOME (NMY)
NORTH CAROLINA PREMIUM INCOME (NNC)
VIRGINIA PREMIUM INCOME (NPV)
ANNUAL REPORT/MAY 31, 1996
Photographic image of couple walking on beach.
<PAGE>
Photographic image of financial adviser reviewing financial statements/plans
with older couple.
Tax-informed investing
An important part of any successful investment program is gauging how well
your investments have performed and measuring your progress toward your
long-term goals.
<PAGE>
The imposition of taxes dramatically alters the relative returns of the five
asset classes.
Graph showing after-tax returns, 1976-1996.
Municipals 8.26
Treasuries 5.62
Corporates 6.11
Stocks 10.51
Treasury Bills 3.87
Traditionally, the most common way to measure performance has been to compare
pre-tax rates of return for your different investments across similar time
periods. The rationale behind this method is that each investor is taxed at a
different rate, making pre-tax comparisons the seemingly logical way to ensure
you are comparing apples to apples.
This, however, is precisely the rationale that can make a pre-tax
performance assessment misleading. When returns are presented on a pre-tax
basis, you may lose sight of the major impact taxes can have on your earnings,
and fail to get the complete picture of your progress toward your investment
goals. At Nuveen, we've built our reputation help ing investors realize that
it's not what you earn, it's what you keep.
TAX-INFORMED INVESTING: THE KEY TO MEASURING LONG-TERM RESULTS
The true measure of an investment is its performance on an after-tax basis.
Analyzing after-tax returns gains added significance when you realize that the
taxes you pay can never be regained. Once that money is "lost," it can't be
put to work through compounding, earning additional dollars for you.
To better illustrate the ways that taxes can affect the amount you keep
versus the amount you earn, Nuveen Research recently studied 20 years of
investment returns, both pre-tax and after-tax, to determine the impact of
taxes on various asset classes. We were particularly interested in the study
results for municipal bonds, an asset class that is commonly excluded from the
top performance rankings when only pre-tax returns are considered.
MEASURING WHAT YOU KEEP
The study showed that, once the impact of taxes was figured into the equation,
municipal bonds offered a distinct advantage over other fixed income
investments. Over the study period, municipal bonds outperformed both
corporate and Treasury bonds (see accompanying tables), as high tax rates and
the loss of compounding income took their toll on corporate and Treasury
results.
As investors are well aware, performance over the long term--and the
purchasing power of their earnings--can be eroded by inflation as well as
taxes. The study showed that, over the past 20 years, only municipal bonds and
stocks provided significant after-tax gains over the Consumer Price Index, the
most recognized measure of inflation.
<PAGE>
ABOUT THE STUDY
The study, "Measuring What You Keep: Historical After-Tax Returns,"
compared pre-tax and after-tax total returns over the past 20 years for five
asset classes: municipal bonds, Treasury bonds, Treasury bills, corporate
bonds, and large company stocks. Returns for each asset class were represented
by the returns on commonly used market indexes compiled by Lehman Brothers and
Ibbotson & Associates.
A hypothetical investment of $100,000 was made in each of these asset
classes at the beginning of 1976, with all dividends and interest reinvested
through the end of 1995. In addition, the after-tax proceeds of an assumed
annual 20% turnover rate were reinvested. The study assumed that taxes were
paid annually at the applicable federal income tax rates for an investor
earning the equivalent of $100,000 in 1995. Of course, this hypothetical
investment performance neither reflects past performance nor predicts future
results of any Nuveen investment.
INCORPORATING TAX-INFORMED INVESTING IN YOUR PORTFOLIO
The Nuveen study confirms what many investors have known for years: that
municipal bonds can play a critical role in the long-term financial strategies
of tax-informed investors.
Balancing short-term and long-term investments
Combining shorter- and longer-term tax-free investments may help you manage
cumulative risk in your portfolio while still captur ing the potential for
attractive overall rates. Shorter term investments can help reduce the current
volatility of your portfolio and provide a source of investable funds to take
advantage of additional investment opportunities as they arise. Longer-term
leveraged exchange-traded funds have provided attractive yields and offer
trading flexibility that allows quick and easy portfolio adjustments.
Dividend reinvestment
Studies indicate that weathering market cycles by maintaining an investment
plan with long-term goals can help shield investors in the event of a
declining market. The purchase of additional shares on a regular schedule,
such as through dividend reinvestment, is another strategy for navigating
market changes. Dividend reinvestment is an easy and convenient way to set
aside dollars on a regular basis, helping you take advantage of dollar-cost
averaging while gaining the benefits of tax-free compounding.
CONSISTENT AFTER-TAX PERFORMANCE
For the long-term investor, performance--even after the impact of taxes and
inflation--is the true meas ure of an investment's merit. While most investors
choose municipal bonds for their tax-free income advantage, the positive news
about their after-tax returns reinforces their potential value as part of a
tax-informed investment strategy designed to meet long-term objectives.
Understanding the impact of taxes can mean that you keep more of what you
earn, and municipal bonds can help you do just that.
Only municipals and equities generated significant increases in purchasing
power over the twenty-year period, with after-tax and inflation-adjusted
returns in excess of 2.75% annually.
<TABLE>
ANNUAL AFTER-TAX REAL RETURNS, 1976-1995
<CAPTION>
PERIOD MUNICIPALS TREASURIES CORPORATES STOCKS BILLS
<S> <C> <C> <C> <C> <C>
1976-1985 .69% -3.32% -2.14% 2.75% -2.67%
1986-1995 5.15 4.21 3.91 7.31 0.13
1976-1995 2.88% 0.37% 0.84% 5.02% -1.30%
</TABLE>
<PAGE>
Photographic image of couple walking on beach.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
15 Commonly used terms
17 Portfolio of investments
35 Statement of net assets
36 Statement of operations
37 Statement of changes in net assets
39 Notes to financial statements
46 Financial highlights
48 Report of independent auditors
49 Nuveen Exchange-Traded Funds dividend reinvestment program
<PAGE>
Municipal market perspective
Over the past 12 months, the bond market has continued to reward investors
with solid returns, a welcome relief from the declines experienced in 1994.
Although the begin ning of 1996 saw the overall bond market soften somewhat
from 1995's bullish stance, municipal bonds have maintained their edge over
Treasuries in recent months. Investors are taking advantage of opportunities
to purchase higher yielding bonds with strong credit quality.
Currently, minor increases in consumer and producer prices, low wage pressure,
and a stable money supply all point to an economy that is growing moderately.
Despite these positive indicators, however, a degree of uncertainty persists,
as investors continue to worry about the pace of growth and the potential for
the reappearance of inflation.
Investors may draw some reassurance from the fact that the Federal Reserve
appears to remain committed to a policy of low inflation and modest economic
growth, which bodes well for the bond markets and bond investors.
<PAGE>
Dear shareholder
Photographic image of head shot of Chairman and Chief Executive Officer
of Nuveen.
"Municipal bonds continue to play an important role in meeting the investment
goals of conservative investors."
As I begin my duties as the new chairman and chief executive officer of
John Nuveen & Co. Incorporated and chairman of the board of the Nuveen
exchange-traded funds, I am pleased to report to you on the performance of
your funds. My experience with Nuveen over 19 years has reinforced my
commitment to maintaining Nuveen's successful tradition of value investing and
prudent management, helping our shareholders meet their need for tax-free
investment income with a full range of investment choices. Our focus will
continue to be on building shareholder value, providing research-oriented
management, and delivering dependable performance. With this focus, we
anticipate many more years of progress and accomplishment for fund
shareholders and our firm.
Municipal bonds continue to play an important role in meeting the investment
goals of conservative investors. The performance of the exchange-traded funds
covered in this report demonstrates how quality investments can provide
attractive tax-free income. As of May 31, 1996, the current annual yields on
share price for these funds ranged from 5.70% to 6.22%. To match these yields,
investors in the 36% federal income tax bracket would have had to earn at
least 8.91% on taxable alternatives. Without question, taxable yields at this
level on investments of comparable quality can be difficult to achieve in
today's markets. The exemption from state taxes further enhances the
advantages of these funds.
With the strength of the bond market last year, these funds enjoyed an
increase in share prices, further improving investors' overall experience for
the year ending May 31, 1996, as well as attractive returns. The changes in
net asset value, including the reinvestment of all dividends and capital
gains, if any, ranged from 2.11% to 4.41%, equivalent to taxable investments
with total returns of 5.89% to 8.03%.
The years ahead present opportunities as well as challenges for all of us. I
want to thank you for your continued confidence in Nuveen exchange-traded
funds, and I look forward to sharing reports of continued progress with you.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
July 15, 1996
<PAGE>
Answering your questions
Photographic image of montage of letters received by Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, discusses investment
performance and recent factors affecting the municipal market.
What has been Nuveen's investment approach during this period?
Nuveen has continued to pursue its value investing strategy, a disciplined
approach to security selection and portfolio construction designed to deliver
above-market performance by identifying individual bonds with current yields,
prices, credit quality, and future prospects that are exceptionally attractive
in relation to other bonds in the market. This approach was rewarded over the
past year, as many of our portfolio holdings were upgraded by the national
rating agencies, indicating that our Research Department's judgments about
credit quality were on target.
As opportunity allowed, we moved to protect current income by investing a
larger percentage of our portfolios in non-callable bonds. Because these bonds
cannot be redeemed before maturity, their yields are assured for the long term
even if interest rates decline. We also purchased an increased number of bonds
at discounts from their par value. These bonds, which have coupon rates
slightly below market levels, are less likely to be called from our
portfolios, assuring more stable yields for our investors.
<PAGE>
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
Some funds' discounts seem to have narrowed over the past few months. What
caused this improvement?
To understand the reasons for this improvement, it may be helpful to
remember that each share has two prices: the net asset value (NAV), which
represents the underlying value of the bonds, and the share price, which is
the fund's price on the stock exchange. As with other securities, share prices
for municipal bond funds change frequently, driven by investors' demand for
shares and the available supply. When a share's NAV is higher than its share
price, we say that the shares can be purchased at a discount.
In 1995, the recovery of the bond market meant that the net asset values for
some funds appreciated more quickly than their share prices, widening
discounts for a while. This is not unusual, as the market often takes time to
recognize underlying value balanced against the various factors that affect
investor decisions, such as the outlook for the direction of interest rates,
inflation forecasts, the relative strength of the stock market, and
legislative and tax outlooks. Over the past few months, investor worries about
tax reform--and the potential effect of a flat tax proposal on tax-free
investments--have waned somewhat, boosting the demand for tax-free products.
The combination of higher yields, concerns about the direction of the stock
market, and broker recommendations has also prompted a greater demand for
municipal bonds and bond funds. With increased demand, share prices have
risen, resulting in narrower discounts. In fact, some exchange-traded funds
are now trading at a premium, that is, their share prices are higher than
their NAVs.
<PAGE>
What are some factors that affect dividend stability and dividend changes?
