NUVEEN Exchange-Traded Funds
NOVEMBER 30, 1997
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NPG
Georgia
NMY
Maryland
NNC
North Carolina
NPV
Virginia
Photo of: people in a boat.
<PAGE>
Contents
1 Dear Shareholder
3 Answering Your Questions
7 NPG Performance Overview
8 NMY Performance Overview
9 NNC Performance Overview
10 NPV Performance Overview
11 Shareholder Meeting Report
13 Portfolio of Investments
29 Statement of Net Assets
31 Statement of Operations
33 Statement of Changes in Net Assets
35 Notes to Financial Statements
40 Financial Highlights
44 Fund Information
<PAGE>
INSERT:
New from Nuveen THE NUVEEN RITTENHOUSE GROWTH FUND
General Electric. Johnson & Johnson. Gillette. Familiar names to be sure.
And the sort of established "blue chip" companies our new growth fund invests
in. For many, these are the holdings that belong at the core of a
well-constructed portfolio. Why? They provide attractive long-term growth
potential plus the benefits of investing in companies you know and trust.
The fund is managed by Rittenhouse Financial Services, a premier growth
manager selected by Nuveen for their proven track record and disciplined
investment process. The portfolio team focuses on companies that are global
industry leaders - household names with a history of strength and consistent
growth.
Sound reassuring? Ask your financial adviser today about the fund and
Nuveen's growing family of equity, balanced and income mutual funds. Or call
(800) 621-7227 to receive an investor guide, containing a prospectus which
provides more complete information, including charges and expenses. Please read
it carefully before you invest.
(See other side for a Nuveen product listing)
<PAGE>
NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME
MUTUAL FUNDS
Nuveen Rittenhouse Growth Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
National Municipal Bond Funds
State-Specific Municipal Bond Funds
UNIT TRUSTS
Equity
Corporate Bond
Municipal Bond
EXCHANGE-TRADED FUNDS
MUNIPREFERRED(R)
PRIVATE ASSET MANAGEMENT
For more information about any of these Nuveen products, including charges and
expenses, call your financial adviser for a prospectus where available, or call
Nuveen at (800) 621-7227.
Please read it carefully before you invest.
<PAGE>
Dear Shareholder
Photo of: TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
Wealth takes a lifetime to build. Once achieved, it should be preserved.
It's a pleasure to report to you on the performance of your Nuveen
exchange-traded funds. Over the past 12 months, the funds have performed well,
rewarding shareholders with dependable tax-free income and attractive returns.
Investors in the funds continued to enjoy tax-free dividends generated by each
fund's portfolio of municipal bonds. As of November 30, 1997, shareholders were
receiving current market yields that ranged from 5.27% to 5.58%. To match these
yields, investors in the 31% federal income tax bracket would have had to earn
at least 7.64% on taxable alternatives. Dividend stability continues to be a
hallmark of your Nuveen exchange-traded funds, as the dividends for the four
funds in this report were declared a total of 48 times over the past year with
only two modest adjustments.
For the 12 months ended November 30, 1997, the total return on these funds
ranged from 8.14% to 9.57%, providing taxable-equivalent returns of 11.10% to
12.97% for investors in the combined 31% federal and applicable state tax
bracket. For shareholders in higher federal tax brackets, the tax-adjusted
returns were even more attractive. You will find additional details on the
individual performance of each fund on pages 7-10.
THE YEAR IN REVIEW
Over the past year, American investors have benefited from robust economic
growth with little evidence of inflationary pressures. With unemployment rates
at 20-year lows and the current economic expansion entering its seventh year,
the presence of benign inflation has sparked debate over whether the traditional
link between growth and inflation has been broken. During 1997, expectations
that excess growth would generate inflation disrupted the markets on several
occasions, most notably following the Federal Reserve's interest rate tightening
in March and speeches by Chairman Greenspan. Still, falling commodity prices
kept producer prices in check, while low import prices--due in part to the
weakness in Asian markets--limited U.S. companies' ability to raise consumer
prices. This combination has kept inflation subdued and the Federal Reserve "on
hold" since March. The reduction in the federal deficit and passage of the
Taxpayer Relief Act of 1997 offer additional encouragement to long-term
fixed-income investors.
<PAGE>
HELPING YOU BUILD A BETTER PORTFOLIO
The events of 1997 have also focused renewed attention on the need for
diversification and appropriate asset allocation. Stock market volatility,
especially late in the year, provided a vivid illustration of the steadying
effect that fixed-income investments can provide in a well-constructed
investment portfolio. Nuveen exchange-traded funds provide an excellent balance
to other equity and bond investments, and their current yields make them very
attractive.
You already know that you can rely on Nuveen to provide the tax-advantaged
investments you need to achieve your investment goals. Your financial adviser
can also introduce you to a variety of other Nuveen products and services
designed to round out your portfolio of core investments, including the Nuveen
Growth and Income Stock Fund and two balanced stock and bond funds. In addition,
we recently expanded our private asset management capabilities through the
acquisition of Rittenhouse Financial Services, a well-respected growth
investment manager. We encourage you to talk to your financial adviser about
ways you can complement your current Nuveen investment by taking advantage of
these additional products and services.
We at Nuveen remain committed to providing you with quality investment solutions
that withstand the test of time. We thank you for your confidence in us and our
family of investments, and we look forward to our next report to you.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
January 15, 1998
SIDE BAR TEXT:
"The funds have performed well, rewarding share holders with dependable tax-free
income and attractive returns."
