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)
SEMIANNUAL REPORT/NOVEMBER 30, 1996
Photographic image of couple walking on beach.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
10 Fund performance
12 Commonly used terms
14 Shareholder meeting report
15 Portfolio of investments
37 Statement of net assets
38 Statement of operations
39 Statement of changes in net assets
41 Notes to financial statements
48 Financial highlights
<PAGE>
Dear
shareholder
"These funds continue to achieve their goal of delivering attractive tax-free
income."
Photographic image of head shot of Chairman and Chief Executive
Officer of Nuveen.
As we begin a new year, I am pleased to have this opportunity to report to you
on the performance of your funds, which continue to achieve their goal of
delivering attractive tax-free income from portfolios of investment-grade
quality municipal bonds. Because the proceeds from these bonds are used to
maintain and improve the infrastructure of the states where you live, your
investment has several benefits: As you support the publicly funded projects
that enhance your communities, you also benefit from the credit strength of
these communities and receive income that is exempt from both federal and
state income taxes.
As of November 30, 1996, investors in the Georgia, Maryland, North Carolina,
and Virginia funds were receiving annual tax-free yields that ranged from
5.64% to 5.98%. When federal and state income taxes are taken into account,
these yields equal taxable rates of between 9.40% to 9.88%--further
demonstrating the attractiveness of these funds. In addition to providing
highly attractive levels of tax-free income, these funds have also continued
to generate strong price appreciation relative to similar funds. During the
past few years, as market declines were followed by rebounds, share price
appreciation for these funds lagged the market. With net asset values
appreciating more quickly, shares began to trade at a discount. In 1996, we
saw both share prices and net asset values improve. Each of these funds has
<PAGE>
seen an increase over its share price of 12 months ago; for some funds, the
share price increase was substantial. Over the past 12 months, these funds
posted total returns on net asset value of 5.85% to 6.90%, equivalent to
taxable total returns of 9.59% to 10.72%.
This performance is especially encouraging in light of a bond market that
essentially ended the year where it began. The current economy reflects a
combination of factors that traditionally bode well for the bond market.
Yields remain attractive, and the economy continues to expand at a moderate
pace. We believe that the funds covered in this report are positioned to
perform well in changing markets due to both Nuveen's prudent use of
leverage--which helps moderate volatility in the event of a rising interest
rate environment, and enhances income in periods of falling rates--as well as
our conservative dividend policy. By setting dividends at levels that are
expected to remain stable for at least six months, Nuveen can effectively
smooth out periods of market fluctuation, enabling investors to depend on
their tax-free dividends with confidence.
Nuveen continues to meet the challenge of our investors' expanding needs for
capital preservation, current income, and future growth. In November, we
introduced the Nuveen Growth and Income Stock Fund, the first of three
equity-based mutual funds designed to provide a complement to our current
municipal bond funds.
In an additional move to increase the range of investment solutions
available to our investors, Nuveen has acquired Flagship Resources Inc., a
highly regarded fixed-income mutual fund specialist that shares our views on
the importance of research and emphasizes a conservative, value-oriented
approach to portfolio management. We are currently in the process of combining
our tax-exempt mutual fund activities, which will result in the broadest
selection of municipal bond funds available in the U.S.
We are excited about these recent developments, and we are pleased to be
bringing our investors expanded options for achieving wealth preservation,
dependable income, and long-term asset growth. Thank you for your continued
confidence in Nuveen and our family of investments.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
January 15, 1997
<PAGE>
Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, talks about 1996's
municipal bond market and offers insights into factors that affected
performance
How would you categorize the municipal market over the past 12 months?
Over the past year, the bond market--despite some fluctuations--has been
relatively stable compared with recent years. While 1994 represented the worst
period in recent bond market history and 1995 the best in a decade, 1996's
bond market finished the year unchanged, rebounding from a mid-year decline.
Following a strong start to the year, a succession of mixed reports affecting
interest rate and inflation forecasts caused investors to view the markets
alternatively with enthusiasm, then uncertainty. In the third quarter, evidence
of an economic slowdown, the strong U.S. dollar, and lack of inflationary
pressures combined to allay investor fears, sparking a rally in bonds that
continued through the post-election period. Throughout the year, the municipal
market continued to reward investors with solid returns, dependable income, and
opportunities to purchase bonds with strong credit quality.
<PAGE>
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
A look at the current economy shows a positive tone, reflecting a
combination of factors that historically bode well for the bond market,
especially long-term issues. Yields remain attractive, as inflation maintains
the same modest pace that it has demonstrated over the past five years, giving
every indication of being well under control. At the same time, the economy
continues to moderate, as evidenced by the lack of price pressure at the
consumer and producer levels, steady employment statistics, low labor costs,
and a stable money supply.
What principal factors affected the bond market--and Nuveen funds--in 1996?
In 1996, the continued euphoria in the equity market focused investors'
attention on stocks and brought record amounts of new money into stock-based
mutual funds, bypassing the bond market. Some investors, concerned about an
eventual correction in the stock market, decided to take their profits, but
adopted a wait-and-see attitude about investing capital gains, electing to go
with short-term vehicles until a clearer picture of market trends emerged.
Both of these events affected demand for bond issues of all types.
Although they were the focus of much specula tion, interest rates, a key
factor affecting bond market performance, were relatively stable in 1996
compared with the two previous years. Over the past 12 months, the yield on
the 30-year Treasury bond, which serves as a benchmark for long-term interest
<PAGE>
rates, operated within a range of 130 basis points, compared with ranges
exceeding 200 basis points in both 1994 and 1995. In 1994 and into early 1995,
the Federal Reserve made an unprecedented series of moves to tighten interest
rates; the result was the worst bond market in recent history. As 1995
progressed, the Fed reacted to low inflation statistics by easing rates, and
the bond market rallied. In 1996, constant conjectures about the Fed's next
interest rate move--as well as worries about the potential return of inflation
and uncertainty over the direction of the economy--caused numerous fits and
starts in the bond market. Adding to the general concern in the pre-election
months was the debate about the flat tax and its effect on tax-free
investments such as municipal bonds. As the election settled that question and
the Fed continued to stand pat on interest rates, the bond market enjoyed a
resurgence of confidence in the post-election period, making up much of the
ground it had lost during the summer doldrums.
<PAGE>
Has Nuveen continued to follow a value investing approach during this period?
Yes. At Nuveen, we define value investing as a disciplined approach to
security selection and portfolio construction that concentrates on identifying
individual bonds with current yields, prices, credit quality, and future
prospects that are exceptionally attractive in relation to other bonds in the
market. We continue to believe that this approach is the best investment
strategy for the funds we manage.
Successful value investing depends on obtaining detailed insights into the
outlook for individual issuers and the characteristics of specific
bonds--information that may go beyond that used by the market as a whole.
That's where our award-winning Research Department excels. To find the
municipal bonds we consider for our portfolios, Nuveen Research uses its
special insights to help portfolio managers target bonds that may be upgraded,
which results in a higher level of quality and safety in the portfolios, as
well as bonds that are anticipated to increase in value as the result of
factors as yet unrecognized by the investment community in general.
We continue to be committed to maintaining Nuveen's tradition of value
investing and prudent management, with a focus on building shareholder value,
providing research-oriented management, and delivering dependable performance,
in the belief that this will contribute to many more years of investment
success for our fund shareholders.
<PAGE>
What is the status of bond calls in these Nuveen portfolios?
The funds covered in this report have virtually no call exposure. It is
important to understand that the bond market has dealt with the issue of bond
calls and pre-refundings for years. Although this has put some pressure on the
dividends of our older funds (those issued before 1991), all of our funds have
performed very well through this period.
In addition to this strong call protection, shareholders in these funds
continue to enjoy attractive dividends, with each fund reporting one or more
dividend increases during the past 12 months. This positive trend in dividend
payment can be traced to the leveraged structure of these funds, which enables
them to invest the proceeds from the sale of short-term preferred shares in
the purchase of additional long-term bonds, thereby increasing the portfolio's
income stream to the benefit of shareholders.
<PAGE>
NUVEEN GEORGIA PREMIUM INCOME MUNICIPAL FUND
NPG
Shareholders continue to benefit from the fund's conservatively leveraged
structure. In February 1996, the fund's monthly tax-free dividend was
increased. In addition, the portfolio continues to have significant call
protection.