All Nuveen funds are structured to provide an attractive stream of tax-free
income. We realize that for many investors, stability of income is another
important objective. We set dividends on Nuveen funds conservatively, seeking
a level that we expect will be sustainable for at least several months. Many
of the funds that have had dividend reductions over the past year had
previously enjoyed prolonged periods without dividend changes. Still,
dividends ultimately depend on overall earnings of each fund, which can be
reduced by bond calls, changes in long- and short-term interest rates, and
other portfolio changes. Many of our funds use leverage as an additional way
to enhance income for common shareholders. A sudden or prolonged rise in
short-term interest rates can affect dividends of leveraged funds. In fact,
short-term rates on average have been higher over the past two years than
they were in the early 1990s. This has resulted in higher rates for preferred
shareholders and less income available for common shareholders. It is
important to remember that leverage can increase NAV volatility as well as
investment potential. Greater stability in both long and short term interest
rates in 1996 has reduced some of the dividend and NAV pressures for many
leveraged funds.
Bond calls can also act to lower dividends. As the Federal Reserve Board cut
rates between July 1995 and January 1996, long-term municipal bond yields
reacted by declining almost 130 basis points from their levels at the
beginning of 1995. As called bonds have been replaced in some portfolios with
the bonds available in the market today, fund earnings are reduced.
<PAGE>
<TABLE>
NUVEEN GEORGIA PREMIUM INCOME MUNICIPAL FUND
NPG
In response to changes in both long- and short-term interest rates,
shareholders experienced modest dividend rate changes over the past 12 months.
Dividends are set conservatively, seeking a level that can be sustained for at
least several months.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
06/13/95 $0.0580
07/12/95 $0.0580
08/11/95 $0.0580
09/13/95 $0.0580
10/11/95 $0.0580
11/13/95 $0.0610
12/13/95 $0.0610
01/10/96 $0.0610
02/13/96 $0.0635
03/13/96 $0.0635
04/11/96 $0.0635
05/13/96 $0.0635
<CAPTION>
FUND HIGHLIGHTS 5/31/96
<S> <C>
Yield 6.22%
Taxable-equivalent yield 10.37%
Annual total return on NAV 2.81%
Taxable-equivalent total return 6.53%
Share price $12.25
NAV $13.00
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND
NMY
In line with the Fund's goal of providing attractive, dependable tax-free
income, share holders enjoyed 12 months of steady dividends.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
06/13/95 $0.0615
07/12/95 $0.0615
08/11/95 $0.0615
09/13/95 $0.0615
10/11/95 $0.0615
11/13/95 $0.0615
12/13/95 $0.0615
01/10/96 $0.0615
02/13/96 $0.0615
03/13/96 $0.0615
04/11/96 $0.0615
05/13/96 $0.0615
<CAPTION>
FUND HIGHLIGHTS 5/31/96
<S> <C>
Yield 5.79%
Taxable-equivalent yield 9.49%
Annual total return on NAV 4.41%
Taxable-equivalent total return 8.03%
Share price $12.75
NAV $13.21
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NORTH CAROLINA PREMIUM INCOME MUNICIPAL FUND
NNC
Shareholders enjoyed an increase in the monthly tax-free dividend in February,
as common shareholders benefitted from the effects of leverage.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
06/13/95 $0.0575
07/12/95 $0.0575
08/11/95 $0.0575
09/13/95 $0.0575
10/11/95 $0.0575
11/13/95 $0.0575
12/13/95 $0.0575
01/10/96 $0.0575
02/13/96 $0.0600
03/13/96 $0.0600
04/11/96 $0.0600
05/13/96 $0.0600
<CAPTION>
FUND HIGHLIGHTS 5/31/96
<S> <C>
Yield 5.70%
Taxable-equivalent yield 9.66%
Annual total return on NAV 2.11%
Taxable-equivalent total return 5.89%
Share price $12.625
NAV $12.77
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND
NPV
Shareholders enjoyed an increase in the monthly tax-free dividend in February,
as common share-holders benefitted from the effects of leverage.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
06/13/95 $0.0650
07/12/95 $0.0650
08/11/95 $0.0650
09/13/95 $0.0650
10/11/95 $0.0650
11/13/95 $0.0650
12/13/95 $0.0650
01/10/96 $0.0650
02/13/96 $0.0660
03/13/96 $0.0660
04/11/96 $0.0660
05/13/96 $0.0660
<CAPTION>
FUND HIGHLIGHTS 5/31/96
<S> <C>
Yield 5.87%
Taxable-equivalent yield 9.70%
Annual total return on NAV 3.86%
Taxable-equivalent total return 7.72%
Share price $13.50
NAV $13.35
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, May 31, 1996) divided by its closing price per share on
that date.
Taxable equivalent yield
The return an investor subject to a given state and federal income tax rate
would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, these tax rates are
assumed to be 40% for GA, 39% for MD, 41% for NC and 39.5% for VA, based on
1996 incomes of $121,300- $263,750 for investors filing singly, $147,700-
$263,750 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, divided by its total number of common
shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
<PAGE>
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the Fund's
stated total return on NAV.
Leverage
A technique used to enhance the income produced for common shareholders by a
long-term municipal bond fund through the issuance of short-term preferred
shares. The proceeds from the sale of the preferred shares can be used to
purchase additional long-term bonds, thus increasing the portfolio's income
stream. Changes in net asset value per share, both up and down, are also
magnified by leverage.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended May 31, 1996. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN GEORGIA PREMIUM INCOME MUNICIPAL FUND (NPG)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,995,000 Georgia Housing and Finance Authority, Single Family
Mortgage Bonds, 1994 Series A (FHA Insured or VA
Guaranteed Mortgage Loans), 6.500%, 12/01/17
(Alternative Minimum Tax) 12/04 at 102 AA+ $ 3,021,266
1,900,000 Municipal Electric Authority of Georgia, General Power
Revenue Bonds, 1992B Series, 5.500%, 1/01/18 1/03 at 100 Aaa 1,808,914
1,000,000 Hospital Authority of Albany-Dougherty County, Georgia,
Revenue Bonds (Phoebe Putney Memorial Hospital),
Series 1993, 5.000%, 9/01/20 9/03 at 102 Aaa 881,680
3,115,000 City of Albany (Georgia), Sewerage System Revenue
Bonds, Series 1992, 6.625%, 7/01/17 7/02 at 102 Aaa 3,317,008
2,625,000 City of Atlanta, Georgia, General Obligation School
Improvement Bonds, Series 1993, 5.600%, 12/01/18 12/03 at 102 Aa 2,491,624
500,000 City of Atlanta (Georgia), General Obligation Bonds,
Public Improvement Bonds, Series 1994A,
6.100%, 12/01/19 12/04 at 102 Aa 502,885
1,000,000 City of Atlanta, Georgia, Airport Facilities Revenue
Refunding Bonds, Series 1994A, 6.500%, 1/01/09 No Opt. Call Aaa 1,098,020
1,500,000 City of Atlanta, Airport Facilities Revenue Bonds, Series
1990, 6.250%, 1/01/21 (Alternative Minimum Tax) 1/01 at 102 Aaa 1,512,360
1,000,000 Downtown Development Authority of the City of Atlanta
(Georgia), Refunding Revenue Bonds (Underground
Atlanta Project), Series 1992, 6.250%, 10/01/12 10/02 at 102 Aa 1,026,650
Urban Residential Finance Authority of the City of
Atlanta, Georgia, Dormitory Facility Refunding
Revenue Bonds (Morehouse College Project), Series 1995:
1,210,000 5.750%, 12/01/20 12/05 at 102 Aaa 1,181,287
1,375,000 5.750%, 12/01/25 12/05 at 102 Aaa 1,337,903
3,450,000 City of Atlanta, Georgia, Water and Sewerage Revenue
Bonds, Series 1993, 5.000%, 1/01/15 1/04 at 102 Aa 3,078,918
3,000,000 Development Authority of Burke County, Pollution
Control Revenue Refunding Bonds (Oglethorpe Power
Corporation Vogtle Project), Series 1992,
7.700%, 1/01/06 1/03 at 103 Aaa 3,454,800
1,150,000 Clayton County and Clayton County Water Authority
(Georgia), Water and Sewerage Refunding Revenue
Bonds, Series 1993, 5.250%, 5/01/12 5/03 at 102 Aaa 1,079,666
2,000,000 Clayton County Housing Authority, Multifamily Housing
Revenue Bonds, Spring Lake Apartments Project,
8.125%, 12/01/05 (Mandatory put 12/01/97) No Opt. Call Baa1 2,051,760
1,145,000 Housing Authority of Clayton County (Georgia),
Multifamily Housing Revenue Bonds, Series 1995
(The Advantages Project), 5.800%, 12/01/20 12/05 at 102 AAA 1,108,669
1,250,000 Cobb-Marietta Coliseum and Exhibit Hall Authority
(Georgia), Revenue Refunding Bonds, Series 1993,
5.500%, 10/01/12 No Opt. Call Aaa 1,235,975
1,000,000 The Medical Center Hospital Authority (Columbus,
Georgia), Revenue Anticipation Certificates, Series 1979,
7.750%, 7/01/10 No Opt. Call AAA 1,154,050
1,555,000 Development Authority of DeKalb County Revenue
Bonds (Emory University Project), Series 1994-A,
6.000%, 10/01/14 10/04 at 102 Aa1 1,575,759
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,400,000 Housing Authority of the County of DeKalb, Georgia,
Multifamily Housing Revenue Bonds (The Lakes at
Indian Creek Apartments Project), Series 1994,
7.150%, 1/01/25 (Alternative Minimum Tax) 1/05 at 102 Aaa $ 3,537,938
2,500,000 The DeKalb County Hospital Authority (Georgia),
Revenue Anticipation Certificates (DeKalb Medical
Center Project), Series 1993A, 5.000%, 9/01/14 9/03 at 102 Aaa 2,249,100
2,000,000 Douglasville-Douglas County Water and Sewer Authority
(Georgia), Water and Sewerage Revenue Bonds, Series 1993,
5.625%, 6/01/15 No Opt. Call Aaa 1,970,200
2,900,000 Downtown Savannah Authority, Refunding Revenue
Bonds, Chatham County Projects, Series 1993A,
5.000%, 1/01/11 1/03 at 102 Aa 2,683,022
4,000,000 Floyd County, Water Revenue Bonds, Series 1993,
5.100%, 11/01/13 11/03 at 102 Aaa 3,689,200
2,000,000 Fulco Hospital Authority, Revenue Anticipation Certificates
(Georgia Baptist Health Care System Project), Series
1992A, 6.375%, 9/01/22 9/02 at 102 Baa1 1,922,300
3,000,000 Housing Authority of Fulton County, Georgia, Single
Family Mortgage Revenue Bonds (GNMA Mortgage-
Backed Securities Program), Series 1995A,
6.550%, 3/01/18 (Alternative Minimum Tax) 3/05 at 102 AAA 3,031,200
500,000 Fulton County School District, General Obligation
Refunding Bonds, Series 1991, 6.375%, 5/01/17 No Opt. Call Aa 538,030
2,000,000 The Fulton-DeKalb Hospital Authority (Georgia), Revenue