<PAGE>
Answering Your Questions
TED NEILD, MANAGING DIRECTOR OF NUVEEN'S PORTFOLIO MANAGEMENT TEAM, TALKS ABOUT
THE MUNICIPAL BOND MARKET AND OFFERS INSIGHTS INTO FACTORS THAT AFFECTED THE
PERFORMANCE OF THE FUNDS OVER THE PAST YEAR.
WHAT ECONOMIC AND MARKET FACTORS INFLUENCED THE PERFORMANCE OF MUNICIPAL BONDS
OVER THE PAST YEAR?
In 1997, the performance of the municipal bond market was influenced by three
major factors: the continued strength of the U.S. economy, minimal inflation and
volatility in the equity markets. These factors contributed to a positive
environment for fixed-income investments, including municipal issues.
Between December 1996 and November 1997, the yield on 30-year Treasury bonds
dropped from 6.36% to 6.05%, and the municipal market followed suit, as the
yield on the Bond Buyer 40 declined from 5.63% to 5.36%. The spread between
tax-free municipal bonds and taxable Treasury bonds remained tight, making
municipal bonds very attractive.
HOW HAVE THE FUNDS PERFORMED DURING THIS PERIOD?
As Tim mentioned in his letter to shareholders, the total return for these funds
ranged from 8.14% to 9.57% for the 12 months ended November 30, 1997. This
compares with the one-year return of 8.66% for the Lehman Municipal Bond Index.
The performance of the Nuveen funds covered in this report is especially
noteworthy in view of the fact that they were originally constructed in a higher
interest rate environment. This means that a large number of bonds in the
portfolios are currently valued at substantial premiums. These bonds offer the
benefit of additional price stability in volatile markets, but their upside
potential during market rallies can be limited.
<PAGE>
HOW DOES THE USE OF LEVERAGE IMPACT THE FUNDS' DIVIDENDS?
All of the funds in this report use leverage as an additional way to enhance
income for common shareholders. Leveraged funds issue short-term preferred
shares, which is similar to borrowing money at short-term rates and then
investing the proceeds in long-term bonds. The difference in rates boosts the
dividend for common shareholders. The dividends of leveraged funds can also be
affected by a sudden or prolonged rise in short-term interest rates. As
short-term rates increase, preferred shareholders enjoy higher dividends, and
less income is available for common shareholders.
WHAT ARE YOUR KEY STRATEGIES FOR THE COMING YEAR?
While credit spreads remain tight, we will continue to purchase bonds with good
credit quality at yields that are similar to those of bonds with lower ratings.
During the past year, as yield differentials between AAA and BBB bonds narrowed,
the funds would not have been adequately compensated for the additional risk
involved in buying bonds at the lower end of the rating spectrum. We were able
to buy more highly rated bonds without sacrificing much yield, thereby enhancing
the credit quality of our portfolios. We believe that if credit spreads widen
again, these high-quality issues will increase in value relative to lower-rated
bonds.
SIDE BAR TEXT:
" By identifying individual bonds with current yields, prices, credit
quality, and future prospects that are exceptionally attractive relative to
other bonds in the market, we believe the portfolio will be positioned to
deliver above-market performance."
<PAGE>
We will also continue to look for individual bonds that offer good long-term
value and the potential for relative price appreciation. If we succeed in
identifying individual bonds with current yields, prices, credit quality and
future prospects that are exceptionally attractive relative to other bonds in
the market, the portfolios will be positioned to deliver above-market
performance. Our search, backed by outstanding resources of the Nuveen Research
Department, emphasizes three strategic sectors:
o Healthcare: Increasing competitive pressures in this industry will result in
some attrition. We are selective in buying only the bonds of the strongest
issues that we believe will show favorable price movement as the market
recognizes their value.
o Public Utilities: Deregulation of this sector is creating opportunities for
the research-intensive bond buying in which Nuveen excels. We are currently
focusing on bonds issued by utility companies that we believe are strong
enough to weather the deregulation process and the increased risk of credit
quality realignments.
o Housing: Because the timing of cash flows can be uncertain, these bonds carry
some additional risk. However, we believe this is one of the few sectors of
the municipal market in which our portfolios are still compensated for
assuming that incremental risk.
SIDE BAR TEXT:
" We are currently focusing on bonds issued by utility companies that we
believe are strong enough to weather the deregulation process and the increased
risk of credit quality realignments."
<PAGE>
Whenever possible, we will also pursue strategies aimed at enhancing the
structure of the Nuveen exchange-traded funds. Specifically, this means
upgrading call protection. By selling bonds with shorter call protection, we can
re-deploy assets into bonds with longer protection and better yields, thereby
extending call protection and supporting the funds' embedded yields. We will
also be exploring opportunities to purchase discount bonds, which can enhance
the potential for price appreciation, extend duration, and provide additional
income stability if interest rates continue to decline.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET?
Looking at the year ahead, we believe a potential for weakness exists in the
economy, as evidenced by continuing volatility in the equity market, layoffs
that are beginning to reach a national level, and a shortage of raw material
supplies. These factors could increase the demand for municipal bonds.
SIDE BAR TEXT:
" We will also be exploring opportunities to purchase discount bonds, which
can enhance the potential for price appreciation, extend duration, and provide
additional income stability if interest rates continue to decline."