<TABLE>
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0610
1/10/96 $0.0610
2/13/96 $0.0635
3/13/96 $0.0635
4/11/96 $0.0635
5/13/96 $0.0635
6/12/96 $0.0635
7/11/96 $0.0635
8/13/96 $0.0635
9/11/96 $0.0635
10/10/96 $0.0635
11/13/96 $0.0635
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.64%
Taxable-equivalent yield 9.40%
Annual total return on NAV 5.85%
Taxable-equivalent total return 9.59%
Share price $13.50
NAV $13.85
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND
NMY
Shareholders continue to benefit from the fund's conservatively leveraged
structure. The fund's monthly tax-free dividend was increased in November 1996.
In addition, the portfolio continues to have significant call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0615
1/10/96 $0.0615
2/13/96 $0.0615
3/13/96 $0.0615
4/11/96 $0.0615
5/13/96 $0.0615
6/12/96 $0.0615
7/11/96 $0.0615
8/13/96 $0.0615
9/11/96 $0.0615
10/10/96 $0.0615
11/13/96 $0.0640
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.80%
Taxable-equivalent yield 9.51%
Annual total return on NAV 6.25%
Taxable-equivalent total return 9.74%
Share price $13.25
NAV $14.01
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NORTH CAROLINA PREMIUM INCOME MUNICIPAL FUND
NNC
The fund's monthly tax-free dividend was increased three times during the 12
months ended November 1996. Shareholders continue to benefit from the fund's
conservatively leveraged structure. In addition, the portfolio continues to
have significant call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0575
1/10/96 $0.0575
2/13/96 $0.0600
3/13/96 $0.0600
4/11/96 $0.0600
5/13/96 $0.0600
6/12/96 $0.0600
7/11/96 $0.0600
8/13/96 $0.0630
9/11/96 $0.0630
10/10/96 $0.0630
11/13/96 $0.0660
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.92%
Taxable-equivalent yield 10.03%
Annual total return on NAV 6.90%
Taxable-equivalent total return 10.72%
Share price $13.375
NAV $13.75
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND
NPV
The fund's monthly tax-free dividend was increased three times during the 12
months ended November 1996. Shareholders continue to benefit from the fund's
conservatively leveraged structure. In addition, the portfolio continues to
have significant call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0650
1/10/96 $0.0650
2/13/96 $0.0660
3/13/96 $0.0660
4/11/96 $0.0660
5/13/96 $0.0660
6/12/96 $0.0660
7/11/96 $0.0660
8/13/96 $0.0670
9/11/96 $0.0670
10/10/96 $0.0670
11/13/96 $0.0685
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.98%
Taxable-equivalent yield 9.88%
Annual total return on NAV 6.88%
Taxable-equivalent total return 10.65%
Share price $13.75
NAV $14.27
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the 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, November 30, 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 liabili ties. 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, 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 are deemed advisable. No shares
were repurchased during the six-month period ended November 30, 1996.
Any future repur chases will be reported to shareholders.
<PAGE>
<TABLE>
SHAREHOLDER MEETING REPORT
On November 21, 1996, the following Nuveen Exchange-Traded Funds held an Annual
Meeting of Shareholders. At the meeting, shareholders voted to elect directors
of the Funds and to ratify selection of Ernst & Young L.L.P. as the auditorfor
the Funds. The directors elected at the meeting include: Lawrence H. Brown,
Anthony T. Dean, Anne E. Impellizzeri, Peter R. Sawers, Margaret K. Rosenheim,
and Timothy R. Schwertfeger.
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For 3,441,777 4,219,489 12,693,409 7,417,894
Abstain 21,610 41,478 198,582 52,886
--------- --------- ---------- ---------
Total 3,463,387 4,260,967 12,891,991 7,470,780
========= ========= ========== =========
Anthony T. Dean
For 3,441,777 4,219,489 12,693,409 7,417,706
Abstain 21,610 41,478 198,582 53,074
--------- --------- ---------- ---------
Total 3,463,387 4,260,967 12,891,991 7,470,780
========= ========= ========== =========
Anne E. Impellizzeri
For 3,441,777 4,219,489 12,693,409 7,417,894
Abstain 21,610 41,478 198,582 52,886
--------- --------- ---------- ---------
Total 3,463,387 4,260,967 12,891,991 7,470,780
========= ========= ========== =========
Peter R. Sawers
For 3,441,777 4,219,489 12,693,409 7,414,894
Abstain 21,610 41,478 198,582 52,886
--------- --------- ---------- ---------
Total 3,463,387 4,260,967 12,891,991 7,467,780
========= ========= ========== =========
Margaret K. Rosenheim
For N/A N/A 12,693,409 N/A
Abstain N/A N/A 198,582 N/A
--------- --------- ---------- ---------
Total N/A N/A 12,891,991 N/A
========= ========= ========== =========
Timothy R. Schwertfeger
For N/A N/A 12,693,409 N/A
Abstain N/A N/A 198,582 N/A
--------- --------- ---------- ---------
Total N/A N/A 12,891,991 N/A
========= ========= ========== =========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 3,427,972 4,222,800 12,693,409 2,127,725
Against 11,175 6,510 33,000 4,230
Abstain 24,240 31,657 178,582 28,706
---------- ---------- ---------- ---------
Total 3,463,387 4,260,967 12,904,991 2,160,661
========= ========= ========== =========
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN GEORGIA PREMIUM INCOME MUNICIPAL FUND (NPG)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,995,000 Georgia Housing and Finance Authority, Single
Family Mortgage Bonds, 1994 Series A (FHA
Insured or VAGuaranteed Mortgage Loans),
6.500%, 12/01/17 (Alternative Minimum Tax) AA+ 12/04 at 102 $ 3,082,604
500,000 Georgia Housing and Finance Authority, Single
Family Mortgage Bonds, 1996 Series ASubseries
A-2, 6.450%, 12/01/27 AA+ 6/06 at 102 514,735
1,900,000 Municipal Electric Authority of Georgia, General
Power Revenue Bonds, 1992B Series,
5.500%, 1/01/18 Aaa 1/03 at 100 1,875,395
3,000,000 Hospital Authority of Albany-Dougherty County,
Georgia, Revenue Bonds (Phoebe Putney Memorial
Hospital), Series 1993, 5.700%, 9/01/13 Aaa 9/03 at 102 3,034,680
3,115,000 City of Albany (Georgia), Sewerage System Revenue
Bonds, Series 1992, 6.625%, 7/01/17 Aaa 7/02 at 102 3,461,949
1,375,000 City of Atlanta, Georgia, General Obligation School
Improvement Bonds, Series 1993, 5.600%, 12/01/18 Aa 12/03 at 102 1,386,536
500,000 City of Atlanta (Georgia), General Obligation Bonds
Public Improvement Bonds, Series 1994A,
6.100%, 12/01/19 Aa 12/04 at 102 526,190
1,000,000 City of Atlanta, Georgia Airport Facilities Revenue
Refunding Bonds, Series 1994A, 6.500%, 1/01/09 Aaa No Opt. Call 1,141,160
1,500,000 City of Atlanta, Airport Facilities Revenue Bonds,
Series 1990, 6.250%, 1/01/21 (Alternative
Minimum Tax) Aaa 1/01 at 102 1,567,305
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 Aa 10/02 at 102 1,055,090
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 Aaa 12/05 at 102 1,237,225
1,375,000 5.750%, 12/01/25 Aaa 12/05 at 102 1,405,938
3,450,000 City of Atlanta, Georgia, Water and Sewerage
Revenue Bonds, Series 1993, 5.000%, 1/01/15 A1 1/04 at 102 3,289,851
` 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 Aaa 1/03 at 103 3,535,020
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) Baa1 No Opt. Call 2,037,360
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,145,000 Housing Authority of Clayton County (Georgia),
Multifamily Housing Revenue Bonds, Series 1995
(The Advantages Project), 5.800%, 12/01/20 AAA 12/05 at 102 $ 1,154,263
1,250,000 Cobb-Marietta Coliseum and Exhibit Hall Authority
(Georgia), Revenue Refunding Bonds, Series 1993,
5.500%, 10/01/12 Aaa No Opt. Call 1,287,988
1,000,000 The Medical Center Hospital Authority (Columbus,
Georgia), Revenue Anticipation Certificates, Series
1979, 7.750%, 7/01/10 AAA No Opt. Call 1,210,720
1,555,000 Development Authority of DeKalb County Revenue
Bonds (Emory University Project), Series 1994-A,
6.000%, 10/01/14 Aa1 10/04 at 102 1,633,232
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) Aaa 1/05 at 102 3,597,506
1,000,000 Housing Authority of the City of Decatur Mortgage
Revenue Refunding Bonds, Series 1992A (FHA
Insured Mortgage Loan-Park Trace Apartments,
Section 8 Assisted Project), 6.450%, 7/01/25 Aaa 7/02 at 102 1,028,880