Refunding Certificates, Series 1993, 5.500%, 1/01/20 7/03 at 102 Aaa 1,878,160
1,965,000 The Hospital Authority of Hall County and the City of
Gainsville, Revenue Anticipation Certificates (Northeast
Georgia Healthcare Project), Series 1995,
6.000%, 10/01/25 10/05 at 102 Aaa 1,947,394
1,750,000 Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax Revenue Bonds, Series J, 8.000%, 7/01/12
(Pre-refunded to 7/01/98) 7/98 at 102 Aaa 1,914,623
1,000,000 Metropolitan Atlanta Rapid Transit Authority (Georgia),
Sales Tax Revenue Bonds, Refunding Series P,
6.250%, 7/01/20 No Opt. Call Aaa 1,058,620
2,150,000 Metropolitan Atlanta Rapid Transit Authority, Sales Tax
Revenue Bonds, 2ND Indenture, Series 1993A,
5.125%, 7/01/12 7/03 at 102 Aaa 2,002,833
2,000,000 Development Authority of Monroe County (Georgia),
Pollution Control Revenue Bonds (Gulf Power Company
Plant Scherer Project), First Series 1994, 6.300%, 9/01/24 9/99 at 102 A1 2,017,780
1,750,000 Municipal Electric Authority of Georgia, Project One
Special Obligation Bonds, Fifth Crossover Series,
6.400%, 1/01/09 No Opt. Call A+ 1,859,655
1,000,000 Paulding County School District, General Obligation
School Bonds, Series 1995, 5.500%, 2/01/15 2/05 at 102 Aaa 955,560
3,295,000 Private Colleges and Universities Authority Revenue Bonds
(Georgia), (Agnes Scott College Project), Series 1993,
5.625%, 6/01/23 6/03 at 102 Aa 3,120,297
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Hospital Authority of Savanah Revenue Bonds (Saint
Joseph's Hospital Project), Series 1993, 6.200%, 7/01/23 7/03 at 102 A $ 969,980
3,500,000 Commonwealth of Puerto Rico, Public Improvement
Bonds of 1996 (General Obligation Bonds),
5.400%, 7/01/25 7/06 at 101 1/2 A 3,165,925
500,000 Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds (Series W), 5.250%, 7/01/20 7/03 at 101 1/2 A 442,955
$74,980,000 Total Investments - (cost-$73,830,449) - 97.2% 73,873,966
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.8%
$ 600,000 Hospital Financing Authority, Revenue Bonds, Series 1991
===========
(Georgia Pooled Hospital Loan Program), Variable Rate
Demand Bonds, 3.800%, 3/01/01+ VMIG-1 600,000
Other Assets Less Liabilities - 2.0% 1,552,249
Net Assets - 100% $76,026,215
===========
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 23 $43,405,160 59%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 9 18,038,451 25
PORTFOLIO OF A+ A1 2 3,877,435 5
INVESTMENTS A, A- A, A2, A3 3 4,578,860 6
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 3,974,060 5
TEMPORARY
INVESTMENTS):
TOTAL 39 $73,873,966 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): 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.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based
on market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND (NMY)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Washington Metropolitan Area Transit Authority
(District of Columbia), Gross Revenue Transit
Refunding Bonds, Series 1993:
$ 1,000,000 4.800%, 1/01/04 No Opt. Call Aaa $ 984,060
2,000,000 6.000%, 7/01/07 No Opt. Call Aaa 2,115,240
1,500,000 5.250%, 7/01/14 1/04 at 102 Aaa 1,401,105
1,500,000 Community Development Administration, Department
of Economic and Community Development, State of
Maryland, Single Family Program Bonds, 1986 Third
Series, 7.250%, 4/01/16 4/99 at 100 Aa 1,548,525
1,150,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Multi-Family Housing Revenue Bonds
(Insured Mortgage Loans) 1993 Series B,
6.625%, 5/15/23 5/03 at 102 Aa 1,187,939
1,000,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Multi-Family Housing Revenue Bonds
(Insured Mortgage Loans) 1992 Series A,
6.850%, 5/15/33 (Alternative Minimum Tax) 5/02 at 102 Aa 1,027,670
1,750,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Single Family Program Bonds, 1993 Third
Series, 4.950%, 4/01/06 4/04 at 102 Aa 1,709,155
965,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Single Family Program Bonds, 1992 Fourth
Series, 6.800%, 4/01/22 (Alternative Minimum Tax) 4/03 at 102 Aa 986,056
1,900,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Single Family Program, 1994 First Series,
5.900%, 4/01/11 4/04 at 102 Aa 1,916,739
1,000,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Single Family Program Bonds, 1994 Fourth
Series, 6.450%, 4/01/14 4/04 at 102 Aa 1,021,780
2,650,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Single Family Program Bonds, 1994 Fifth
Series, 6.750%, 4/01/26 (Alternative Minimum Tax) 4/04 at 102 Aa 2,706,922
1,000,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Single Family Program Bonds, 1989 Third
Series, 7.375%, 4/01/26 (Alternative Minimum Tax) 4/99 at 102 Aa 1,029,420
3,075,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Multi-Family Housing Revenue Bonds
(Insured Mortgage Loans), 1993 Series D,
6.050%, 5/15/24 5/03 at 102 Aa 3,074,877
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,500,000 Community Development Administration, Department
of Housing and Community Development, State of
Maryland, Multi-Family Housing Revenue Bonds
(Insured Mortgage Loans), 1993 Series H,
5.600%, 5/15/26 5/03 at 102 Aa $ 3,329,550
1,000,000 Community Development Administration, Department
of Economic and Community Development, State of
Maryland, Multi-Family Revenue Bonds, Series 1985-B
(Insured Mortgage Loans), 8.750%, 5/15/05 5/97 at 100 Aa 1,013,990
4,000,000 Department of Transportation of Maryland, County
Transportation Revenue Bonds, Series 1993,
4.600%, 12/15/02 No Opt. Call Aa 3,956,600
4,800,000 Department of Transportation of Maryland, Consolidated
Transportation Bonds, Series 1993, 4.625%, 9/15/07 9/02 at 102 Aa 4,470,912
2,000,000 Maryland Economic Development Corporation (Health
and Mental Hygiene Providers Facilities Acquisition
Program) Revenue Bonds, Series 1996A,
7.625%, 4/01/21 4/11 at 102 N/R 1,861,560
1,875,000 Maryland Health and Higher Educational Facilities
Authority, Revenue Bonds, Good Samaritan Hospital
Issue, Series 1993, 5.750%, 7/01/19 7/03 at 102 A1 1,793,063
2,350,000 Maryland Health and Higher Educational Facilities
Authority, Project and Refunding Revenue Bonds, Sinai
Hospital of Baltimore Issue, Series 1993,
5.500%, 7/01/13 7/03 at 102 Aaa 2,277,808
1,855,000 Maryland Health and Higher Educational Facilities
Authority, Refunding Revenue Bonds, Francis Scott Key
Medical Center Issue, Series 1993, 5.000%, 7/01/13 7/03 at 102 Aaa 1,662,915
3,125,000 Maryland Health and Higher Educational Facilities
Authority, Revenue Bonds, Howard County General
Hospital Issue, Series 1993, 5.500%, 7/01/25 7/03 at 102 Baa1 2,650,938
4,415,000 Maryland Stadium Authority, Sports Facilities Lease
Revenue Bonds, Series 1989D, 7.500%, 12/15/10
(Alternative Minimum Tax) 12/99 at 102 Aa 4,809,127
4,955,000 Maryland Stadium Authority, Sports Facilities Lease
Revenue Bonds, Series 1996, 5.750%, 3/01/18 3/06 at 101 Aaa 4,861,103
Maryland Transportation Authority, Special Obligation
Revenue Bonds, Baltimore/Washington International
Airport Projects, Series 1994-A (Qualified Airport
Bonds):
5,500,000 6.250%, 7/01/14 (Alternative Minimum Tax) 7/04 at 102 Aaa 5,642,285
2,930,000 6.400%, 7/01/19 (Alternative Minimum Tax) 7/04 at 102 Aaa 3,005,477
1,500,000 Maryland Transportation Authority, Transportation
Facilities Projects, Revenue Bonds, Series 1992,
5.750%, 7/01/15 7/02 at 100 A1 1,466,790
3,000,000 Maryland Transportation Authority, Transportation
Facilities Projects, Revenue Bonds, Series 1991,
6.500%, 7/01/06 7/01 at 102 A1 3,240,000
2,000,000 State of Maryland, General Obligation Bonds, State and
Local Facilities Loan of 1993, Third Series (Capital
Improvement and Refunding Bonds), 4.600%, 7/15/07 7/03 at 101 1/2 Aaa 1,868,200
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,730,000 Anne Arundel County, General Obligation Bonds,
Consolidated Water and Sewer, Series 1993, Refunding
Series, 5.250%, 4/15/12 4/03 at 102 AA+ $ 2,612,228
4,000,000 Anne Arundel County, Maryland, Multifamily Housing
Revenue Bonds (Woodside Apartments Project) Series
1994, 7.450%, 12/01/24 (Alternative Minimum Tax)
(Mandatory put 12/01/03) No Opt. Call BBB+ 4,179,400
6,000,000 Anne Arundel County, Maryland, Pollution Control
Revenue Refunding Bonds (Baltimore Gas and Electric
Company Project), Series 1994, 6.000%, 4/01/24 4/04 at 102 A 5,931,420
2,000,000 Baltimore County, General Obligation Bonds, County
Pension Funding Series 1991, 6.700%, 7/01/11 7/98 at 102 Aaa 2,115,320
2,000,000 Baltimore County, Maryland, General Obligation Bonds,
Baltimore County Metropolitan District Bonds
(64th Issue), 4.900%, 8/01/11 8/03 at 102 Aaa 1,838,640
2,435,000 Baltimore County Revenue Authority, Revenue Refunding
Bonds, 1993 Series, 5.375%, 7/01/18 7/03 at 102 A 2,285,321
1,000,000 City of Baltimore, Maryland (Mayor and City Council of
Baltimore) General Obligation Serial Bonds,
Consolidated Public Improvement Bonds of 1989 -
Series B, 7.150%, 10/15/08 No Opt. Call A1 1,144,170
City of Baltimore, Maryland (Mayor and City Council of
Baltimore) General Obligation Consolidated Public
Improvement Refunding Bonds of 1993 - Series D:
1,130,000 6.000%, 10/15/03 No Opt. Call Aaa 1,211,473
1,305,000 6.000%, 10/15/05 No Opt. Call Aaa 1,399,091
1,415,000 6.000%, 10/15/06 No Opt. Call Aaa 1,513,555
Mayor and City Council of Baltimore (City of Baltimore,
Maryland) General Obligation Consolidated Public
Improvement Refunding Bonds of 1995 - Series A:
1,200,000 7.375%, 10/15/03 No Opt. Call Aaa 1,378,224
5,000,000 7.250%, 10/15/04 No Opt. Call Aaa 5,748,600
1,000,000 City of Baltimore, Maryland (Mayor and City Council of
Baltimore) General Obligation Serial Bonds,
Consolidated Public Improvement Bonds of 1991 -
Series C, 6.375%, 10/15/07 No Opt. Call Aaa 1,096,690
3,000,000 City of Baltimore, Maryland (Mayor and City Council of
Baltimore), Project and Refunding Revenue Bonds
(Water Projects), Series 1994-A, 5.000%, 7/01/24 No Opt. Call Aaa 2,671,020
2,350,000 Mayor and City Council of Baltimore, Refunding Revenue
Bonds (Baltimore City Parking System Facilities)
Series 1993, 5.100%, 7/01/13 7/03 at 102 Aaa 2,162,306
3,000,000 Mayor and City Council of Baltimore, Maryland, Project
and Refunding Revenue Bonds (Wastewater Projects),