<PAGE>
Nuveen Georgia Premium Income Municipal Fund
Performance Overview
As of November 30, 1997
NPG
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 5/93
- ---------------------------------------------
Share Price 14 3/16
- ---------------------------------------------
Net Asset Value $14.33
- ---------------------------------------------
Current Market Yield 5.58%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only) 18.09%
- ---------------------------------------------
Taxable Equivalent Yield (Federal
and State)(1) 8.58%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $81,129
- ---------------------------------------------
Average Weighted Maturity (Years) 22.06
- ---------------------------------------------
Average Weighted Duration (Years) 7.18
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 9.44%
- ---------------------------------------------
3-Year 16.78%
- ---------------------------------------------
Since Inception 6.18%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 12.56%
- ---------------------------------------------
3-Year 20.04%
- ---------------------------------------------
Since Inception 9.22%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the yield of the Nuveen fund on an after-tax basis. The federal only
rate is based on the current yield and a federal income tax rate of 31%. The
rate shown for federal and state highlights the added value of owning shares
that are also exempt from state taxes. It is based on a combined federal and
state income tax rate of 35%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35%. It represents the return on
a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
AAA/Pre-refunded 61%
A 17%
AA 17%
BBB/NR 5%
Diversification
Education 7%
Utilities 5%
Escrowed Bonds 11%
Other 6%
Water & Sewer 12%
Transportation 3%
Health Care 13%
General Obligation 19%
Industrial Development 3%
Housing 21%
BAR CHART:
Dividend History
12/96 0.0635
1/97 0.0635
2/97 0.065
3/97 0.065
4/97 0.065
5/97 0.065
6/97 0.065
7/97 0.065
8/97 0.066
9/97 0.066
10/97 0.066
11/97 0.066
<PAGE>
Nuveen Maryland Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NMY
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 3/93
- ---------------------------------------------
Share Price 14 9/16
- ---------------------------------------------
Net Asset Value $14.34
- ---------------------------------------------
Current Market Yield 5.27%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only) 17.64%
- ---------------------------------------------
Taxable Equivalent Yield (Federal
and State)(1) 8.05%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $227,783
- ---------------------------------------------
Average Weighted Maturity (Years) 17.80
- ---------------------------------------------
Average Weighted Duration (Years) 6.41
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 8.14%
- ---------------------------------------------
3-Year 16.21%
- ---------------------------------------------
Since Inception 5.94%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 11.10%
- ---------------------------------------------
3-Year 19.37%
- ---------------------------------------------
Since Inception 8.87%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the yield of the Nuveen fund on an after-tax basis. The federal only
rate is based on the current yield and a federal income tax rate of 31%. The
rate shown for federal and state highlights the added value of owning shares
that are also exempt from state taxes. It is based on a combined federal and
state income tax rate of 34.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 34.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
AAA 56%
AA 22%
A 18%
BBB/NR 4%
Diversification
Pollution Control 8%
Health Care 13%
Transportation 8%
Other 19%
Education 7%
General Obligation 19%
Lease Rental 5%
Housing 21%
BAR CHART:
Dividend History
12/96 0.066
1/97 0.066
2/97 0.066
3/97 0.066
4/97 0.066
5/97 0.066
6/97 0.066
7/97 0.066
8/97 0.066
9/97 0.066
10/97 0.066
11/97 0.066
<PAGE>
Nuveen North Carolina Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NNC
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 5/93
- ---------------------------------------------
Share Price 14 7/16
- ---------------------------------------------
Net Asset Value $14.22
- ---------------------------------------------
Current Market Yield 5.49%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only) 17.96%
- ---------------------------------------------
Taxable Equivalent Yield (Federal
and State)(1) 8.65%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $135,501
- ---------------------------------------------
Average Weighted Maturity (Years) 22.40
- ---------------------------------------------
Average Weighted Duration (Years) 7.78
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 9.57%
- ---------------------------------------------
3-Year 16.72%
- ---------------------------------------------
Since Inception 5.83%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 12.97%