2,000,000 Douglasville-Douglas County Water and Sewer
Authority (Georgia), Water and Sewerage Revenue
Bonds, Series 1993, 5.625%, 6/01/15 Aaa No Opt. Call 2,099,020
2,900,000 Downtown Savannah Authority, Refunding Revenue
Bonds, Chatham County Projects, Series 1993A,
5.000%, 1/01/11 Aa 1/03 at 102 2,846,698
3,000,000 Floyd County, Water Revenue Bonds, Series 1993,
5.100%, 11/01/13 Aaa 11/03 at 102 2,921,940
2,000,000 Fulce Hospital Authority, Revenue Anticipation
Certificates (Georgia Baptist Health Care System
Project), Series 1992A, 6.375%, 9/01/22 Baa1 9/02 at 102 2,006,420
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) AAA 3/05 at 102 3,022,320
500,000 Fulton County School District, General Obligation
Refunding Bonds, Series 1991, 6.375%, 5/01/17 Aa No Opt. Call 570,955
1,750,000 Fulton County School District (Georgia), General
Obligation School Bonds, Series 1993,
5.625%, 1/01/21 Aa 1/04 at 102 1,758,558
2,000,000 The Fulton-DeKalb Hospital Authority (Georgia),
Revenue Refunding Certificates, Series 1993,
5.500%, 1/01/20 Aaa 7/03 at 102 1,960,200
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa 10/05 at 102 $ 2,046,685
3,000,000 The Glynn-Brunswick Memorial Hospital Authority
Revenue Anticipation Certificates (Southeast
Georgia Health Systems Project), Series 1996,
5.250%, 8/01/13 Aaa 8/06 at 102 2,939,400
1,500,000 Housing Authority of the City of Marietta, Georgia,
Multifamily Housing Revenue Bonds (GNMA
Collateralized-Country Oaks Apartments), Series
1996, 6.150%, 10/20/26 (Alternative Minimum
Tax), (WI) AAA 10/06 at 102 1,507,425
1,200,000 The Medical Center Hospital Authority Revenue
Anticipation Certificates (Columbus Regional
Healthcare System, Inc. Project), Series 1995,
5.500%, 8/01/15 Aaa 8/05 at 102 1,195,740
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) Aaa 7/98 at 102 1,891,313
1,000,000 Metropolitan Atlanta Rapid Transit Authority
(Georgia), Sales Tax Revenue Bonds, Refunding
Series P, 6.250%, 7/01/20 Aaa No Opt. Call 1,126,270
2,150,000 Metropolitan Atlanta Rapid Transit Authority
(Georgia), Sales Tax Revenue Bonds, 2ND Indenture,
Series 1993A, 5.125%, 7/01/12 Aaa 7/03 at 102 2,115,685
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 A1 9/99 at 102 2,052,920
1,750,000 Municipal Electric Authority of Georgia, Project
One Special Obligation Bonds, Fifth Crossover
Series, 6.400%, 1/01/09 A+ No Opt. Call 1,924,230
2,000,000 Private Colleges and Universities Authority Revenue
Bonds (Georgia), (Agnes Scott College Project),
Series 1993, 5.625%, 6/01/23 Aa 6/03 at 102 2,010,720
3,500,000 Commonwealth of Puerto Rico, Public Improvement
Bonds of 1996 (General Obligation Bonds),
5.400%, 7/01/25 A 7/06 at 101 1/2 3,383,660
500,000 Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds (Series W),
5.250%, 7/01/20 A 7/03 at 101 1/2 473,774
- -----------------------------------------------------------------------------------------------------------------
$76,735,000 Total Investments - (cost $75,553,909) - 99.7% 78,917,560
=================------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.5%
$ 200,000 Burke County Development Authority Pollution
Control Revenue Bonds (Georgia Power Company),
Series 1996, Variable Rate Demand Bonds,
4.100%, 9/01/26+ VMIG-1 $ 200,000
200,000 Hospital Financing Authority, Revenue Bonds,
Series 1991 (Georgia Pooled Hospital Loan
Program), Variable Rate Demand Bonds,
4.000%, 3/01/10+ VMIG-1 200,000
- -----------------------------------------------------------------------------------------------------------------
$ 400,000 Total Temporary Investments - 0.5% 400,000
=================------------------------------------------------------------------------------------------------
Other-Assets-Less-Liabilities---(0.2%) (136,942)
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $79,180,618
=================================================================================================================
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 24 $48,364,027 61%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 10 15,385,318 20
PORTFOLIO OF A+ A1 3 7,267,001 9
INVESTMENTS A, A- A, A2, A3 2 3,857,434 5
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 2 4,043,780 5
TEMPORAR
INVESTMENTS):
- ----------------------------------------------------------------------------------------------------------------
TOTAL 41 $78,917,560 100%
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
(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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
<CAPTION>
NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND (NMY)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** 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 Aaa No Opt. Call $ 1,013,450
2,000,000 6.000%, 7/01/07 Aaa No Opt. Call 2,199,940
1,500,000 5.250%, 7/01/14 Aaa 1/04 at 102 1,490,565
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 Aa 5/03 at 102 1,207,995
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 Aa 5/03 at 102 3,138,099
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 Aa 5/97 at 100 1,014,200
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) Aa 5/02 at 102 1,044,390
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 Aa 4/04 at 102 1,759,503
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 Aa 4/99 at 100 1,548,855
945,000 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) Aa 4/03 at 102 981,383
1,790,000 Community Development Administration,
Department of Housing and Community
Development, State of Maryland, Single Family
Program, 1994 First Series, 5.900%, 4/01/11 Aa 4/04 at 102 1,835,019
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aa 4/04 at 102 $ 1,044,070
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) Aa 4/04 at 102 2,763,314
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) Aa 4/99 at 102 1,035,930
4,000,000 Department of Transportation of Maryland, County
Transportation Revenue Bonds, Series 1993,
4.600%, 12/15/02 Aa No Opt. Call 4,057,880
4,800,000 Department of Transportation of Maryland,
Consolidated Transportation Bonds, Series 1993,
4.625%, 9/15/07 Aa 9/02 at 102 4,686,096
2,000,000 Maryland Economic Development Corporation
(Health and Mental Hygiene Providers Facilities
Acquisition Program), Revenue Bonds, Series
1996A, 7.625%, 4/01/21 N/R 4/11 at 102 1,930,800
1,875,000 Maryland Health and Higher Educational Facilities
Authority, Revenue Bonds, Good Samaritan
Hospital Issue, Series 1993, 5.750%, 7/01/19 A1 7/03 at 102 1,894,500
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 Aaa 7/03 at 102 2,371,479
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 Aaa 7/03 at 102 1,791,021
3,125,000 Maryland Health and Higher Educational Facilities
Authority, Revenue Bonds, Howard County
General Hospital Issue, Series 1993, 5.500%, 7/01/25 Baa1 7/03 at 102 2,845,188
4,415,000 Maryland Stadium Authority, Sports Facilities Lease
Revenue Bonds, Series 1989D, 7.500%, 12/15/10
(Alternative Minimum Tax) Aa 12/99 at 102 4,860,253
4,955,000 Maryland Stadium Authority, Sports Facilities Lease
Revenue Bonds, Series 1996, 5.750%, 3/01/18 Aaa 3/06 at 101 5,064,258
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
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 Aaa 7/04 at 102 $ 5,894,955
2,580,000 6.400%, 7/01/19 (Alternative Minimum Tax) Aaa 7/04 at 102 2,681,704
1,500,000 Maryland Transportation Authority, Transportation
Facilities Projects, Revenue Bonds, Series 1992,
5.750%, 7/01/15 A1 7/02 at 100 1,519,545
3,000,000 Maryland Transportation Authority, Transportation
Facilities Projects, Revenue Bonds, Series 1991,
6.500%, 7/01/06 A1 7/01 at 102 3,315,480
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 Aaa 7/03 at 101 1/2 1,968,040
2,730,000 Anne Arundel County, General Obligation Bonds,
Consolidated Water and Sewer Series 1993,
Refunding Series, 5.250%, 4/15/12 AA+ 4/03 at 102 2,738,081
4,000,000 Anne Arundel County, Maryland, Multi-Family
Housing Revenue Bonds (Woodside Apartments
Project), Series 1994, 7.450%, 12/01/24
(Alternative Minimum Tax) (Mandatory
put 12/01/03) BBB+ No Opt. Call 4,224,920
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 A 4/04 at 102 6,169,080