Series 1990-A, 6.500%, 7/01/20 (Pre-refunded
to 7/01/00) 7/00 at 100 Aaa 3,201,240
1,410,000 Calvert County, Maryland, County Commissioners of
Calvert County General Obligation Bonds, Consolidated
Sanitary District Refunding Bonds, 1993 Series,
5.000%, 7/15/19 7/03 at 102 Aa 1,264,798
4,500,000 Calvert County, Maryland, Pollution Control Revenue
Refunding Bonds (Baltimore Gas and Electric Company
Project), Series 1993, 5.550%, 7/15/14 7/04 at 102 A 4,306,500
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,795,000 County Commissioner of Charles County, Maryland
Mortgage Revenue Refunding Bonds, Series 1995A
(Holly Station IVTownhouses Project - FHAInsured
Mortgage Loan), 6.450%, 5/01/26 5/05 at 102 AAA $ 1,822,984
2,550,000 City of Gaithersburg, Maryland, Hospital Facilities
Refunding and Improvement Revenue Bonds (Shady
Grove Adventist Hospital) Series 1995, 6.500%, 9/01/12 No Opt. Call Aaa 2,776,772
6,265,000 City of Gaithersburg, Maryland, Hospital Facilities
Refunding and Improvement Revenue Bonds (Shady
Grove Adventist Hospital) Series 1995, 5.500%, 9/01/15 9/05 at 102 Aaa 5,954,131
The Maryland-National Capital Park and Planning
Commission (Prince George's County, Maryland), General
Obligation Bonds, Park Acquisition and Development Bonds,
Series M-2:
880,000 5.300%, 7/01/09 7/03 at 102 Aa 866,668
800,000 5.300%, 7/01/10 7/03 at 102 Aa 780,055
2,000,000 Housing Opportunities Commission of Montgomery
County (Montgomery County, Maryland), Multifamily
Housing Revenue Bonds, 1995 Series A, 5.900%, 7/01/15 7/05 at 102 Aa 1,975,100
2,000,000 Housing Opportunities Commission of Montgomery
County (Montgomery County, Maryland), Single Family
Mortgage Revenue Bonds, 1994 Series A,
6.600%, 7/01/14 7/04 at 102 Aa 2,060,700
815,000 Housing Opportunities Commission of Montgomery
County (Maryland), Single Family Mortgage Revenue
Bonds, 1982 Series A, 7.000%, 7/01/14 7/96 at 100 Aa 815,204
9,600,000 Montgomery County, Maryland, Solid Waste System
Revenue Bonds (1993 Series A), 5.875%, 6/01/13
(Alternative Minimum Tax) 6/03 at 102 Aaa 9,606,624
9,445,000 Morgan State University, Maryland, Academic Fees and
Auxiliary Facilities Fees, Revenue Refunding Bonds,
1993 Series, 6.100%, 7/01/20 No Opt. Call Aaa 9,828,467
Northeast Maryland Waste Disposal Authority, Resource
Recovery Revenue Refunding Bonds (Southwest
Resource Recovery Facility), Series 1993:
1,625,000 6.900%, 1/01/00 No Opt. Call Aaa 1,736,475
3,000,000 7.150%, 1/01/04 No Opt. Call Aaa 3,351,240
4,675,000 7.200%, 1/01/05 No Opt. Call Aaa 5,263,770
1,000,000 Prince George's County, Maryland, General Obligation
Bonds, Consolidated Public Improvement Bonds, Series
1993, 5.750%, 3/15/09 3/03 at 102 Aaa 1,014,710
Housing Authority of Prince George's County (Maryland),
Mortgage Revenue Refunding Bonds, Series 1993A
(Cherry Hill Apartments Project):
1,090,000 5.900%, 9/20/10 9/03 at 102 AAA 1,103,898
1,930,000 6.000%, 9/20/15 9/03 at 102 Aaa 1,939,361
1,000,000 Housing Authority of Prince George's County (Maryland),
Mortgage Revenue Refunding Bonds, Series 1993A
(GNMA Collateralized - Stevenson Apartments Project),
6.350%, 7/20/20 1/03 at 102 AAA 1,019,180
1,165,000 Housing Authority of Prince George's County (Maryland)
GNMA/FNMA Collateralized Single Family Mortgage
Revenue Bonds, Series 1994A, 6.350%, 6/01/11
(Alternative Minimum Tax) 6/04 at 102 AAA 1,188,312
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Housing Authority of Prince George's County (Maryland),
Mortgage Revenue Refunding Bonds, Series 1995A
(GNMA Collateralized-Riverview Terrace Apartments
Project), 6.700%, 6/20/20 12/04 at 102 AAA $ 1,566,840
Housing Authority of Prince George's County (Maryland),
Mortgage Revenue Refunding Bonds, Series 1995A
(GNMA Collateralized-Overlook Apartments Project):
2,000,000 5.700%, 12/20/15 12/05 at 102 AAA 1,953,880
1,670,000 5.750%, 12/20/19 12/05 at 102 AAA 1,627,916
5,000,000 Prince George's County, Maryland, Pollution Control
Revenue Refunding Bonds (Potomac Electric Project),
1993 Series, 6.375%, 1/15/23 1/03 at 102 A+ 5,178,800
Prince George's County, Maryland, Project and Refunding
Revenue Bonds (Dimensions Health Corporation Issue),
Series 1994:
3,000,000 5.375%, 7/01/14 7/04 at 102 A 2,749,740
6,000,000 5.300%, 7/01/24 7/04 at 102 A 5,274,660
5,750,000 Prince George's County, Maryland, Solid Waste
Management System Revenue Bonds, Series 1993,
5.250%, 6/15/13 6/03 at 102 Aaa 5,345,718
1,510,000 The Mayor and Council of Rockville, Maryland, General
Obligation Refunding Bonds of 1993, 4.600%, 4/15/03 No Opt. Call Aa1 1,482,458
1,030,000 The Mayor and Council of Rockville (Maryland), Mortgage
Revenue Refunding Bonds, Series 1994A (FHA Insured
Mortgage Loan-The Summit Apartments Project),
5.250%, 7/01/09 1/04 at 102 Aaa 1,010,852
1,000,000 City of Salisbury, Maryland, Mortgage Revenue Refunding
Bonds, Series 1995A (FHA Insured Mortgage Loan -
College Lane Apartments Project), 6.600%, 12/01/26 12/04 at 102 AAA 1,028,200
3,000,000 University of Maryland System, Auxiliary Facility and
Tuition Revenue Bonds, 1993 Refunding Series C,
5.000%, 10/01/10 10/03 at 101 AA+ 2,819,760
1,780,000 Washington County Sanitary District, Refunding Bonds
of 1993, Series F(Guaranteed by the Full Faith and
Credit Pledge of the County Commissioners of
Washington County), 5.375%, 1/01/15 1/03 at 102 Aaa 1,678,148
1,000,000 Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties, Maryland),
Water Supply Bonds of 1988 (Third Series),
7.100%, 12/01/02 (Pre-refunded to 12/01/98) 12/98 at 102 Aaa 1,084,850
1,100,000 Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties, Maryland),
General Construction Refunding Bonds of 1991
(Second Series), 8.000%, 1/01/02 No Opt. Call Aa1 1,269,675
1,115,000 Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties, Maryland),
Water Supply Bonds of 1992, 6.200%, 6/01/09 6/02 at 102 Aa1 1,188,345
1,250,000 Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties, Maryland)
General Construction Refunding Bonds of 1991
(Second Series), 6.100%, 1/01/04 1/02 at 102 Aa1 1,338,023
1,000,000 Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties, Maryland),
Water Supply Refunding Bonds of 1993,
5.250%, 12/01/11 12/03 at 102 Aa1 962,550
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties, Maryland),
Sewage Disposal Bonds of 1993, 5.375%, 6/01/12 6/03 at 102 Aa1 $ 1,457,700
1,000,000 Puerto Rico Aqueduct and Sewer Authority, Revenue
Bonds, Series 1988A, 7.875%, 7/01/17 (Pre-refunded
to 7/01/98) 7/98 at 102 AAA 1,092,970
2,200,000 Puerto Rico Public Buildings Authority, Public Education
and Health Facilities Refunding Bonds, Series M,
Guaranteed by the Commonwealth of Puerto Rico,
5.750%, 7/01/15 7/03 at 101 1/2 A 2,103,000
1,000,000 Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series T, 5.500%, 7/01/20 7/04 at 100 A- 915,900
1,010,000 Puerto Rico Telephone Authority, Revenue Bonds,
Series N, 5.500%, 1/01/22 1/03 at 101 1/2 A+ 956,296
$211,820,000 Total Investments - (cost-$212,740,582) - 98.2% 211,869,734
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 400,000 Maryland Health and Higher Educational Facilities
============
Authority, Kaiser Permanente Revenue Bonds, 1995
Series A, Variable Rate Demand Bonds,
3.550%, 7/01/15+ VMIG-1 400,000
Other Assets Less Liabilities - 1.6% 3,420,383
Net Assets - 100% $215,690,117
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 42 $111,149,650 52%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 29 54,682,526 26
PORTFOLIO OF A+ A1 6 13,779,119 7
INVESTMENTS A, A- A, A2, A3 7 23,566,541 11
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 6,830,338 3
TEMPORARY Non-rated Non-rated 1 1,861,560 1
INVESTMENTS):
TOTAL 87 $211,869,734 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): 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.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NORTH CAROLINA PREMIUM INCOME MUNICIPAL FUND (NNC)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,590,000 Board of Governors of The University of North Carolina,
University of North Carolina Hospitals at Chapel Hill
Revenue Bonds, Series 1996, 5.250%, 2/15/26 2/06 at 102 Aa $ 5,996,702
1,500,000 North Carolina Eastern Municipal Power Agency, Power
System Revenue Bonds, Series 1985-G,
5.750%, 12/01/16 9/03 at 102 1/2 A 1,377,525
5,000,000 North Carolina Eastern Municipal Power Agency, Power
System Revenue Bonds, Series 1993-D, 5.600%, 1/01/16 1/03 at 102 A 4,528,250
1,020,000 North Carolina Housing Finance Agency, Single Family
Revenue Bonds, Series-M (1985 Resolution),
7.850%, 9/01/28 (Alternative Minimum Tax) 3/00 at 102 Aa 1,066,665
3,180,000 North Carolina Housing Finance Agency, Single Family
Revenue Bonds, Series V (1985 Resolution),
6.800%, 9/01/25 (Alternative Minimum Tax) 9/02 at 102 Aa 3,256,034
North Carolina Housing Finance Agency, Multifamily
Revenue Bonds (1993 FHA Insured Mortgage Loan
Resolution), Series 1993:
650,000 5.800%, 7/01/14 1/03 at 102 Aa 633,633
1,000,000 5.900%, 7/01/26 1/03 at 102 Aa 957,950
5,820,000 North Carolina Housing Finance Agency, Single Family
Revenue Bonds, Series X (1985 Resolution),
6.700%, 9/01/26 (Alternative Minimum Tax) 3/04 at 102 Aa 5,940,183
4,220,000 North Carolina Housing Finance Agency, Single Family
Revenue Bonds, Series HH (1985 Resolution),
6.300%, 3/01/26 (Alternative Minimum Tax) (WI) 3/06 at 102 Aa 4,197,001
3,000,000 North Carolina Medical Care Commission, Hospital
Revenue Refunding Bonds (Carolina Medicorp Project),
Series 1992, 5.500%, 5/01/15 5/02 at 102 Aa 2,866,440
2,000,000 North Carolina Medical Care Commission, Hospital
Revenue Refunding Bonds (Mercy Hospital Project),
Series 1992, 6.500%, 8/01/15 8/02 at 102 A- 2,023,100
1,000,000 North Carolina Medical Care Commission, Hospital
Revenue Refunding Bonds (Presbyterian Health Services
Corp. Project), Series 1993, 5.500%, 10/01/20 10/03 at 102 Aa 934,530
1,850,000 North Carolina Medical Care Commission Hospital
Revenue Refunding Bonds (Memorial Mission Hospital
Project), Series 1993, 5.500%, 10/01/18 10/03 at 102 Aaa 1,731,452
2,775,000 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Bonds, Series 1980,