- ---------------------------------------------
3-Year 20.20%
- ---------------------------------------------
Since Inception 9.04%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the yield of the Nuveen fund on an after-tax basis. The federal only
rate is based on the current yield and a federal income tax rate of 31%. The
rate shown for federal and state highlights the added value of owning shares
that are also exempt from state taxes. It is based on a combined federal and
state rate income tax of 36.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 36.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
AAA/Pre-refunded 35%
AA 34%
A 22%
BBB/NR 9%
Diversification
Escrowed Bonds 9%
Other 8%
Water & Sewer 9%
Education 8%
Utilities 10%
General Obligation 6%
Lease Rental 11%
Industrial Development 4%
Housing 13%
Pollution Control 3%
Health Care 19%
BAR CHART:
Dividend History
12/96 0.066
1/97 0.066
2/97 0.066
3/97 0.066
4/97 0.066
5/97 0.066
6/97 0.066
7/97 0.066
8/97 0.066
9/97 0.066
10/97 0.066
11/97 0.066
<PAGE>
Nuveen Virginia Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NPV
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 3/93
- ---------------------------------------------
Share Price 14 13/16
- ---------------------------------------------
Net Asset Value $14.70
- ---------------------------------------------
Current Market Yield 5.55%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only) 18.04%
- ---------------------------------------------
Taxable Equivalent Yield (Federal
and State)(1) 8.54%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $189,195
- ---------------------------------------------
Average Weighted Maturity (Years) 23.76
- ---------------------------------------------
Average Weighted Duration (Years) 6.82
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 9.13%
- ---------------------------------------------
3-Year 16.82%
- ---------------------------------------------
Since Inception 6.82%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 12.32%
- ---------------------------------------------
3-Year 20.21%
- ---------------------------------------------
Since Inception 9.99%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the yield of the Nuveen fund on an after-tax basis. The federal only
rate is based on the current yield and a federal income tax rate of 31%. The
rate shown for federal and state highlights the added value of owning shares
that are also exempt from state taxes. It is based on a combined federal and
state income tax rate of 35%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35%. It represents the return on
a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
AAA 31%
AA 42%
A 23%
BBB/NR 4%
Diversification
Escrowed Bonds 8%
General Obligation 11%
Transportation 7%
Other 14%
Education 7%
Housing 14%
Pollution Control 4%
Water & Sewer 15%
Lease Rental 3%
Health Care 17%
BAR CHART:
Dividend History
12/96 0.0685
1/97 0.0685
2/97 0.0685
3/97 0.0685
4/97 0.0685
5/97 0.0685
6/97 0.0685
7/97 0.0685
8/97 0.0685
9/97 0.0685
10/97 0.0685
11/97 0.0685
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: November 30, 1997
<CAPTION>
GEORGIA PREMIUM MARYLAND PREMIUM
- --------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred
Common Shares Common Shares Shares
Shares Series-Th Shares Series-Th Series-W
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 3,520,136 1,062 9,672,491 1,752 1,403
Withhold 25,913 26 88,997 5 1
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
LAWRENCE H. BROWN
For 3,520,803 1,062 9,672,425 1,752 1,403
Withhold 25,246 26 89,063 5 1
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
ANTHONY T. DEAN
For 3,520,803 1,062 9,675,726 1,752 1,403
Withhold 25,246 26 85,762 5 1
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
ANNE E. IMPELLIZZERI
For 3,520,803 1,062 9,674,962 1,752 1,403
Withhold 25,246 26 86,526 5 1
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
PETER R. SAWERS
For 3,520,803 1,062 9,675,856 1,752 1,403
Withhold 25,246 26 85,632 5 1
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
JUDITH M. STOCKDALE
For 3,520,136 1,062 9,669,001 1,752 1,403
Withhold 25,913 26 92,487 5 1
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
WILLIAM J. SCHNEIDER
For -- 1,062 -- 1,752 1,403
Withhold -- 26 -- 5 1
- --------------------------------------------------------------------------------------------------------------------
Total -- 1,088 -- 1,757 1,404
TIMOTHY R. SCHWERTFEGER
For -- 1,062 -- 1,752 1,403
Withhold -- 26 -- 5 1
- --------------------------------------------------------------------------------------------------------------------
Total -- 1,088 -- 1,757 1,404
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 3,489,205 1,059 9,597,528 1,746 1,387
Against 9,217 1 43,219 3 1
Abstain 47,627 28 120,741 8 16
- --------------------------------------------------------------------------------------------------------------------
Total 3,546,049 1,088 9,761,488 1,757 1,404
<PAGE>
<CAPTION>