2,000,000 Baltimore County, Maryland, General Obligation
Bonds, Baltimore County Pension Funding Bonds,
1991 Refunding Series, 6.700%, 7/01/11 Aaa 7/98 at 102 2,112,940
2,000,000 Baltimore County, Maryland, General Obligation
Bonds, Baltimore County Metropolitan District
Bonds (64th Issue), 4.900%, 8/01/11 Aaa 8/03 at 102 1,950,220
2,435,000 Baltimore County Revenue Authority, Revenue
Refunding Bonds, 1993 Series, 5.375%, 7/01/18 A 7/03 at 102 2,459,886
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 A1 No Opt. Call 1,191,740
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 Aaa No Opt. Call 1,240,096
1,305,000 6.000%, 10/15/05 Aaa No Opt. Call 1,443,369
1,415,000 6.000%, 10/15/06 Aaa No Opt. Call 1,568,980
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
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 Aaa No Opt. Call $ 1,407,864
5,000,000 7.250%, 10/15/04 Aaa No Opt. Call 5,897,750
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 Aaa No Opt. Call 1,139,940
1,750,000 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 Aaa No Opt. Call 1,668,170
2,350,000 Mayor and City Council of Baltimore, Refunding
Revenue Bonds (Baltimore City Parking System
Facilities), Series 1993, 5.100%, 7/01/13 Aaa 7/03 at 102 2,294,634
1,000,000 City of Baltimore, Maryland (Mayor and City
Council of Baltimore), Project and Refunding
Revenue Bonds (Water Projects), Series 1996-A,
5.500%, 7/01/26 Aaa 7/06 at 101 1,003,770
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) Aaa 7/00 at 100 3,235,290
7,000,000 Calvert County, Maryland, Pollution Control
Revenue Refunding Bonds (Baltimore Gas and
Electric Company Project), Series 1993,
5.550%, 7/15/14 A 7/04 at 102 6,995,590
1,795,000 County Commissioners of Charles County, Maryland
Mortgage Revenue Refunding Bonds, Series 1995A
(Holly Station IV Townhouses Project FHA
Insured Mortgage Loan), 6.450%, 5/01/26 AAA 5/05 at 102 1,872,365
City of Gaithersburg, Maryland, Hospital Facilities
Refunding and Improvement Revenue Bonds
(Shady Grove Adventist Hospital), Series 1995:
2,550,000 6.500%, 9/01/12 Aaa No Opt. Call 2,922,657
6,265,000 5.500%, 9/01/15 Aaa 9/05 at 102 6,231,796
Howard County, Maryland, Mortgage Revenue
Refunding Bonds, Series 1996A (FHA Insured
Mortgage Loan-Normandy Woods III Apartments
Project):
700,000 6.000%, 7/01/17 AAA 7/06 at 102 715,799
2,000,000 6.100%, 7/01/25 AAA 7/06 at 102 2,036,480
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
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 Aa 7/03 at 102 $ 898,515
800,000 5.300%, 7/01/10 Aa 7/03 at 102 811,256
2,000,000 Housing Opportunities Commission of Montgomery
County (Montgomery County, Maryland),
Multi-Family Housing Revenue Bonds, 1995
Series A, 5.900%, 7/01/15 Aa 7/05 at 102 2,042,520
1,500,000 Housing Opportunities Commission of Montgomery
County (Montgomery County, Maryland),
Multi-Family Housing Revenue Bonds, 1996
Series B, 5.900%, 7/01/26 (WI) Aaa 7/06 at 102 1,506,150
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 Aa 7/04 at 102 2,101,280
815,000 Housing Opportunities Commission of Montgomery
County (Maryland), Single Family Mortgage
Revenue Bonds, 1982 Series A, 7.000%, 7/01/14 Aa 7/97 at 100 815,416
9,600,000 Montgomery County, Maryland, Solid Waste System
Revenue Bonds (1993 Series A), 5.875%, 6/01/13
(Alternative Minimum Tax) Aaa 6/03 at 102 9,924,192
9,445,000 Morgan State University, Maryland, Academic Fees
and Auxiliary Facilities Fees, Revenue Refunding
Bonds, 1993 Series, 6.100%, 7/01/20 Aaa No Opt. Call 10,448,248
Northeast Maryland Waste Disposal Authority,
Resource Recovery Revenue Refunding Bonds
(Southwest Resource Recovery Facility), Series 1993:
1,625,000 6.900%, 1/01/00 Aaa No Opt. Call 1,747,850
3,000,000 7.150%, 1/01/04 Aaa No Opt. Call 3,438,210
4,675,000 7.200%, 1/01/05 Aaa No Opt. Call 5,453,621
1,000,000 Prince George's County, Maryland, General
Obligation Bonds, Consolidated Public Improvement
Bonds, Series 1993, 5.750%, 3/15/09 Aaa 3/03 at 102 1,047,220
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 AAA 9/03 at 102 1,127,703
1,930,000 6.000%, 9/20/15 Aaa 9/03 at 102 1,980,219
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 AAA 1/03 at 102 1,028,670
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) AAA 6/04 at 102 $ 1,213,045
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 AAA 12/04 at 102 1,598,190
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 AAA 12/05 at 102 2,012,960
1,670,000 5.750%, 12/20/19 AAA 12/05 at 102 1,680,788
5,000,000 Prince George's County, Maryland, Pollution Control
Revenue Refunding Bonds (Potomac Electric
Project), 1993 Series, 6.375%, 1/15/23 A1 1/03 at 102 5,317,600
Prince George's County, Maryland, Project and
Refunding Revenue Bonds (Dimensions Health
Corporation Issue), Series 1994:
3,000,000 5.375%, 7/01/14 A 7/04 at 102 2,936,430
6,000,000 5.300%, 7/01/24 A 7/04 at 102 5,719,980
5,750,000 Prince George's County, Maryland, Solid Waste
Management System Revenue Bonds, Series 1993,
5.250%, 6/15/13 Aaa 6/03 at 102 5,613,265
1,510,000 The Mayor and Council of Rockville, Maryland,
General Obligation Refunding Bonds of 1993,
4.600%, 4/15/03 Aa1 No Opt. Call 1,528,664
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 Aaa 1/04 at 102 1,032,163
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 AAA 12/04 at 102 1,049,250
3,000,000 University of Maryland System, Auxiliary Facility
and Tuition Revenue Bonds, 1993 Refunding
Series C, 5.000%, 10/01/10 AA+ 10/03 at 101 2,980,560
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 Aaa 1/03 at 102 1,763,660
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 12/98 at 102 $ 1,081,370
Washington Suburban Sanitary District, Maryland
(Montgomery and Prince George's Counties,
Maryland), General Construction Refunding Bonds
of 1991 Second Series:
1,100,000 8.000%, 1/01/02 Aa1 No Opt. Call 1,282,281
1,250,000 6.100%, 1/01/04 Aa1 1/02 at 102 1,360,350
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 Aa1 6/02 at 102 1,215,127
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 Aa1 12/03 at 102 1,003,200
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 Aa1 6/03 at 102 1,508,130
1,000,000 Puerto Rico Aqueduct and Sewer Authority, Revenue
Bonds, Series 1988A, 7.875%, 7/01/17
(Pre-refunded to 7/01/98) AAA 7/98 at 102 1,082,330
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 A 7/03 at 101 1/2 2,206,512
1,000,000 Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series T, 5.500%, 7/01/20 A- 7/04 at 100 968,510
1,010,000 Puerto Rico Telephone Authority, Revenue Bonds,
Series N, 5.500%, 1/01/22 A+ 1/03 at 101 1/2 1,011,570
- -----------------------------------------------------------------------------------------------------------------
$212,880,000 Total Investments - (cost $213,562,924) - 98.7% 221,016,334
=================------------------------------------------------------------------------------------------------
TEMPORARY INVESTMENTS IN SHORT TERM
MUNICIPAL SECURITIES -0.1%
$ 300,000 Maryland Health and Higher Educational Facilities
================= Authority, Kaiser Permanente Revenue Bonds,
1995 Series A, Variable Rate Demand Bonds,
3.500%, 7/01/15+ VMIG-1 300,000
- -----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 2,682,869
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $223,999,203
=================================================================================================================
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 46 $119,046,636 55%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 27 51,262,367 23
PORTFOLIO OF A+ A1 6 14,250,435 6
INVESTMENTS A, A- A, A2, A3 7 27,455,988 12
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 2 7,070,108 3
TEMPORARY Non-rated Non-rated 1 1,930,800 1
INVESTMENTS):
- -----------------------------------------------------------------------------------------------------------------
TOTAL 89 $221,016,334 100%
=================================================================================================================
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