10.500%, 1/01/10 No Opt. Call Aaa 3,857,333
3,000,000 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Refunding Bonds, Series
1988, 7.000%, 1/01/16 1/98 at 102 A 3,126,630
1,000,000 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Bonds, Series 1992,
5.750%, 1/01/15 1/03 at 100 A 935,540
State of North Carolina, State Education Assistance
Authority (A political subdivision of the State of North
Carolina), Guaranteed Student Loan Revenue Bonds, 1995
Series A (Subordinate Lien):
1,000,000 6.050%, 7/01/10 (Alternative Minimum Tax) 7/05 at 102 A 990,140
2,400,000 6.300%, 7/01/15 (Alternative Minimum Tax) 7/05 at 102 A 2,346,480
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,250,000 Metropolitan Sewerage District of Buncombe County
(North Carolina), Sewerage System Revenue Refunding
Bonds, Series 1993A, 5.500%, 7/01/22 7/03 at 102 Aaa $ 4,968,548
The Charlotte-Mecklenburg Hospital Authority (North
Carolina), Health Care System Revenue Bonds,
Series 1992:
2,500,000 5.750%, 1/01/12 1/02 at 102 Aa 2,458,225
3,490,000 6.250%, 1/01/20 1/02 at 102 Aa 3,530,659
6,000,000 City of Charlotte, North Carolina, Refunding Certificates
of Participation (Convention Facility Project), Series
1993C, 5.250%, 12/01/20 12/03 at 102 Aaa 5,444,040
1,000,000 City of Charlotte, North Carolina, Mortgage Revenue
Refunding Bonds (FHA Insured Mortgage Loan-Tryon
Hills Apartments Project), Series 1993A,
5.875%, 1/01/25 1/03 at 105 Aaa 972,310
3,000,000 Craven Regional Medical Authority, Insured Health Care
Facilities Revenue Bonds, Series 1993, 5.625%, 10/01/17 10/03 at 102 Aaa 2,825,820
1,250,000 County of Cumberland, North Carolina, Hospital Facility
Revenue Refunding Bonds (Cumberland County
Hospital System, Inc.), Series 1993, 5.500%, 10/01/14 10/03 at 100 Aaa 1,171,063
3,725,000 County of Duplin, North Carolina, Certificates of
Participation (Law Enforcement Project and Public
Schools Project), Series 1993, 5.250%, 8/01/14 8/03 at 102 Aaa 3,451,138
2,885,000 Local Government Commission of North Carolina, City
of Durham, North Carolina, Public Improvement Bonds,
Series 1994, 4.800%, 2/01/10 2/04 at 102 AAA 2,649,584
3,970,000 Durham, North Carolina, Certificates of Participation,
Water Utility Improvements, 6.375%, 7/15/12 7/02 at 102 AA 4,055,315
7,000,000 City of Fayetteville, North Carolina, Public Works
Commission Revenue Refunding Bonds, Series 1993,
4.750%, 3/01/14 3/03 at 100 Aaa 6,089,720
1,000,000 City of Greensboro, North Carolina, Combined Enterprise
System Revenue Bonds Series 1995A, 5.375%, 6/01/19 6/05 at 102 AA- 936,170
3,500,000 The Haywood County Industrial Facilities and Pollution
Control Financing Authority (North Carolina),
Environmental Improvement Revenue Bonds (Champion
International Corporation Project), Series 1995A,
5.750%, 12/01/25 12/05 at 102 Baa1 3,176,425
2,000,000 The Haywood County Industrial Facilities and Pollution
Control Financing Authority, Variable Rate Demand
Pollution Control Refunding Revenue Bonds (Champion
International Corporation Project), Series 1995,
6.000%, 3/01/20 3/06 at 102 Baa 1,912,140
2,160,000 City of Kinston, North Carolina, Combined Enterprise
System Revenue Bonds, Series 1996, 5.625%, 4/01/16 4/06 at 102 Aaa 2,116,843
1,300,000 The Mecklenburg County Industrial Facilities and
Pollution Control Financing Authority (North Carolina),
Industrial Revenue Refunding Bonds (Fluor Corporation
Project), 5.250%, 12/01/09 12/01 at 102 A 1,254,669
1,195,000 City of Morgantown, North Carolina, Water and Sewer
Bonds, Series 1995, 5.700%, 6/01/11 6/05 at 102 Aaa 1,210,045
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,975,000 County of New Hanover, North Carolina Hospital
Revenue Bonds (New Hanover Regional Medical Center
Project), Series 1993, 4.750%, 10/01/23 10/03 at 102 Aaa $ 2,448,871
3,000,000 Orange County, General Obligation School Bonds,
Series 1994, 5.500%, 2/01/11 2/05 at 102 Aaa 2,965,590
4,485,000 Orange Water and Sewer Authority (North Carolina),
Water and Sewer System Revenue and Revenue
Refunding Bonds, Series 1993, 5.200%, 7/01/16 7/03 at 102 Aa 4,190,649
3,500,000 County of Pitt, North Carolina, Pitt County Memorial
Hospital Revenue Bond, Series 1995, 5.250%, 12/01/21 12/05 at 102 Aa 3,195,500
2,180,000 County of Union, North Carolina, Enterprise Systems
Revenue Bonds, Series 1996, 5.500%, 6/01/21 6/06 at 102 Aaa 2,087,328
3,235,000 County of Wake, North Carolina, Hospital System
Revenue Bonds, Series 1993, 5.125%, 10/01/26 10/03 at 102 Aaa 2,839,424
3,000,000 The Wake County Industrial Facilities and Pollution
Control Financing Authority, Pollution Control Revenue
Bonds (Carolina Power & Light Company Project),
Adjustable Rate Option Bond Series 1983,
6.900%, 4/01/09 4/00 at 102 A 3,212,070
6,550,000 Commonwealth of Puerto Rico, Public Improvement
Bonds of 1996 (General Obligation Bonds),
5.400%, 7/01/25 7/06 at 101 1/2 A 5,924,803
5,000,000 Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds (Series W), 5.250%, 7/01/20 7/03 at 101 1/2 Aaa 4,581,700
$132,155,000 Total Investments - (cost-$129,290,097) - 100.2% 126,434,237
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.5%
$ 100,000 Raleigh-Durham Airport Authority, Special Facility
Refunding Revenue Bonds (American Airlines, Inc.
Project), Series 1995B, Variable Rate Demand
Bonds, 3.850%, 11/01/15+ A-1+ 100,000
1,800,000 The Wake County Industrial Facilities and Pollution
Control Financing Authority, Pollution Control Revenue
Bonds (Carolina Power and Light Company Project),
Series 1987, Variable Rate Demand Bonds,
3.700%, 3/01/17+ VMIG-1 1,800,000
$ 1,900,000 Total Temporary Investments - 1.5% 1,900,000
===========
Other Assets Less Liabilities - (1.7)% (2,138,018)
Net Assets - 100% $126,196,219
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 17 $ 51,410,809 41%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 15 44,215,656 35
PORTFOLIO OF A, A- A, A2, A3 10 25,719,207 20
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 5,088,565 4
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 44 $126,434,237 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): 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.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND (NPV)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,250,000 Metropolitan Washington Airports Authority, Airport
System Revenue and Refunding Bonds, Series 1993A,
5.250%, 10/01/22 10/03 at 102 Aaa $ 3,848,588
2,150,000 Metropolitan Washington Airports Authority, Airport
System Revenue Bonds, Series 1992A,
6.625%, 10/01/19 (Alternative Minimum Tax) 10/02 at 102 Aaa 2,244,751
City of Virginia Beach Development Authority (Virginia),
Hospital Revenue Bonds (Sentara Bayside Hospital),
Series 1991:
3,500,000 6.600%, 11/01/09 11/01 at 102 Aa 3,676,295
5,000,000 6.300%, 11/01/21 11/01 at 102 Aa 4,971,450
835,000 City of Virginia Beach Development Authority,
Multi-Family Housing Mortgage Revenue Refunding
Bonds, 1993 Series A (GNMA Collateralized-Pembroke
Lake Apartments), 6.200%, 6/20/28 6/03 at 102 AAA 835,585
2,000,000 City of Virginia Beach, Virginia, Water and Sewer System
Revenue and Refunding Bonds, Series of 1993,
5.125%, 2/01/19 2/04 at 102 Aaa 1,792,500
7,035,000 Commonwealth Transportation Board, Commonwealth
of Virginia, Transportation Revenue Bonds, Series
1995A (Northern Virginia Transportation District
Program), 6.250%, 5/15/17 5/04 at 101 Aa 7,141,440
3,500,000 Commonwealth of Virginia, Transportation Revenue
Refunding Bonds (U.S. Route 58 Corridor
Development Program), Series 1993A, 6.000%, 5/15/19 5/98 at 102 Aa 3,480,470
5,500,000 Virginia College Building Authority, Educational
Facilities Revenue Bonds (University of Richmond
Project), Series of 1994, 5.550%, 11/01/19
(Mandatory put 11/01/04) 11/04 at 100 Aa 5,580,905
2,750,000 Virginia College Building Authority, Educational
Facilities Revenue Bonds (The Washington and Lee
University Project), Series of 1994, 5.800%, 1/01/24 1/04 at 102 Aa 2,656,363
1,380,000 Virginia Education Loan Authority (APolitical
Subdivision of the Commonwealth of Virginia), Student
Loan Program Revenue Bonds, Series B, 5.050%, 9/01/03
(Alternative Minimum Tax) No Opt. Call Aaa 1,357,382
1,000,000 Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, 1992 Series B, Subseries B-3,
6.750%, 7/01/21 (Alternative Minimum Tax) 1/02 at 102 Aa 1,014,710
3,240,000 Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, 1992 Series B, Subseries B-5,
6.300%, 1/01/27 (Alternative Minimum Tax) 1/02 at 102 Aa 3,245,573
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, 1992 Series B, Subseries B-6:
4,000,000 6.200%, 7/01/21 (Alternative Minimum Tax) 1/02 at 102 Aa 3,964,560
2,945,000 6.250%, 1/01/27 (Alternative Minimum Tax) 1/02 at 102 Aa 2,936,842
5,000,000 Virginia Housing Development Authority, Commonwealth
Mortgage Revenue Bonds, 1992 Series B Subseries B-4,
6.550%, 1/01/27 (Alternative Minimum Tax) 1/02 at 102 Aa1 5,044,150
3,955,000 Virginia Resources Authority, Water and Sewer System
Revenue Bonds, 1995 Series A (Sussex County Project),
5.600%, 10/01/25 10/05 at 102 AA 3,678,466
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Albemarle County Service Authority (Virginia), Water
and Sewer System Revenue Refunding Bonds, Series of
1993, 5.750%, 8/01/11 8/02 at 102 Aa $ 1,506,165
1,000,000 Industrial Development Authority of the City of
Alexandria, Virginia, Medical Facilities Revenue
Refunding Bonds, Alexandria Community Healthcare
Group, Series 1993B, 5.500%, 7/01/14 7/03 at 102 Aaa 952,100
1,100,000 Industrial Development Authority of Arlington County,
Virginia, Multi-Family Housing Mortgage Revenue
Bonds (Arlington Housing Corporation), 1995 Series,
5.700%, 7/01/07 7/05 at 102 A 1,104,422
5,250,000 Chesapeake Bay Bridge & Tunnel, General Resolution
Revenue Bonds, Refunding Series 1991,
6.375%, 7/01/22 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 5,707,538
2,000,000 County of Cumberland, Virginia, Certificates of
Participation, Series 1994, 5.480%, 7/15/97 No Opt. Call N/R 2,002,540
1,500,000 Fairfax County Economic Development Authority,
(Virginia), Resource Recovery Revenue Bonds, Series
1988-A (Ogden Martin Systems of Fairfax, Inc.