NORTH CAROLINA PREMIUM VIRGINIA PREMIUM
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred
Common Shares Common Shares Shares
Shares Series-Th Shares Series-Th Series-T
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 5,796,384 1,839 7,793,850 1,711 820
Withhold 35,604 24 38,997 1 2
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
LAWRENCE H. BROWN
For 5,795,473 1,839 7,793,850 1,711 820
Withhold 36,515 24 38,997 1 2
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
ANTHONY T. DEAN
For 5,796,912 1,839 7,793,850 1,711 820
Withhold 35,076 24 38,997 1 2
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
ANNE E. IMPELLIZZERI
For 5,796,001 1,839 7,792,595 1,711 820
Withhold 35,987 24 40,252 1 2
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
PETER R. SAWERS
For 5,796,001 1,839 7,793,850 1,711 820
Withhold 35,987 24 38,997 1 2
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
JUDITH M. STOCKDALE
For 5,795,384 1,839 7,789,857 1,711 820
Withhold 36,604 24 42,990 1 2
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
WILLIAM J. SCHNEIDER
For -- 1,839 -- 1,711 820
Withhold -- 24 -- 1 2
- ------------------------------------------------------------------------------------------------------------------
Total -- 1,863 -- 1,712 822
TIMOTHY R. SCHWERTFEGER
For -- 1,839 -- 1,711 820
Withhold -- 24 -- 1 2
- ------------------------------------------------------------------------------------------------------------------
Total -- 1,863 -- 1,712 822
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 5,779,758 1,839 7,788,837 1,710 822
Against 21,313 23 10,448 -- --
Abstain 30,917 1 33,562 2 --
- ------------------------------------------------------------------------------------------------------------------
Total 5,831,988 1,863 7,832,847 1,712 822
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN GEORGIA PREMIUM
INCOME MUNICIPAL FUND (NPG)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 7.3%
Urban Residential Finance Authority of the City of Atlanta,
Georgia, Dormitory Facility Refunding Revenue Bonds (Morehouse
College Project), Series 1995:
$1,210,000 5.750%, 12/01/20 12/05 at 102 Aaa $1,260,457
1,375,000 5.750%, 12/01/25 12/05 at 102 Aaa 1,432,338
1,555,000 Development Authority of DeKalb County Revenue Bonds (Emory University Project),
Series 1994-A, 6.000%, 10/01/14 10/04 at 102 Aa1 1,673,740
1,550,000 Private Colleges and Universities Authority Revenue Bonds (Georgia), (Agnes Scott
College Project), Series 1993, 5.625%, 6/01/23 6/03 at 102 AA- 1,581,822
ESCROWED BONDS - 10.7%
3,115,000 City of Albany (Georgia), Sewerage System Revenue Bonds, Series 1992,
6.625%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 3,467,026
1,500,000 Development Authority of Burke County, Pollution Control Revenue Refunding Bonds
(Oglethorpe Power Corporation Vogtle Project), Series 1992, 7.700%, 1/01/06
(Pre-refunded to 1/01/03) 1/03 at 103 Aaa 1,760,715
1,000,000 The Medical Center Hospital Authority (Columbus, Georgia), Revenue Anticipation
Certificates, Series 1979, 7.750%, 7/01/10 No Opt. Call AAA 1,214,680
2,000,000 Fulco Hospital Authority, Revenue Anticipation Certificates
(Georgia Baptist Health Care System Project), Series 1992A,
6.375%, 9/01/22 (Pre-refunded to 9/01/02) 9/02 at 102 Baa1*** 2,204,360
GENERAL OBLIGATION BONDS - 18.4%
1,175,000 City of Atlanta, Georgia, General Obligation School Improvement Bonds, Series 1993,
5.600%, 12/01/18 12/03 at 102 AA 1,213,164
500,000 City of Atlanta (Georgia), General Obligation Bonds Public Improvement Bonds, Series
1994A, 6.100%, 12/01/19 12/04 at 102 AA 541,420
1,000,000 Downtown Development Authority of the City of Atlanta (Georgia), Refunding Revenue
Bonds (Underground Atlanta Project), Series 1992,
6.250%, 10/01/12 10/02 at 102 AA 1,084,130
3,000,000 Solid Waste Management Authority of the City of Atlanta Revenue Bonds (Landfill
Closure Project), Series 1996, 5.250%, 12/01/21 12/06 at 100 AA 3,002,130
500,000 Fulton County School District, General Obligation Refunding Bonds, Series 1991,
6.375%, 5/01/17 No Opt. Call AA 576,630
2,000,000 The Fulton-DeKalb Hospital Authority (Georgia), Revenue Refunding Certificates, Series
1993, 5.500%, 1/01/20 7/03 at 102 Aaa 2,008,500
3,500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General Obligation
Bonds), 5.400%, 7/01/25 7/06 at 101 1/2 A 3,484,880
3,000,000 County Board of Education of Richmond County (Georgia), General Obligation School
Bonds, Series 1997, 5.950%, 11/01/26 5/98 at 100 Aaa 3,010,080
HEALTH CARE FACILITIES - 12.6%
3,000,000 Hospital Authority of Albany-Dougherty County, Georgia, Revenue Bonds (Phoebe Putney
Memorial Hospital), Series 1993, 5.700%, 9/01/13 9/03 at 102 Aaa 3,121,560
1,965,000 The Hospital Authority of Hall County and the City of Gainsville, Revenue Anticipation
Certificates (Northeast Georgia Healthcare Project),
Series 1995, 6.000%, 10/01/25 10/05 at 102 Aaa 2,090,976
3,000,000 The Glynn-Brunswick Memorial Hospital Authority Revenue Anticipation Certificates
(Southeast Georgia Health Systems Project), Series 1996,