(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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
<CAPTION>
NUVEEN NORTH CAROLINA PREMIUM INCOME MUNICIPAL FUND (NNC)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** 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 Aa 2/06 at 102 $ 6,355,923
1,500,000 North Carolina Eastern Municipal Power Agency,
Power System Revenue Bonds, Series 1985-G,
5.750%, 12/01/16 Baa1 9/03 at 102 1/2 1,449,030
5,000,000 North Carolina Eastern Municipal Power Agency,
Power System Revenue Bonds, Series 1993-D,
5.600%, 1/01/16 Baa1 1/03 at 102 4,766,000
895,000 North Carolina Housing Finance Agency, Single
Family Revenue Bonds, Series-M (1985 Resolution),
7.850%, 9/01/28 (Alternative Minimum Tax) Aa 3/00 at 102 940,842
3,145,000 North Carolina Housing Finance Agency, Single
Family Revenue Bonds, Series V (1985 Resolution),
6.800%, 9/01/25 (Alternative Minimum Tax) Aa 9/02 at 102 3,273,127
North Carolina Housing Finance Agency,
Multi-Family Revenue Bonds (1993 FHA Insured
Mortgage Loan Resolution), Series 1993:
650,000 5.800%, 7/01/14 Aa 1/03 at 102 654,966
1,000,000 5.900%, 7/01/26 Aa 1/03 at 102 1,002,490
5,815,000 North Carolina Housing Finance Agency, Single
Family Revenue Bonds, Series X (1985 Resolution),
6.700%, 9/01/26 (Alternative Minimum Tax) Aaa 3/04 at 102 6,049,926
4,220,000 North Carolina Housing Finance Agency, Single
Family Revenue Bonds, Series HH (1985
Resolution), 6.300%, 3/01/26 (Alternative
Minimum Tax) Aa 3/06 at 102 4,311,658
3,000,000 North Carolina Medical Care Commission, Hospital
Revenue Refunding Bonds (Carolina Medicorp
Project), Series 1992, 5.500%, 5/01/15 Aa 5/02 at 102 2,974,140
1,000,000 North Carolina Medical Care Commission, Hospital
Revenue Refunding Bonds (Presbyterian Health
Services Corp. Project), Series 1993,
5.500%, 10/01/20 Aa 10/03 at 102 988,790
850,000 North Carolina Medical Care Commission Hospital
Revenue Refunding Bonds (Memorial Mission
Hospital Project), Series 1993, 5.500%, 10/01/18 Aaa 10/03 at 102 834,573
2,855,000 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Bonds, Series 1980,
10.500%, 1/01/10 Aaa No Opt. Call 4,031,603
1,000,000 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Bonds, Series 1992,
5.750%, 1/01/15 A 1/03 at 100 997,160
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
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) A 7/05 at 102 $ 1,027,880
2,400,000 6.300%, 7/01/15 (Alternative Minimum Tax) A 7/05 at 102 2,477,496
5,875,000 State of North Carolina, State Education Assistance
Authority (A Political Subdivision of the State of
North Carolina), Guaranteed Student Loan
Revenue Bonds, 1996 Series C (Subordinate Lien),
6.350%, 7/01/16 (Alternative Minimum Tax) A 7/06 at 102 6,076,806
1,000,000 City of Asheville, North Carolina, Water System
Revenue Bonds, Series 1996, 5.700%, 8/01/25 Aaa 8/06 at 102 1,014,820
4,250,000 Metropolitan Sewerage District of Buncombe County
(North Carolina), Sewerage System Revenue
Refunding Bonds, Series 1993A, 5.500%, 7/01/22 Aaa 7/03 at 102 4,223,778
The Charlotte-Mecklenburg Hospital Authority
(North Carolina), Health Care System Revenue
Bonds, Series 1992:
2,500,000 5.750%, 1/01/12 Aa 1/02 at 102 2,536,875
3,490,000 6.250%, 1/01/20 Aa 1/02 at 102 3,630,333
6,000,000 City of Charlotte, North Carolina, Refunding
Certificates of Participation (Convention Facility
Project), Series 1993C, 5.250%, 12/01/20 Aaa 12/03 at 102 5,836,440
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 Aaa 1/03 at 105 1,011,720
2,180,000 The City of Concord, North Carolina, Certificates
of Participation, Series 1996A, 6.125%, 6/01/21 Aaa 6/06 at 102 2,313,176
3,000,000 Craven Regional Medical Authority, Insured Health
Care Facilities Revenue Bonds, Series 1993,
5.625%, 10/01/17 Aaa 10/03 at 102 2,974,320
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 Aaa 8/03 at 102 3,676,203
2,885,000 Local Government Commission of North Carolina,
City of Durham, North Carolina, Public
Improvement Bonds, Series 1994, 4.800%, 2/01/10 AAA 2/04 at 102 2,804,393
3,970,000 Durham, North Carolina, Certificates of Participation,
Water Utility Improvements, 6.375%, 7/15/12 AA 7/02 at 102 4,164,848
7,000,000 City of Fayetteville, North Carolina, Public Works
Commission Revenue Refunding Bonds, Series
1993, 4.750%, 3/01/14 Aaa 3/03 at 100 6,474,300
1,000,000 City of Greensboro, North Carolina, Combined
Enterprise System Revenue Bonds, Series 1995A,
5.375%, 6/01/19 AA- 6/05 at 102 977,030
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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
(Alternative Minimum Tax) Baa1 12/05 at 102 $ 3,350,340
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 Baa1 3/06 at 102 2,000,600
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 A+ 12/01 at 102 1,305,291
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 Aaa 10/03 at 102 2,646,530
3,000,000 Orange County, General Obligation School Bonds,
Series 1994, 5.500%, 2/01/11 Aa1 2/05 at 102 3,096,840
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 Aa 7/03 at 102 4,379,782
3,500,000 County of Pitt, North Carolina, Pitt County
Memorial Hospital Revenue Bonds, Series 1995,
5.250%, 12/01/21 Aa 12/05 at 102 3,365,775
2,180,000 County of Union, North Carolina, Enterprise Systems
Revenue Bonds, Series 1996, 5.500%, 6/01/21 Aaa 6/06 at 102 2,175,618
3,235,000 County of Wake, North Carolina, Hospital System
Revenue Bonds, Series 1993, 5.125%, 10/01/26 Aaa 10/03 at 102 3,073,768
3,000,000 The Wake County Industrial Facilities and Pollution
Control Financing Authority, Pollution Control
Revenue Bonds (Carolina Power and Light
Company Project), Adjustable Rate Option Bond,
Series 1983, 6.900%, 4/01/09 A 4/00 at 102 3,236,430
6,550,000 Commonwealth of Puerto Rico, Public Improvement
Bonds of 1996 (General Obligation Bonds),
5.400%, 7/01/25 A 7/06 at 101 1/2 6,332,277
3,000,000 Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds (Series W),
5.250%, 7/01/20 Aaa 7/03 at 101 1/2 2,950,050
2,000,000 Puerto Rico Highway/Transportation Authority
Highway Revenue Bonds, Series 1996-Y,
5.500%, 7/01/26 A 7/06 at 101 1/2 1,958,400
- -----------------------------------------------------------------------------------------------------------------
$129,520,000 Total Investments - (cost $126,638,142) - 98.0% 129,722,347
=================------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 500,000 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, 4.000%, 3/01/17+ (Alternative
Minimum Tax) P-1 $ 500,000
- -----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 2,154,720
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $132,377,067
=================================================================================================================
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 16 $ 52,091,218 40%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 15 42,653,419 33
PORTFOLIO OF A+ A1 1 1,305,291 1
INVESTMENTS A, A- A, A2, A3 7 22,106,449 17
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 4 11,565,970 9
TEMPORARY
INVESTMENTS):
- -----------------------------------------------------------------------------------------------------------------
TOTAL 43 $129,722,347 100%
=================================================================================================================
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
+ 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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
<CAPTION>
NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND (NPV)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** 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 Aaa 10/03 at 102 $ 4,106,860
2,150,000 Metropolitan Washington Airports Authority,
Airport System Revenue Bonds, Series 1992A,
6.625%, 10/01/19 (Alternative Minimum Tax) Aaa 10/02 at 102 2,334,814
City of Virginia Beach Development Authority
(Virginia), Hospital Revenue Bonds (Sentara
Bayside Hospital), Series 1991:
2,000,000 6.600%, 11/01/09 Aa 11/01 at 102 2,151,280
5,000,000 6.300%, 11/01/21 Aa 11/01 at 102 5,156,400
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 AAA 6/03 at 102 851,842
2,000,000 City of Virginia Beach, Virginia, Water and Sewer