Project), 7.750%, 2/01/11 (Alternative Minimum Tax) 2/99 at 103 A1 1,623,300
5,850,000 Industrial Development Authority of Fairfax County,
Virginia, Hospital Revenue Refunding Bonds (Inova
Health System Hospitals Project), Series 1993A,
5.000%, 8/15/23 No Opt. Call Aa 5,073,179
500,000 Fairfax County (Virginia), Redevelopment and Housing
Authority, Mortgage Revenue Refunding Bonds, Series
1993A (FHA Insured Mortgage Loan-Burke Centre
Station), 5.750%, 8/01/25 8/03 at 102 Aaa 474,285
9,965,000 Fairfax County (Virginia), Water Authority, Water
Refunding Revenue Bonds, Series 1992,
5.750%, 4/01/29 4/02 at 100 Aa 9,492,061
5,060,000 Industrial Development Authority of Halifax County,
Virginia, Exempt Facility Revenue Bonds (Old
Dominion Electric Cooperative Project), Series 1992,
6.350%, 12/01/07 (Alternative Minimum Tax) 12/02 at 102 A+ 5,233,710
1,500,000 Hampton Roads Sanitation District, Virginia,
Wastewater Refunding and Capital Improvement
Revenue Bonds, Series 1993, 5.000%, 10/01/23 10/03 at 102 Aa 1,313,175
4,445,000 Hampton Redevelopment and Housing Authority
Multifamily Housing Revenue Refunding Bonds, Series
1994 (Chase Hampton II Apartments),
7.000%, 7/01/24 (Mandatory put 7/01/04) 7/02 at 104 Baa3 4,731,969
4,650,000 Bon Secours Health System Obligated Group Revenue
Bonds, Industrial Development Authority of the County
of Hanover (Virginia), Hospital Revenue Bonds, Series
1995 (Bon Secours Health System Projects),
5.500%, 8/15/25 8/05 at 102 Aaa 4,286,045
3,250,000 Industrial Development Authority of the City of
Harrisonburg, Virginia, Hospital Revenue Bonds
(Rockingham Memorial Hospital), Series 1993,
5.250%, 12/01/22 12/02 at 102 Aaa 2,887,333
1,000,000 Henrico County, Virginia, Water and Sewer System
Refunding Revenue Bonds, Series 1992,
6.250%, 5/01/13 5/02 at 100 A1 1,011,490
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Henry County Public Service Authority, Water and Sewer
Refunding Revenue Bonds, Series 1991,
6.250%, 11/15/19 11/01 at 101 Aaa $ 1,528,200
2,000,000 County of Loudoun, Virginia, General Obligation
Public Improvement and Refunding Bonds, Series
1993A, 5.500%, 10/01/13 10/03 at 102 Aa 1,959,380
3,000,000 Industrial Development Authority of the Town of Louisa,
Virginia, Pollution Control Revenue Bonds (Virginia
Electric and Power Company Project), Series 1994,
5.450%, 1/01/24 1/04 at 102 A 2,812,380
3,000,000 Industrial Development Authority of the City of
Lynchburg, Virginia, Educational Facilities Revenue
Bonds (Randolph-Macon Woman's College), Series 1993,
5.875%, 9/01/23 9/03 at 102 A 2,843,940
2,940,000 Industrial Development Authority of the City of
Lynchburg, Virginia, Educational Facilities Revenue
Bonds (Randolph-Macon Women's College), Series
1993, 5.875%, 9/01/13 9/03 at 102 A 2,862,061
2,500,000 Hospital Revenue and Refunding Bonds, Industrial
Development Authority of the City of Norfolk, Hospital
Revenue and Refunding Bonds (Sentara Hospitals-
Norfolk), Series 1994A, 6.500%, 11/01/13 11/04 at 102 Aa 2,620,300
5,000,000 Norfolk Water Revenue Bonds Series 1995,
5.875%, 11/01/20 11/05 at 102 Aaa 4,917,000
1,500,000 Peninsula Ports Authority of Virginia, Health System
Revenue and Refunding Bonds (Riverside Health System
Project), Series 1992-A, 6.625%, 7/01/10 7/02 at 102 Aa 1,576,395
2,500,000 City of Portsmouth, Virginia, General Obligation Bonds,
Public Utility Refunding Bonds, Series 1993,
5.500%, 8/01/19 8/03 at 102 AA- 2,372,850
3,000,000 Prince William County Park Authority (Virginia),
Revenue Bonds, Series 1994, 6.875%, 10/15/16 10/04 at 102 A- 3,184,290
1,740,000 Prince William County Service Authority (Virginia),
Water and Sewer System Refunding Revenue Bonds,
Series 1993, 5.000%, 7/01/21 7/03 at 102 Aaa 1,522,865
3,200,000 City of Richmond, Virginia, General Obligation Public
Improvement Bonds, Series 1993B, 5.500%, 7/15/23 7/03 at 102 AA 3,017,344
2,125,000 Richmond Metropolitan Authority (Virginia), Expressway
Revenue and Refunding Bonds, Series 1992-A,
5.750%, 7/15/22 7/02 at 100 Aaa 2,045,716
3,800,000 County of Roanoke, Virginia, General Obligation Public
Improvement and Refunding Bonds, Series 1993,
5.000%, 6/01/21 6/03 at 100 Aa 3,358,060
3,000,000 Industrial Development Authority of the City of Roanoke,
Virginia, Hospital Revenue Refunding Bonds (Roanoke
Memorial Hospitals, Community Hospital of Roanoke
Valley, Franklin Memorial Hospital and Saint Albans
Psychiatric Hospital Project), Series 1993 A,
5.000%, 07/01/24 7/03 at 102 Aaa 2,596,710
1,250,000 Industrial Development Authority of Rockingham
County, Virginia, Educational Facilities Revenue Bonds
(Bridgewater College), Series 1993, 6.000%, 10/01/23 10/03 at 102 Baa1 1,147,388
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,150,000 Southeastern Public Service Authority of Virginia, Senior
Revenue Bonds, Series 1993 (Regional Solid Waste
System), 6.000%, 7/01/17 (Alternative Minimum Tax) 7/03 at 102 A- $ 5,595,701
2,355,000 Suffolk Redevelopment and Housing Authority, Mortgage
Revenue Refunding Bonds, Series 1993 (FHA Insured
Mortgage Loan-Wilson Pines Apartments Section 8
Assisted Project), 6.125%, 1/01/23 1/01 at 100 Aaa 2,353,303
4,345,000 Upper Occoquan Sewage Authority (Virginia), Regional
Sewerage System Refunding Bonds, Series of 1993,
5.000%, 7/01/21 1/04 at 102 Aaa 3,802,786
2,000,000 City of Winchester, Virginia, General Obligation Public
Improvement and Refunding Bonds, Series of 1994,
5.500%, 1/15/14 1/04 at 102 Aa 1,946,000
1,700,000 Commonwealth of Puerto Rico, Public Improvement
Bonds of 1996 (General Obligation Bonds.),
5.400%, 7/01/25 7/06 at 101 1/2 A 1,537,734
3,500,000 Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds (Series T), 6.500%, 7/01/22
(Pre-refunded to 7/01/02) 7/02 at 101 1/2 AAA 3,850,840
Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds (Series W):
1,165,000 5.250%, 7/01/20 7/03 at 101 1/2 A 1,032,084
3,000,000 5.250%, 7/01/20 7/03 at 101 1/2 Aaa 2,749,020
$172,880,000 Total Investments - (cost-$169,423,814) - 95.2% 168,101,689
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 2.7%
$ 700,000 Industrial Development Authority of the County of
Henrico, Virginia, Health Facility Revenue Bonds
(The Hermitage at Cedarfield), Series 1994, Variable
Rate Demand Bonds, 3.800%, 5/01/24+ VMIG-1 700,000
3,200,000 Peninsula Ports Authority of Virginia (Dominion
Terminals Associates), Variable Rate Demand Bonds,
3.600%, 7/01/16+ P-1 3,200,000
900,000 Peninsula Ports Authority of Virginia, Unit Priced
Demand Adjustable, Port Facility Refunding Revenue
Bonds (Shell Coal and Terminal Company Projects),
1987 Series, 3.700%, 12/01/05+ AAA 900,000
$ 4,800,000 Total Temporary Investments - 2.7% 4,800,000
===========
Other Assets Less Liabilities - 2.1% 3,747,223
Net Assets - 100% $176,648,912
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 19 $ 49,752,547 30%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 23 81,626,133 49
PORTFOLIO OF A+ A1 3 7,868,500 5
INVESTMENTS A, A- A, A2, A3 8 20,972,612 12
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 5,879,357 3
TEMPORARY Non-rated Non-rated 1 2,002,540 1
INVESTMENTS):
TOTAL 56 $168,101,689 100%
<FN>
* Optional Call Provisions (not covered by the report of independent auditors):
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.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $ 73,873,966 $211,869,734 $126,434,237 $168,101,689
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 600,000 400,000 1,900,000 4,800,000
Cash 210,846 -- 40,710 332,968
Receivables:
Interest 1,678,144 4,289,335 2,588,463 2,969,684
Investments sold -- -- -- 1,210,032
Other assets 6,155 20,013 13,159 14,041
------------ ------------ ------------ ------------
Total assets 76,369,111 216,579,082 130,976,569 177,428,414
------------ ------------ ------------ ------------
LIABILITIES
Payable for investments purchased -- -- 4,245,848 --
Accrued expenses:
Management fees (note 6) 41,958 118,109 69,597 96,833
Other 62,622 124,607 87,655 115,994
Preferred share dividends payable 2,761 10,326 4,089 8,661
Common share dividends payable 235,555 635,923 373,161 558,014
------------ ------------ ------------ ------------
Total liabilities 342,896 888,965 4,780,350 779,502
------------ ------------ ------------ ------------
Net assets (note 7) $ 76,026,215 $215,690,117 $126,196,219 $176,648,912
============ ============ ============ ============
Preferred shares, at liquidation value $ 27,800,000 $ 79,100,000 $ 46,800,000 $ 63,800,000
============ ============ ============ ============
Preferred shares outstanding 1,112 3,164 1,872 2,552
============ ============ ============ ============
Common shares outstanding 3,709,530 10,340,215 6,219,344 8,454,755
============ ============ ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 13.00 $ 13.21 $ 12.77 $ 13.35
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year Ended May 31, 1996
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 4,424,558 $ 12,131,154 $ 7,230,303 $ 10,355,349
------------ ------------ ------------ ------------
Expenses:
Management fees (note 6) 502,432 1,410,100 833,962 1,156,757
Preferred shares--auction fees 69,595 197,897 117,161 159,718
Preferred shares--dividend disbursing agent fees 16,386 30,042 12,329 30,000
Shareholders' servicing agent fees and expenses 4,415 39,157 19,154 18,629
Custodian's fees and expenses 32,262 55,315 44,127 45,508
Trustees' fees and expenses (note 6) 1,841 1,289 888 1,696
Professional fees 16,916 45,292 14,174 33,784
Shareholders' reports--printing and mailing expenses 31,393 58,540 37,105 45,669
Stock exchange listing fees 2,573 33,247 17,147 16,454
Investor relations expense 5,625 14,676 11,715 17,616
Other expenses 17,864 12,838 19,591 30,613
------------ ------------ ------------ ------------
Total expenses 701,302 1,898,393 1,127,353 1,556,444
------------ ------------ ------------ ------------
Net investment income 3,723,256 10,232,761 6,102,950 8,798,905