5.250%, 8/01/13 8/06 at 102 Aaa 3,033,990
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - CONTINUED
$ 2,000,000 Gwinnett County Hospital Authority, Gwinnett Hospital System Project, Revenue
Anticipation Certificates, Series 1977A, 5.250%, 9/01/27 9/07 at 101 AAA $1,979,020
HOUSING FACILITIES - 20.6%
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) 12/04 at 102 AA+ 3,165,086
500,000 Georgia Housing and Finance Authority, Single Family Mortgage Bonds, 1996 Series A
Subseries A-2, 6.450%, 12/01/27 (Alternative Minimum Tax) 6/06 at 102 AA+ 531,780
2,000,000 Clayton County Housing Authority, Multifamily Housing Revenue Bonds, Spring Lake
Apartments Project, 8.125%, 12/01/05 (Mandatory put 12/01/97) No Opt. Call Baa1 2,005,900
1,145,000 Housing Authority of Clayton County (Georgia), Multifamily Housing Revenue Bonds, Series
1995 (The Advantages Project), 5.800%, 12/01/20 12/05 at 102 AAA 1,170,282
3,400,000 Housing Authority of the County of DeKalb, Georgia, Multifamily Housing Revenue Bonds
(The Lakes at Indian Creek Apartments Project), Series 1994, 7.150% 1/01/25
(Alternative Minimum Tax) 1/05 at 102 Aaa 3,708,856
995,000 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 7/02 at 102 Aaa 1,040,462
540,000 Housing Authority of Fulton County, Georgia, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), Series 1995A, 6.550%, 3/01/18
(Alternative Minimum Tax) 3/05 at 102 AAA 574,603
3,000,000 Macon-Bibb County Urban Development Authority, Multifamily Housing Refunding Revenue
Bonds, Series 1997A, 5.550%, 1/01/24 1/04 at 103 Aaa 3,015,570
1,500,000 Housing Authority of the City of Marietta, Georgia, Multifamily Housing Revenue Bonds
(GNMACollateralized - Country Oaks Apartments), Series 1996, 6.150%, 10/20/26
(Alternative Minimum Tax) 10/06 at 102 AAA 1,554,120
INDUSTRIAL DEVELOPMENT REVENUE - 2.6%
2,000,000 Development Authority of Cartersville (Georgia), Sewage Facilities
Refunding Revenue Bonds (Anheuser-Busch Project), Series 1997,
6.125%, 5/01/27 (Alternative Minimum Tax) 5/07 at 102 A1 2,097,920
OTHER REVENUE - 3.6%
1,250,000 Cobb-Marietta Coliseum and Exhibit Hall Authority (Georgia), Revenue Refunding Bonds,
Series 1993, 5.500%, 10/01/12 No Opt. Call Aaa 1,323,613
1,000,000 Metropolitan Atlanta Rapid Transit Authority (Georgia), Sales Tax Revenue Bonds,
Refunding Series P, 6.250%, 7/01/20 No Opt. Call Aaa 1,145,520
500,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series W,
5.250%, 7/01/20 7/03 at 101 1/2 A 488,340
POLLUTION CONTROL FACILITIES - 2.6%
2,000,000 Development Authority of Monroe County (Georgia), Pollution Control Revenue Bonds
(Gulf Power Company Plant Scherer Project), First Series 1994,
6.300%, 9/01/24 9/99 at 102 A1 2,079,040
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TRANSPORTATION - 3.4%
$1,000,000 City of Atlanta, Airport Facilities Revenue Refunding Bonds, Series 1994A,
6.500%, 1/01/09 No Opt. Call Aaa $1,150,410
1,500,000 City of Atlanta, Airport Facilities Revenue Bonds, Series 1990, 6.250%, 1/01/21
(Alternative Minimum Tax) 1/01 at 102 Aaa 1,578,330
UTILITIES - 4.8%
1,900,000 Municipal Electric Authority of Georgia, General Power Revenue Bonds, 1992B Series,
5.500%, 1/01/18 1/03 at 100 Aaa 1,921,735
1,750,000 Municipal Electric Authority of Georgia, Project One Special Obligation Bonds, Fifth Crossover
Series, 6.400%, 1/01/09 No opt. Call A+ 1,954,977
WATER/SEWER FACILITIES - 11.3%
2,500,000 City of Albany (Georgia), Sewerage System Revenue Bonds,
Series 1997, 5.600%, 7/01/19 7/07 at 102 Aaa 2,570,750
3,450,000 Atlanta Water and Sewerage System 5.000%, 1/01/15 1/04 at 102 A1 3,383,794
2,000,000 Douglasville-Douglas County Water and Sewer Authority (Georgia), Water and Sewerage
Revenue Bonds, Series 1993, 5.625%, 6/01/15 No Opt. Call Aaa 2,131,400
1,000,000 City of Milledgeville (Georgia), Water and Sewerage Revenue and Refunding Bonds,
Series 1996, 6.000%, 12/01/21 No Opt. Call Aaa 1,120,810
$75,870,000 Total Investments - (cost $74,338,121) - 97.9% 79,454,916
===========
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 100,000 Development Authority of Burke County (Georgia), Georgia Power VMIG-1 100,000
=========== Company Plant Vogtle Project, Variable Rate Demand Bonds,
Second Series 1994, 3.800%, 7/01/24+
Other Assets Less Liabilities - 2.0% 1,573,675
Net Assets - 100% $81,128,591
=====================================================================================================
<FN>
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
***Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
+ 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>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN MARYLAND PREMIUM
INCOME MUNICIPAL FUND (NMY)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 7.2%
Maryland Health and Higher Educational Facilities Authority,
Refunding Revenue Bonds, John Hopkins University Issue, Series
1997:
$1,000,000 5.625%, 7/01/17 7/07 at 102 Aa2 $1,039,250
2,000,000 5.625%, 7/01/27 7/07 at 102 Aa2 2,062,640