System Revenue and Refunding Bonds, Series of
1993, 5.125%, 2/01/19 Aaa 2/04 at 102 1,920,500
7,035,000 Commonwealth Transportation Board,
Commonwealth of Virginia, Transportation
Revenue Bonds, Series 1995A (Northern Virginia
Transportation District Program), 6.250%, 5/15/17 Aa 5/04 at 101 7,403,282
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) Aa 11/04 at 100 5,684,745
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 Aa 1/04 at 102 2,787,620
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) Aaa No Opt. Call 1,394,766
1,000,000 Virginia Housing Development Authority,
Commonwealth Mortgage Bonds, 1992 Series B,
Subseries B-3, 6.750%, 7/01/21 (Alternative
Minimum Tax) Aa1 1/02 at 102 1,030,510
3,240,000 Virginia Housing Development Authority,
Commonwealth Mortgage Bonds, 1992 Series B,
Subseries B-5, 6.300%, 1/01/27 (Alternative
Minimum Tax) Aa1 1/02 at 102 3,308,332
Virginia Housing Development Authority,
Commonwealth Mortgage Bonds, 1992 Series B,
Subseries B-6:
4,000,000 6.200%, 7/01/21 (Alternative Minimum Tax) Aa1 1/02 at 102 4,061,520
2,945,000 6.250%, 1/01/27 (Alternative Minimum Tax) Aa1 1/02 at 102 2,998,717
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aa1 1/02 at 102 $ 5,121,800
3,955,000 Virginia Resources Authority, Water and Sewer
System Revenue Bonds, 1995 Series A (Sussex
County Project), 5.600%, 10/01/25 AA 10/05 at 102 3,929,451
1,500,000 Albemarle County Service Authority (Virginia),
Water and Sewer System Revenue Refunding Bonds,
Series of 1993, 5.750%, 8/01/11 Aa 8/02 at 102 1,547,220
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 Aaa 7/03 at 102 1,003,000
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 A 7/05 at 102 1,132,549
1,000,000 Capital Region Airport Commission, Richmond
(Virginia), International Airport Projects, Airport
Revenue Bonds, Series 1995A, 5.625%, 7/01/25 Aaa 7/05 at 102 1,005,490
5,250,000 Chesapeake Bay Bridge and Tunnel District, General
Resolution Revenue Bonds, Refunding Series 1991,
6.375%, 7/01/22 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 5,791,223
2,000,000 County of Cumberland, Virginia, Certificates of
Participation, Series 1994, 5.480%, 7/15/97 N/R No Opt. Call 2,002,940
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) A1 2/99 at 103 1,621,425
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 Aa No Opt. Call 5,430,965
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 Aaa 8/03 at 102 497,865
9,965,000 Fairfax County (Virginia), Water Authority, Water
Refunding Revenue Bonds, Series 1992,
5.750%, 4/01/29 Aa 4/02 at 100 9,984,531
5,060,000 Halifax County Industrial Development Authority
(Old Dominion Electric Cooperative),
6.350%, 12/01/07 (Alternative Minimum Tax) A+ 12/02 at 102 5,372,455
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Hampton Roads Sanitation District, Virginia,
Wastewater Refunding and Capital Improvement
Revenue Bonds, Series 1993, 5.000%, 10/01/23 Aa 10/03 at 102 $ 1,402,290
5,000,000 Hampton Roads Regional Jail Authority, Regional
Jail Facility Revenue Bonds, Series 1996A,
5.500%, 7/01/24 Aaa 7/06 at 102 4,989,150
4,445,000 Hampton Redevelopment and Housing Authority
Multi-Family Housing Revenue Refunding Bonds,
Series 1994 (Chase Hampton II Apartments),
7.000%, 7/01/24 (Mandatory put 7/01/04) Baa2 7/02 at 104 4,810,912
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 Aaa 8/05 at 102 4,593,363
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 Aaa 12/02 at 102 3,127,443
1,000,000 Henrico County Industrial Development Authority,
Solid Waste Revenue Bonds (Browning Ferris
Project), 5.300%, 12/01/11 (Alternative Minimum
Tax), (Mandatory put 12/01/05) A 12/05 at 100 1,015,670
1,000,000 Henrico County, Virginia, Water and Sewer System
Refunding Revenue Bonds, Series 1992,
6.250%, 5/01/13 AA- 5/02 at 100 1,042,060
1,500,000 Henry County Public Service Authority, Water and
Sewer Refunding Revenue Bonds, Series 1991,
6.250%, 11/15/19 Aaa 11/01 at 101 1,588,785
2,000,000 County of Loudoun, Virginia, General Obligation
Public Improvement and Refunding Bonds, Series
1993A, 5.500%, 10/01/13 Aa 10/03 at 102 2,028,480
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 A 1/04 at 102 2,954,730
Industrial Development Authority of the City of
Lynchburg, Virginia, Educational Facilities Revenue
Bonds (Randolph-Macon Women's College), Series
1993:
2,940,000 5.875%, 9/01/13 A- 9/03 at 102 2,977,808
3,000,000 5.875%, 9/01/23 A- 9/03 at 102 3,022,140
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aa 11/04 at 102 $ 2,682,150
City of Norfolk, Virginia, Water Revenue Bonds,
Series 1995:
8,200,000 5.875%, 11/01/20 Aaa 11/05 at 102 8,432,552
1,000,000 5.900%, 11/01/25 Aaa 11/05 at 102 1,031,220
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 Aa 7/02 at 102 1,604,175
2,500,000 City of Portsmouth, Virginia, General Obligation
Bonds, Public Utility Refunding Bonds, Series
1993, 5.500%, 8/01/19 AA- 8/03 at 102 2,510,900
3,000,000 Prince William County Park Authority (Virginia),
Revenue Bonds, Series 1994, 6.875%, 10/15/16 A- 10/04 at 102 3,274,530
1,740,000 Prince William County Service Authority (Virginia),
Water and Sewer System Refunding Revenue Bonds,
Series 1993, 5.000%, 7/01/21 Aaa 7/03 at 102 1,626,726
1,700,000 City of Richmond, Virginia, General Obligation
Public Improvement Bonds, Series 1993B,
5.500%, 7/15/23 AA 7/03 at 102 1,686,961
2,125,000 Richmond Metropolitan Authority (Virginia),
Expressway Revenue and Refunding Bonds, Series
1992-A, 5.750%, 7/15/22 Aaa 7/02 at 100 2,145,655
3,800,000 County of Roanoke, Virginia, General Obligation
Public Improvement and Refunding Bonds, Series
1993, 5.000%, 6/01/21 Aa 6/03 at 100 3,572,684
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 1993A, 5.000%, 7/01/24 Aaa 7/03 at 102 2,782,170
1,250,000 Industrial Development Authority of Rockingham
County, Virginia, Educational Facilities Revenue
Bonds (Bridgewater College), Series 1993,
6.000%, 10/01/23 Baa 10/03 at 102 1,215,000
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) A- 7/03 at 102 6,192,620
Stauton Industrial Development Authority,
Educational Facilities Revenue Bonds (Mary
Baldwin College):
210,000 5.700%, 11/01/01 N/R No Opt. Call 212,772
330,000 5.800%, 11/01/02 N/R No Opt. Call 335,095
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa 1/01 at 100 $ 2,387,193
4,345,000 Upper Occoquan Sewage Authority (Virginia),
Regional Sewerage System Revenue Refunding
Bonds, Series of 1993, 5.000%, 7/01/21 Aaa 1/04 at 102 4,106,937
2,000,000 City of Winchester, Virginia, General Obligation
Public Improvement and Refunding Bonds, Series
of 1994, 5.500%, 1/15/14 Aa 1/04 at 102 2,029,240
5,700,000 Commonwealth of Puerto Rico, Public Improvement
Bonds of 1996 (General Obligation Bonds),
5.400%, 7/01/25 A 7/06 at 101 1/2 5,510,531
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) AAA 7/02 at 101 1/2 3,932,250
- -----------------------------------------------------------------------------------------------------------------
$177,955,000 Total Investments - (cost $174,079,917) - 97.7% 180,456,294
=================------------------------------------------------------------------------------------------------
TEMPORARY INVESTMENTS IN SHORT TERM
MUNICIPAL SECURITIES - 1.1%
$ 1,000,000 Industrial Development Authority of the County of
Henrico, Virginia, Health Facility Revenue Bonds
(The Hermitage at Cedarfield), Series 1994,
Variable Rate Demand Bonds, 4.150%, 5/01/24+ VMIG-1 1,000,000
1,000,000 Peninsula Ports Authority of Virginia, Variable Rate
Demand Bonds, 4.200%, 7/01/16+ A-1+ 1,000,000
- -----------------------------------------------------------------------------------------------------------------
$ 2,000,000 Total Temporary Investments - 1.1% 2,000,000
=================------------------------------------------------------------------------------------------------
Other Assets Less Liabilities 1.2% 2,253,027
- -----------------------------------------------------------------------------------------------------------------
Net Assets 100% $184,709,321
=================================================================================================================