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) (384,227) (647,854) (774,668) (196,020)
Net change in unrealized appreciation (depreciation)
of investments (1,053,418) (870,418) (2,009,109) (2,074,130)
------------ ------------ ------------ ------------
Net gain (loss) from investments (1,437,645) (1,518,272) (2,783,777) (2,270,150)
------------ ------------ ------------ ------------
Net increase in net assets from operations $ 2,285,611 $ 8,714,489 $ 3,319,173 $ 6,528,755
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NPG NMY
Year ended Year ended Year ended Year ended
5/31/96 5/31/95 5/31/96 5/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,723,256 $ 3,618,901 $ 10,232,761 $ 7,783,227
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (384,227) (2,231,213) (647,854) (2,689,366)
Net change in unrealized appreciation (depreciation)
of investments (1,053,418) 6,282,723 (870,418) 17,300,496
------------- ------------- ------------- -------------
Net increase in net assets from operations 2,285,611 7,670,411 8,714,489 22,394,357
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (2,696,829) (2,696,507) (7,628,394) (5,677,248)
Preferred shareholders (896,753) (913,003) (2,643,435) (2,055,328)
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (3,593,582) (3,609,510) (10,271,829) (7,732,576)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NDM (note 1) -- -- -- 84,880,037
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- 230,989 85,329 114,722
------------- ------------- ------------- -------------
Net increase in net assets derived from capital share
transactions -- 230,989 85,329 84,994,759
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (1,307,971) 4,291,890 (1,472,011) 99,656,540
Net assets at beginning of year 77,334,186 73,042,296 217,162,128 117,505,588
------------- ------------- ------------- -------------
Net assets at end of year $ 76,026,215 $ 77,334,186 $ 215,690,117 $ 217,162,128
============= ============= ============= =============
Balance of undistributed net investment income at end of year $ 215,296 $ 85,622 $ 400,117 $ 439,185
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NNC NPV
Year ended Year ended Year ended Year ended
5/31/96 5/31/95 5/31/96 5/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 6,102,950 $ 5,995,934 $ 8,798,905 $ 7,190,608
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (774,668) (2,628,350) (196,020) (2,482,462)
Net change in unrealized appreciation (depreciation)
of investments (2,009,109) 7,880,370 (2,074,130) 13,682,593
------------- ------------- ------------- -------------
Net increase in net assets from operations 3,319,173 11,247,954 6,528,755 18,390,739
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (4,353,544) (4,501,634) (6,614,465) (5,490,944)
Preferred shareholders (1,584,092) (1,487,023) (2,137,996) (1,828,391)
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (5,937,636) (5,988,657) (8,752,461) (7,319,335)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NVI (note 1) -- -- -- 49,584,292
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- 373,994 478,269 834,752
------------- ------------- ------------- -------------
Net increase in net assets derived from capital share
transactions -- 373,994 478,269 50,419,044
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (2,618,463) 5,633,291 (1,745,437) 61,490,448
Net assets at beginning of year 128,814,682 123,181,391 178,394,349 116,903,901
------------- ------------- ------------- -------------
Net assets at end of year $ 126,196,219 $ 128,814,682 $ 176,648,912 $ 178,394,349
============= ============= ============= =============
Balance of undistributed net investment income at end of year $ 289,773 $ 124,459 $ 441,496 $ 395,052
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At May 31, 1996, the state Funds (the "Funds") covered in this report and
their corresponding stock exchange symbols are Nuveen Georgia Premium Income
Municipal Fund (NPG), Nuveen Maryland Premium Income Municipal Fund (NMY),
Nuveen North Carolina Premium Income Municipal Fund (NNC) and Nuveen Virginia
Premium Income Municipal Fund (NPV). NMY, NNC and NPV are traded on the New
York Stock Exchange while NPG is traded on the American Stock Exchange.
Each Fund invests primarily in a diversified portfolio of municipal
obligations issued by state and local government authorities within a single
state.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
On December 8, 1994, NMY acquired all of the net assets of Nuveen Maryland
Premium Income Municipal Fund 2 (NDM) pursuant to a plan of reorganization
approved by the shareholders of the Funds on November 18, 1994. The
acquisition was accomplished by a tax-free exchange of 4,525,908 shares of NMY
for the 4,616,257 shares of NDM outstanding on December 8, 1994. NDM's net
assets at that date of $84,880,037 included $10,766,392 of net unrealized
depreciation which was combined with that of NMY. The combined net assets of
NMY immediately after the acquisition were $192,777,559.
On December 8, 1994, NPV acquired all of the net assets of Nuveen Virginia
Premium Income Municipal Fund 2 (NVI) pursuant to a plan of reorganization
approved by the shareholders of the Funds on November 3, 1994. The acquisition
was accomplished by a tax-free exchange of 2,575,679 shares of NPV for the
2,730,426 shares of NVI outstanding on December 8, 1994. NVI's net assets at
that date of $49,584,292 included $6,920,156 of net unrealized depreciation
which was combined with that of NPV. The combined net assets of NPV
immediately after the acquisition were $157,658,536.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Trustees. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
<PAGE>
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At May 31, 1996, NNC had outstanding purchase commitments of
$4,245,848. There were no such purchase commitments in any of the other Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt
securities when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing to shareholders
all of the Funds' tax-exempt net investment income, in addition to any
significant amounts of net realized capital gains from investments and/or
market discount realized upon the sale of securities. The Funds currently
consider significant net realized capital gains and/or market discount as
amounts in excess of $.01 per Common share. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and designated state personal income taxes, to
retain such tax-exempt status when distributed to shareholders of the Funds.
All income dividends paid during the year ended May 31, 1996, have been
designated Exempt Interest Dividends which are entirely exempt from federal
and designated state personal income taxes.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
capital gains from investment transactions are distributed to shareholders not
less frequently than annually only to the extent they exceed available capital
loss carryovers.
Distributions to shareholders of net investment income and net realized
capital gains are recorded on the ex-dividend date. The amount and timing of
such distributions are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
Accordingly, temporary over-distributions as a result of these differences may
result and will be classified as either distributions in excess of net
investment income or distributions in excess of net realized gains from
investment transactions, if applicable.
<PAGE>
<TABLE>
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate on each Series may change every seven days, as set by the
auction agent. The number of shares outstanding, by Series and in total, at
May 31, 1996, were as follows:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Number of shares:
Series T -- -- -- 832
Series W -- 1,404 -- --
Series Th 1,112 1,760 1,872 1,720
----- ----- ----- -----
Total 1,112 3,164 1,872 2,552
===== ===== ===== =====
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments which
prescribes disclosure requirements for transactions in certain derivative
financial instruments including futures, forward, swap, and option contracts,
and other financial instruments with similar characteristics. 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 year ended May
31, 1996.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles 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 from operations during the reporting period.
</TABLE>
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<CAPTION>
NPG NMY
Year ended Year ended Year ended Year ended
5/31/96 5/31/95 5/31/96 5/31/95
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NDM (note 1) -- -- -- 4,525,908
Shares issued to shareholders due to reinvestment -- 19,021 4,866 9,407
--- ------ ----- ---------
Net increase -- 19,021 4,866 4,535,315
=== ====== ===== =========
Preferred shares acquired from NDM (note 1) -- -- -- 1,404
=== ====== ===== =========
<CAPTION>
NNC NPV
Year ended Year ended Year ended Year ended
5/31/96 5/31/95 5/31/96 5/31/95
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NVI (note 1) -- -- -- 2,575,679
Shares issued to shareholders due to reinvestment -- 30,917 33,946 65,082
--- ------ ------ ---------
Net increase -- 30,917 33,946 2,640,761
=== ====== ====== =========
Preferred shares acquired from NVI (note 1) -- -- -- 832
=== ====== ====== =========
3. SECURITIES TRANSACTIONS
Purchase and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the year ended May 31,
1996, were as follows:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $10,570,597 $39,076,590 $52,090,125 $47,938,476
Temporary municipal investments 7,416,000 20,160,000 12,340,000 17,800,000
SALES AND MATURITIES
Investments in municipal securities 10,746,411 38,148,827 48,668,516 52,437,218
Temporary municipal investments 7,216,000 20,560,000 10,840,000 13,700,000
=========== =========== =========== ===========
At May 31, 1996, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for
each Fund.