9,445,000 Morgan State University, Maryland, Academic Fees and Auxiliary Facilities Fees, Revenue
Refunding Bonds, 1993 Series, 6.100%, 7/01/20 No Opt. Call Aaa 10,756,533
2,500,000 University of Maryland System, Auxiliary Facility and Tuition Revenue Bonds, 1993
Refunding Series C, 5.000%, 10/01/10 10/03 at 101 AA+ 2,520,800
ESCROWED BONDS - 2.3%
3,000,000 Mayor and City Council of Baltimore, Maryland, Project and Refunding Revenue Bonds
(Wastewater Projects), Series 1990-A, 6.500%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 100 Aaa 3,177,840
1,000,000 Puerto Rico Aquaduct and Sewer Authority, Revenue Bonds, Series 1988A,
7.875%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 AAA 1,043,800
1,000,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince George's
Counties, Maryland), Water Supply Bonds of 1988 (Third Series), 7.100%, 12/01/02
(Pre-refunded to 12/01/98) 12/98 at 102 Aaa 1,051,290
GENERAL OBLIGATION BONDS - 18.1%
2,000,000 State of Maryland, General Obligation Bonds, State and Local Facilities Loan of 1993,
Third Series (Capital Improvement and Refunding Bonds),
4.600%, 7/15/07 7/03 at 101 1/2 Aaa 2,013,500
The Maryland-National Capital Park and Planning Commission (Prince George's County,
Maryland), General Obligation Bonds, Park Acquisition and Development Bonds,
Series M-2:
880,000 5.300%, 7/01/09 7/03 at 102 AA 910,510
800,000 5.300%, 7/01/10 7/03 at 102 AA 823,216
2,730,000 Anne Arundel County, General Obligation Bonds, Consolidated Water and Sewer,
Series 1993, Refunding Series, 5.250%, 4/15/12 4/03 at 102 AA+ 2,774,909
2,000,000 Baltimore County, Maryland, General Obligation Bonds, Baltimore County Pension
Funding Bonds, 1991 Refunding Series, 6.700%, 7/01/11 7/98 at 102 Aaa 2,072,640
2,000,000 Baltimore County, Maryland, General Obligation Bonds, Baltimore County Metropolitan
District Bonds (64th Issue), 4.900%, 8/01/11 8/03 at 102 Aaa 2,005,440
1,000,000 City of Baltimore, Maryland (Mayor and City Council of Baltimore), General Obligation
Serial Bonds, Consolidated Public Improvement Bonds of 1989 - Series B,
7.150%, 10/15/08 No Opt. Call A1 1,200,320
City of Baltimore, Maryland (Mayor and City Council of Baltimore),
General Obligation Consolidated Public Improvement Refunding Bonds
of 1993 - Series D:
1,130,000 6.000%, 10/15/03 No Opt. Call Aaa 1,228,819
1,305,000 6.000%, 10/15/05 No Opt. Call Aaa 1,439,963
1,415,000 6.000%, 10/15/06 No Opt. Call Aaa 1,568,895
Mayor and City Council of Baltimore (City of Baltimore, Maryland),
General Obligation Consolidated Public Improvement Refunding Bonds
of 1995 - Series A:
1,200,000 7.375%, 10/15/03 No Opt. Call Aaa 1,388,580
5,000,000 7.250%, 10/15/04 No Opt. Call Aaa 5,846,500
1,000,000 City of Baltimore, Maryland (Mayor and City Council of Baltimore), General Obligation
Serial Bonds, Consolidated Public Improvement Bonds of 1991 - Series C,
6.375%, 10/15/07 No Opt. Call Aaa 1,140,460
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - CONTINUED
$1,000,000 Prince George's County, Maryland, General Obligation Bonds, Consolidated Public
Improvement Bonds, Series 1993, 5.750%, 3/15/09 3/03 at 102 Aaa $1,060,220
1,500,000 Prince George's County, Maryland, General Obligation, Consolidated Public
Improvement Bonds, Series 1996, 6.000%, 3/15/05 No Opt. Call Aaa 1,647,315
1,000,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1997,
6.000%, 7/01/26 7/07 at 101 1/2 A 1,069,710
2,200,000 Puerto Rico Public Buildings Authority, Public Education and Health Facilities
Refunding Bonds, Series M, Guaranteed by the Commonwealth of Puerto Rico,
5.750%, 7/01/15 7/03 at 101 1/2 A 2,261,094
2,500,000 Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, Series 1993-L,
Commonwealth Guaranteed, 5.600%, 7/01/08 No Opt. Call Aaa 2,707,625
1,780,000 Washington County Sanitary District, Refunding Bonds of 1993, Series F (Guaranteed
by the Full Faith and Credit Pledge of the County Commissioners of Washington
County), 5.375%, 1/01/15 1/03 at 102 Aaa 1,804,511
1,100,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince
George's Counties, Maryland), General Construction Refunding Bonds of 1991
(Second Series), 8.000%, 1/01/02 No Opt. Call Aa1 1,254,253
1,115,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince
George's Counties, Maryland), Water Supply Bonds of 1992,
6.200%, 6/01/09 6/02 at 102 Aa1 1,219,152
1,250,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince
George's Counties, Maryland), General Construction Refunding Bonds of 1991
(Second Series), 6.100%, 1/01/04 1/02 at 102 Aa1 1,346,225
1,000,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince
George's Counties, Maryland), Water Supply Refunding Bonds of 1993,
5.250%, 12/01/11 12/03 at 102 Aa1 1,017,650
1,500,000 Washington Suburban Sanitary District, Maryland (Montgomery and Prince
George's Counties, Maryland), Sewage Disposal Bonds of 1993,
5.375%, 6/01/12 6/03 at 102 Aa1 1,532,970
HEALTH CARE FACILITIES - 13.0%
1,990,000 Maryland Economic Development Corporation (Health and Mental Hygiene