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $ 59,649,804 33%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 23 79,155,313 45
PORTFOLIO OF A+ A1 2 6,993,880 4
INVESTMENTS A, A- A, A2, A3 8 26,080,578 14
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 2 6,025,912 3
TEMPORARY Non-rated Non-rated 3 2,550,807 1
INVESTMENTS):
- ---------------------------------------------------------------------------------------------------------------
TOTAL 59 $180,456,294 100%
===============================================================================================================
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
+ 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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $78,917,560 $221,016,334 $129,722,347 $180,456,294
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 400,000 300,000 500,000 2,000,000
Cash -- 771,909 -- --
Receivables:
Interest 1,716,326 4,311,579 2,655,426 3,128,280
Investments sold -- -- 96,758 --
Other assets 8,363 16,586 10,024 15,481
----------- ------------ ------------ ------------
Total assets 81,042,249 226,416,408 132,984,555 185,600,055
----------- ------------ ------------ ------------
LIABILITIES
Payable for investments purchased 1,502,306 1,507,428 -- --
Accrued expenses:
Management fees (note 6) 41,964 117,754 69,897 97,255
Other 77,237 110,925 120,344 201,099
Preferred share dividends payable 4,569 19,324 6,413 11,947
Common share dividends payable 235,555 661,774 410,834 580,433
----------- ------------ ------------ ------------
Total liabilities 1,861,631 2,417,205 607,488 890,734
----------- ------------ ------------ ------------
Net assets (note 7) $79,180,618 $223,999,203 $132,377,067 $184,709,321
=========== ============ ============ ============
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 6,224,752 8,473,475
=========== ============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at
liquidation value, divided by Common
shares outstanding) $ 13.85 $ 14.01 $ 13.75 $ 14.27
=========== ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended November 30, 1996
(Unaudited)
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $2,219,075 $ 6,113,122 $3,738,240 $ 5,232,369
----------- ------------ ----------- ------------
Expenses:
Management fees (note 6) 251,450 706,219 418,401 582,284
Preferred shares--auction fees 34,751 98,875 58,500 79,750
Preferred shares--dividend disbursing agent fees 7,083 12,500 7,083 13,333
Shareholders' servicing agent fees and expenses 4,044 16,510 7,943 15,632
Custodian's fees and expenses 19,033 25,687 21,811 24,522
Trustees' fees and expenses (note 6) 827 1,684 1,133 1,444
Professional fees 8,162 8,397 8,241 6,890
Shareholders' reports--printing and mailing expenses 15,697 35,150 17,579 28,480
Stock exchange listing fees 1,765 8,116 8,154 8,203
Investor relations expense 2,693 7,065 4,145 8,388
Other expenses 8,268 7,680 8,709 9,897
----------- ------------ ----------- ------------
Total expenses 353,773 927,883 561,699 778,823
----------- ------------ ----------- ------------
Net investment income 1,865,302 5,185,239 3,176,541 4,453,546
----------- ------------ ----------- ------------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions
(notes 1 and 3) (167,380) (192,258) 24,279 8,766
Net change in unrealized appreciation or depreciation
of investments 3,320,134 8,324,258 5,940,066 7,698,502
----------- ------------ ----------- ------------
Net gain from investments 3,152,754 8,132,000 5,964,345 7,707,268
----------- ------------ ----------- -----------
Net increase in net assets from operations $5,018,056 $13,317,239 $9,140,886 $12,160,814
=========== ============ =========== ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NPG NMY
Six months ended Year ended Six months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,865,302 $ 3,723,256 $ 5,185,239 $ 10,232,761
Net realized gain (loss) from investment transactions
(notes 1 and 3) (167,380) (384,227) (192,258) (647,854)
Net change in unrealized appreciation or depreciation
of investments 3,320,134 (1,053,418) 8,324,258 (870,418)
----------- ----------- ------------ ------------
Net increase in net assets from operations 5,018,056 2,285,611 13,317,239 8,714,489
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (1,413,331) (2,696,829) (3,841,392) (7,628,394)
Preferred shareholders (450,322) (896,753) (1,166,761) (2,643,435)
----------- ----------- ------------ ------------
Decrease in net assets from distributions
to shareholders (1,863,653) (3,593,582) (5,008,153) (10,271,829)
----------- ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued to shareholders due
to reinvestment of distributions -- -- -- 85,329
----------- ----------- ------------ ------------
Net increase in net assets derived from capital
share transactions -- -- -- 85,329
----------- ----------- ------------ ------------
Net increase (decrease) in net assets 3,154,403 (1,307,971) 8,309,086 (1,472,011)
Net assets at beginning of period 76,026,215 77,334,186 215,690,117 217,162,128
----------- ----------- ------------ ------------
Net assets at end of period $79,180,618 $76,026,215 $223,999,203 $215,690,117
=========== =========== ============ ============
Balance of undistributed net investment income at
end of period $ 216,945 $ 215,296 $ 577,203 $ 400,117
=========== =========== ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NNC NPV
Six months ended Year ended Six months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,176,541 $ 6,102,950 $ 4,453,546 $ 8,798,905
Net realized gain (loss) from investment transactions
(notes 1 and 3) 24,279 (774,668) 8,766 (196,020)
Net change in unrealized appreciation or depreciation
of investments 5,940,066 (2,009,109) 7,698,502 (2,074,130)
------------ ------------ ------------ ------------
Net increase in net assets from operations 9,140,886 3,319,173 12,160,814 6,528,755
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (2,332,958) (4,353,544) (3,397,970) (6,614,465)
Preferred shareholders (699,625) (1,584,092) (962,141) (2,137,996)
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (3,032,583) (5,937,636) (4,360,111) (8,752,461)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 72,545 -- 259,706 478,269
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 72,545 -- 259,706 478,269
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 6,180,848 (2,618,463) 8,060,409 (1,745,437)
Net assets at beginning of period 126,196,219 128,814,682 176,648,912 178,394,349
------------ ------------ ------------ ------------
Net assets at end of period $132,377,067 $126,196,219 $184,709,321 $176,648,912
============ ============ ============ ============
Balance of undistributed net investment income at
end of period $ 433,731 $ 289,773 $ 534,931 $ 441,496
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
At November 30, 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.
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.
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
November 30, 1996, NPG and NMY had outstanding
purchase commitments of $1,502,306 and $1,507,428,
respectively. There were no such purchase
commitments in either 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.
<PAGE>
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 their tax-exempt net investment income, in
addition to any significant amounts of net realized
capital gains and/or market discount realized from
investment transactions. 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 income taxes, to retain
such tax-exempt status when distributed to
shareholders of the Funds. Net realized capital gain
and market discount distributions are subject to
federal taxation.
<PAGE>
Dividends and Tax-exempt net investment income is declared as a
Distributions to dividend monthly and payment is made or reinvestment
Shareholders is credited to shareholder accounts after month-end.
Net realized capital gains and/or market discount
from investment transactions are distributed to
shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to
the extent they exceed available capital loss
carryovers.