</TABLE>
<PAGE>
<TABLE>
At May 31, 1996, the Funds had unused capital loss carryovers available for
federal income tax purposes to be applied against future capital gains, if
any. If not applied, the carryovers will expire as follows:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Expiration year:
2002 $ -- $3,164,401 $ 10,562 $1,946,517
2003 1,288,994 1,019,929 2,478,557 1,577,464
2004 1,842,885 2,660,424 1,137,399 1,579,895
---------- ---------- ---------- ----------
Total $3,131,879 $6,844,754 $3,626,518 $5,103,876
========== ========== ========== ==========
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On June 3, 1996, the Funds declared Common share dividend distributions from
their ordinary income which were paid July 1, 1996, to shareholders of record
on June 15, 1996, as follows:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Dividend per share $.0635 $.0615 $.0600 $.0660
====== ====== ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at May 31, 1996, were as follows:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $ 1,415,990 $ 2,199,726 $ 640,554 $ 2,112,223
Depreciation (1,372,473) (3,070,574) (3,496,414) (3,434,348)
----------- ----------- ----------- -----------
Net unrealized appreciation (depreciation) $ 43,517 $ (870,848) $(2,855,860) $(1,322,125)
=========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
("the Adviser"), a wholly owned subsidiary of The John Nuveen Company, each
Fund pays to the Adviser an annual management fee, payable monthly, at the
rates set forth below, which are based upon the average daily net asset value
of each Fund:
<CAPTION>
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Trustees who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
7. COMPOSITION OF NET ASSETS
At May 31, 1996, net assets consisted of:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $ 27,800,000 $ 79,100,000 $ 46,800,000 $ 63,800,000
Common shares, $.01 par value per share 37,095 103,402 62,193 84,548
Paid-in surplus 51,235,490 144,196,010 86,058,627 118,849,915
Balance of undistributed net investment income 215,296 400,117 289,773 441,496
Accumulated net realized gain (loss) from investment
transactions (3,305,183) (7,238,564) (4,158,514)
(5,204,922)
Net unrealized appreciation (depreciation) of
investments 43,517 (870,848) (2,855,860) (1,322,125)
------------- ------------- ------------- -------------
Net assets $ 76,026,215 $ 215,690,117 $ 126,196,219 $ 176,648,912
============= ============= ============= =============
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
============= ============= ============= =============
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At May 31, 1996, the revenue sources by municipal
purpose for these investments, expressed as a percent of total investments,
were as follows:
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Revenue Bonds:
Health Care Facilities 13% 13% 25% 17%
Housing Facilities 17 21 13 15
Water / Sewer Facilities 18 1 7 18
Electric Utilities 5 1 17 9
Educational Facilities 10 6 3 9
Transportation 4 10 -- 5
Lease Rental Facilities -- 5 10 1
Pollution Control Facilities 7 7 8 5
Other 7 16 4 6
General Obligation Bonds 15 18 10 8
Escrowed Bonds 4 2 3 7
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed
by an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest
in the event of default (53% for NPG, 45% for NMY, 36% for NNC and 29% for
NPV). Such insurance or escrow, however, does not guarantee the market value
of the municipal securities or the value of any of the Funds' shares.
Certain temporary investments in short-term municipal securities have credit
enhancements (letters of credit, guarantees or insurance) issued by third
party domestic or foreign banks or other institutions (100% for NPG, 0% for
NMY, 100% for NNC and 100% for NPV).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS
AS FOLLOWS:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments++ shareholders shareholders+
<S> <C> <C> <C> <C> <C>
NPG
Year ended 5/31,
1996 $13.350 $1.004 $ (.385) $(.727) $(.242)
1995 12.260 .977 1.088 (.728) (.247)
1994 13.960 .775 (1.568) (.620) (.135)
5/20/93 to
5/31/93 14.050 .001 -- -- --
<CAPTION>
NMY
<S> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 13.360 .990 (.146) (.738) (.256)
1995 12.670 .992 .696 (.738) (.260)
1994 14.130 .890 (1.298) (.750) (.160)
3/18/93 to
5/31/93 14.050 .069 .073 -- --
<CAPTION>
NNC
<S> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 13.190 .982 (.447) (.700) (.255)
1995 12.340 .966 .849 (.725) (.240)
1994 14.000 .752 (1.535) (.600) (.135)
5/20/93 to
5/31/93 14.050 .002 .015 -- --
<CAPTION>
NPV
<S> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 13.610 1.042 (.265) (.784) (.253)
1995 12.790 1.037 .844 (.800) (.261)
1994 14.180 .942 (1.255) (.790) (.148)
3/18/93 to
5/31/93 14.050 .068 .125 -- --
<PAGE>
<CAPTION>
Distributions from capital gains
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholders+ discounts of period of period
<S> <C> <C> <C> <C> <C>
NPG
Year ended 5/31,
1996 $ -- $ -- $ -- $13.000 $12.250
1995 -- -- -- 13.350 11.500
1994 -- -- (.152) 12.260 12.625
5/20/93 to
5/31/93 -- -- (.091) 13.960 15.000
<CAPTION>
NMY
<S> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 -- -- -- 13.210 12.750
1995 -- -- -- 13.360 12.250
1994 -- -- (.142) 12.670 12.500
3/18/93 to
5/31/93 -- -- (.062) 14.130 15.250
<CAPTION>
NNC
<S> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 -- -- -- 12.770 12.625
1995 -- -- -- 13.190 12.125
1994 -- -- (.142) 12.340 12.500
5/20/93 to
5/31/93 -- -- (.067) 14.000 15.125
<CAPTION>
NPV
<S> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 -- -- -- 13.350 13.500
1995 -- -- -- 13.610 12.875
1994 -- -- (.139) 12.790 13.125
3/18/93 to
5/31/93 -- -- (.063) 14.180 15.125
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
value** value** (in thousands) assets+++ net assets+++ rate
<S> <C> <C> <C> <C> <C> <C>
NPG
Year ended 5/31,
1996 12.88% 2.81% $76,026 .91% 4.82% 14%
1995 (3.00) 15.78 77,334 .95 5.01 35
1994 (12.09) (8.05) 73,042 .97 3.97 31
5/20/93 to
5/31/93 -- (.64) 49,219 1.61* .50* --
<CAPTION>
NMY
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 10.22 4.41 215,690 .87 4.68 18
1995 4.36 12.07 217,162 .97 4.92 25
1994 (13.62) (5.39) 117,506 .92 4.30 19
3/18/93 to
5/31/93 1.67 .57 81,724 .86* 2.74* --
<CAPTION>
NNC
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 10.13 2.11 126,196 .88 4.75 39
1995 3.04 13.64 128,815 .89 4.96 32
1994 (13.81) (7.79) 123,181 .93 3.85 19
5/20/93 to
5/31/93 .83 (.36) 82,449 1.28* 1.41* --
<CAPTION>
NPV
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31,
1996 11.04 3.86 176,649 .87 4.92 27
1995 4.66 13.58 178,394 .98 5.13 45
1994 (8.35) (4.58) 116,904 .93 4.56 28
3/18/93 to
5/31/93 .83 .93 81,227 .90* 2.70* --
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
+ The amounts shown are based on Common share equivalents.
++ Net of taxes, if applicable.
+++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Boards of Trustees and Shareholders
Nuveen Georgia Premium Income Municipal Fund
Nuveen Maryland Premium Income Municipal Fund
Nuveen North Carolina Premium Income Municipal Fund
Nuveen Virginia Premium Income Municipal Fund
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen Georgia Premium Income Municipal Fund,
Nuveen Maryland Premium Income Municipal Fund, Nuveen North Carolina Premium
Income Municipal Fund and Nuveen Virginia Premium Income Municipal Fund as of
May 31, 1996, and the related statements of operations, changes in net assets
and the financial highlights for the periods then ended. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of May 31, 1996, by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Nuveen Georgia Premium Income Municipal Fund, Nuveen Maryland Premium Income
Municipal Fund, Nuveen North Carolina Premium Income Municipal Fund and Nuveen
Virginia Premium Income Municipal Fund at May 31, 1996, and the results of
their operations, changes in their net assets and financial highlights for the
periods then ended in conformity with generally accepted accounting
principles.
Ernst & Young LLP
Chicago, Illinois
July 12, 1996
<PAGE>
Build your wealth automatically
Photographic image of Customer Service Rep at Nuveen.
Managing your portfolio takes skill, experience, and informed judgment, but
our efforts to help you build your wealth don't stop there. At Nuveen, we
offer a number of convenient ways to add to your tax-free portfolio and earn
the tax-free income you need to achieve your financial goals.
NUVEEN EXCHANGE-TRADED FUND DIVIDEND REINVESTMENT PLAN
Your Nuveen exchange-traded fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares. If you
do not elect to reinvest distributions, all distributions are paid by check,
or can be deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to set aside money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also benefit from dollar-cost averaging, a technique of
investing at regular intervals, which allows you to build a high-quality,
tax-free portfolio conveniently and cost effectively over time. All
reinvestments are invested in full and fractional shares and are kept in
non-certificated form by the Plan Agent, Chase Manhattan Bank.
To make recordkeeping easy and convenient, each month you'll receive a
statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number
of shares you own. Income or capital gains taxes may be payable on dividends
or distributions that are reinvested.
<PAGE>
The shares you acquire by reinvesting will either be purchased on the open
market or be 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 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.
Dividends and distributions received to purchase shares in the open market
will be invested within 30 days of the dividend payment date; no interest will
be paid on dividends and distributions awaiting reinvestment. Because the
market price of shares may increase before purchases are completed, the
average purchase price per share may exceed the market price at the time of
valuation resulting in the acquisition of fewer shares than if the dividend or
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.
You may, of course, change your distribution option or withdraw from the
Plan at any time, should your needs or situation change. Should you withdraw,
you can receive a certificate for all whole shares credited to your
reinvestment account and cash payment for fractional shares, or cash payment
for all reinvestment account shares, less brokerage commissions and a $2.50
service fee.
You also can reinvest if your shares are registered in the name of a
brokerage firm, bank, or other nominee. Just ask your investment adviser if
the firm will participate on your behalf. If not, it's easy to have the shares
registered in your name and to apply for a reinvestment account directly.
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.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll
in or withdraw from the Plan, speak with your financial adviser or call us
toll-free at 1.800.257.8787.
Photographic image of Customer Service Rep at Nuveen.
"When it comes to financial planning, your investment adviser knows your
situation best. Nuveen is pleased to provide the account information you and
your adviser need to plan effectively."
Photographic image of Customer Service Rep at Nuveen.
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set
up your reinvestment account."
<PAGE>
Photographic image of Customer Service Rep at Nuveen.
"When questions come up about your investment, we're happy to provide the
up-to-date information you and your adviser need."
More than just a number
If you've ever called our toll-free customer service line, you've spoken
with one of Nuveen's customer service representatives. These reps are ready to
assist you with answers to your questions about current account balances,
yields, and previous transactions on your accounts. They can also supply
additional information about any of Nuveen's tax-free unit trusts and mutual
funds.
If you have a question about your account, or whenever you need help, just
call 800.257.8787. Our customer service reps are available Monday through
Friday from 8:00 a.m. to 8:00 p.m. Eastern time.
Photographic image of woman seated and man standing behind her representing
Nuveen investors.
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr., founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free income
specialist by focusing on municipal bonds.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's invest ment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois
60606-1286
ETF2-JULY 96