Distributions to shareholders of tax-exempt net
investment income, net realized capital gains and/or
market discount 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 occur and will be classified as
either distributions in excess of net investment
income, distributions in excess of net realized
gains and/or distributions in excess of net ordinary
taxable income from investment transactions, where
applicable.
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 November 30, 1996,
were as follows:
<TABLE>
<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
===== ===== ===== =====
</TABLE>
<PAGE>
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 six months
ended November 30, 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.
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
NPG NMY
6 months ended Year ended 6 months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions -- -- -- 4,866
===== ===== ===== =====
<CAPTION>
NNC NPV
6 months ended Year ended 6 months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 5,408 -- 18,720 33,946
===== ===== ====== ======
</TABLE>
<PAGE>
3. SECURITIES TRANSACTIONS
Purchase and sales (including maturities) of
investments in municipal securities and temporary
municipal investments during the six months ended
November 30, 1996, were as follows:
<TABLE>
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $12,617,983 $7,587,165 $11,068,431 $15,091,460
Temporary municipal investments 4,800,000 3,700,000 1,900,000 3,900,000
SALES AND MATURITIES
Investments in municipal securities 10,658,320 6,310,233 13,720,192 10,431,273
Temporary municipal investments 5,000,000 3,800,000 3,300,000 6,700,000
=========== ========== =========== ===========
</TABLE>
At November 30, 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.
At May 31, 1996, the Funds' last fiscal year end,
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:
<TABLE>
<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
=========== =========== =========== ===========
</TABLE>
<PAGE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On December 2, 1996, the Funds declared Common share
dividend distributions from their tax-exempt net
investment income which were paid December 31, 1996,
to shareholders of record on December 15, 1996, as
follows:
<TABLE>
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Dividend per share $.0635 $.0640 $.0660 $.0685
====== ====== ====== ======
</TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized
depreciation of investments at November 30, 1996,
were as follows:
<TABLE>
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $3,493,839 $7,624,559 $3,557,360 $6,625,645
Depreciation (130,188) (171,149) (473,155) (249,268)
----------- ----------- ----------- -----------
Net unrealized appreciation $3,363,651 $7,453,410 $3,084,205 $6,376,377
========== ========== ========== ==========
</TABLE>
<PAGE>
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:
<TABLE>
<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
</TABLE>
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 November 30, 1996, net assets consisted of:
<TABLE>
<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 62,248 84,735
Paid-in surplus 51,235,491 144,195,729 86,131,118 119,109,434
Balance of undistributed net investment income 216,945 577,203 433,731 534,931
Accumulated net realized gain (loss) from investment
transactions (3,472,564) (7,430,541) (4,134,235) (5,196,156)
Net unrealized appreciation of investments 3,363,651 7,453,410 3,084,205 6,376,377
----------- ------------ ------------ ------------
Net assets $79,180,618 $223,999,203 $132,377,067 $184,709,321
=========== ============ ============ ============
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
=========== ============ ============ ============
</TABLE>
<PAGE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which
include general obligation, escrowed and revenue
bonds. At November 30, 1996, the revenue sources by
municipal purpose for these investments, expressed
as a percent of total investments, were as follows:
<TABLE>
<CAPTION>
NPG NMY NNC NPV
<S> <C> <C> <C> <C>
Revenue Bonds:
Health Care Facilities 14% 13% 23% 16%
Housing Facilities 20 21 13 15
Water / Sewer Facilities 15 1 9 20
Lease Rental Facilities -- 5 12 1
Electric Utilities 5 1 11 --
Transportation 4 10 -- 5
Educational Facilities 8 6 8 9
Pollution Control Facilities 7 8 8 5
Other 6 16 4 10
General Obligation Bonds 17 17 9 13
Escrowed Bonds 4 2 3 6
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
</TABLE>
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 (54% for NPG, 44% for NMY, 33% for
NNC and 33% 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.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
Dividends from tax-exempt Distributions from
Operating performance net investment income capital gains
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To To To
beginning ment from invest- Common Preferred Common Preferred
of period income ments shareholders shareholders+ shareholders shareholders+
NPG
<S> <C> <C> <C> <C> <C> <C> <C>
6 mos. ended
11/30/96 $13.000 $ .503 $ .849 $(.381) $(.121) $ -- $ --
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> <C> <C>
6 mos. ended
11/30/96 13.210 .502 .783 (.372) (.113) -- --
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 -- -- -- --
<PAGE>
<CAPTION>
Per Total
Organization Common invest-
and offering share ment
costs and market return Total
Preferred share Net asset value on return on
underwriting value end end of market net asset
discounts of period period value** value**
NPG
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/96 $ -- $13.850 $13.500 13.46% 9.60%
Year ended 5/31,
1996 -- 13.000 12.250 12.88 2.81
1995 -- 13.350 11.500 (3.00) 15.78
1994 (.152) 12.260 12.625 (12.09) (8.05)
5/20/93 to
5/31/93 (.091) 13.960 15.000 -- (.64)
<CAPTION>
NMY
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/96 -- 14.010 13.250 6.90 8.99
Year ended 5/31,
1996 -- 13.210 12.750 10.22 4.41
1995 -- 13.360 12.250 4.36 12.07
1994 (.142) 12.670 12.500 (13.62) (5.39)
3/18/93 to
5/31/93 (.062) 14.130 15.250 1.67 .57
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Net assets Ratio of investment
end of expenses income Portfolio
period (in to average to average turnover
thousands) net assets++ net assets++ rate
NPG
<S> <C> <C> <C> <C>
6 mos. ended
11/30/96 $79,181 .91%* 4.82%* 14%
Year ended 5/31,
1996 76,026 .91 4.82 14
1995 77,334 .95 5.01 35
1994 73,042 .97 3.97 31
5/20/93 to
5/31/93 49,219 1.61* .50* --
<CAPTION>
NMY
<S> <C> <C> <C> <C>
6 mos. ended
11/30/96 223,999 .85* 4.73* 3
Year ended 5/31,
1996 215,690 .87 4.68 18
1995 217,162 .97 4.92 25
1994 117,506 .92 4.30 19
3/18/93 to
5/31/93 81,724 .86* 2.74* --
See notes on page 50.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
Dividends from tax-exempt Distributions from
Operating performance net investment income capital gains
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To To To
beginning ment from invest- Common Preferred Comman Preferred
of period income ments shareholders shareholders+ shareholders shareholders+
NNC
<S> <C> <C> <C> <C> <C> <C> <C>
6 mos. ended
11/30/96 $12.770 $ .511 $ .956 $(.375) $(.112) $ -- $ --
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> <C> <C>
6 mos. ended
11/30/96 13.350 .526 .910 (.402) (.114) -- --
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>
Per Total
Organization Common invest-
and offering share ment
costs and market return Total
Preferred share Net asset value on return on
underwriting value end end of market net asset
discounts of period period value** value**
NNC
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/96 $ -- $13.750 $13.375 8.98% 10.75%
Year ended 5/31,
1996 -- 12.770 12.625 10.13 2.11
1995 -- 13.190 12.125 3.04 13.64
1994 (.142) 12.340 12.500 (13.81) (7.79)
5/20/93 to
5/31/93 (.067) 14.000 15.125 .83 (.36)
<CAPTION>
NPV
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/96 -- 14.270 13.750 4.86 10.03
Year ended 5/31,
1996 -- 13.350 13.500 11.04 3.86
1995 -- 13.610 12.875 4.66 13.58
1994 (.139) 12.790 13.125 (8.35) (4.58)
3/18/93 to
5/31/93 (.063) 14.180 15.125 .83 .93
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Net assets Ratio of investment
end of expenses income Portfolio
period (in to average to average turnover
thousands) net assets++ net assets++ rate
NNC
<S> <C> <C> <C> <C>
6 mos. ended
11/30/96 $132,377 .87%* 4.93%* 9%
Year ended 5/31,
1996 126,196 .88 4.75 39
1995 128,815 .89 4.96 32
1994 123,181 .93 3.85 19
5/20/93 to
5/31/93 82,449 1.28* 1.41* --
<CAPTION>
NPV
<S> <C> <C> <C> <C>
6 mos. ended
11/30/96 184,709 .86* 4.94* 6
Year ended 5/31,
1996 176,649 .87 4.92 27
1995 178,394 .98 5.13 45
1994 116,904 .93 4.56 28
3/18/93 to
5/31/93 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.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</FN>
</TABLE>
<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.
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 investment 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
FSA-2-11.96