Providers Facilities Acquisition Program), Revenue Bonds, Series 1996A,
7.625%, 4/01/21 4/11 at 102 N/R 2,007,452
1,875,000 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds,
Good Samaritan Hospital Issue, Series 1993, 5.750%, 7/01/19 7/03 at 102 A1 1,937,719
2,350,000 Maryland Health and Higher Education Facilities Authority, Project and
Refunding Revenue Bonds, Sinai Hospital of Baltimore Issue, Series 1993,
5.500%, 7/01/13 7/03 at 102 Aaa 2,417,375
1,855,000 Maryland Health and Higher Educational Facilities Authority, Refunding Revenue
Bonds, Francis Scott Key Medical Center Issue, Series 1993,
5.000%, 7/01/13 7/03 at 102 Aaa 1,846,968
3,125,000 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds,
Howard County General Hospital Issue, Series 1993,
5.500%, 7/01/25 7/03 at 102 Baa1 3,102,875
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 No Opt. Call Aaa 2,973,377
6,265,000 5.500%, 9/01/15 9/05 at 102 Aaa 6,435,847
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - CONTINUED
Prince George's County, Maryland, Project and Refunding Revenue
Bonds (Dimensions Health Corporation Issue), Series 1994:
$ 3,000,000 5.375%, 7/01/14 7/04 at 102 A $3,021,390
6,000,000 5.300%, 7/01/24 7/04 at 102 A 5,940,600
HOUSING FACILITIES - 20.1%
1,150,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Multi-Family Housing Revenue Bonds (Insured
Mortgage Loans), 1993 Series B, 6.625%, 5/15/23 5/03 at 102 Aa3 1,210,341
1,000,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Multi-Family Housing Revenue Bonds
(Insured Mortgage Loans), 1992 Series A, 6.850%, 5/15/33 (Alternative
Minimum Tax) 5/02 at 102 Aa3 1,057,460
1,750,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Single Family Program Bonds, 1993 Third
Series, 4.950%, 4/01/06 4/04 at 102 Aa2 1,789,865
895,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Single Family Program Bonds, 1992 Fourth
Series, 6.800%, 4/01/22 (Alternative Minimum Tax) 4/03 at 102 Aa2 953,810
1,465,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Single Family Program, 1994 First Series,
5.900%, 4/01/11 4/04 at 102 Aa2 1,523,527
1,000,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Single Family Program Bonds, 1994 Fourth
Series, 6.450%, 4/01/14 4/04 at 102 Aa2 1,062,780
2,650,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Single Family Program Bonds, 1994 Fifth
Series, 6.750%, 4/01/26 (Alternative Minimum Tax) 4/04 at 102 Aa2 2,836,057
1,000,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Single Family Program Bonds, 1989 Third
Series, 7.375%, 4/01/26 (Alternative Minimum Tax) 4/99 at 102 Aa2 1,037,550
3,075,000 Community Development Administration, Department of Housing and Community
Development, State of Maryland, Multifamily Housing Revenue Bonds
(Insured Mortgage Loans), 1993 Series D, 6.050%, 5/15/24 5/03 at 102 Aa 3,164,052
25,000 Community Development Administration, Department of Economic and Community
Development, State of Maryland, Multifamily Revenue Bonds, Series 1995 - B
(Insured Mortgage Loans), 8.750%, 5/15/05 5/98 at 100 Aa3 25,109
1,000,000 Maryland Community Development Administration, Department of Housing and
Community Development, Refunding Bonds, Series B, 6.200%, 4/01/22
(Alternative Minimum Tax) 4/06 at 102 Aa2 1,045,730
4,000,000 Anne Arundel County, Maryland, Multifamily Housing Revenue Bonds (Woodside
Apartments Project), Series 1994, 7.450%, 12/01/24 (Alternative Minimum Tax)
(Mandatory put 12/01/03) No Opt. Call BBB+ 4,231,200
1,795,000 County Commissioners of Charles County, Maryland Mortgage Revenue Refunding
Bonds, Series 1995A (Holly Station IVTownhouses Project-FHAInsured Mortgage
Loan), 6.450%, 5/01/26 5/05 at 102 AAA 1,920,381
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
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 7/06 at 102 AAA $ 731,206
2,000,000 6.100%, 7/01/25 7/06 at 102 AAA 2,090,340
2,000,000 Housing Opportunities Commission of Montgomery County (Montgomery County,
Maryland), Multifamily Housing Revenue Bonds, 1995 Series A,
5.900%, 7/01/15 7/05 at 102 Aa 2,063,400
1,500,000 Housing Opportunities Commission of Montgomery County (Montgomery County,
Maryland), Multifamily Housing Revenue Bonds, 1996 Series B,
5.900%, 7/01/26 7/06 at 102 Aaa 1,543,950
2,000,000 Housing Opportunities Commission of Montgomery County (Montgomery County,
Maryland), Single Family Mortgage Revenue Bonds, 1994 Series A,
6.600%, 7/01/14 7/04 at 102 Aa2 2,119,420
815,000 Housing Opportunities Commission of Montgomery County (Maryland), Single Family
Mortgage Revenue Bonds, 1982 Series A, 7.000%, 7/01/14 1/98 at 100 Aa2 815,611
Housing Authority of Prince George's County (Maryland), Mortgage
Revenue Refunding Bonds, Series 1993A (Cherry Hill Apartments
Project):
1,090,000 5.900%, 9/20/10 9/03 at 102 AAA 1,134,123
1,930,000 6.000%, 9/20/15 9/03 at 102 AAA 1,994,130
1,000,000 Housing Authority of Prince George's County (Maryland), Mortgage Revenue Refunding
Bonds, Series 1993A (GNMACollateralized-Stevenson Apartments Project),
6.350%, 7/20/20 1/03 at 102 AAA 1,050,780
1,165,000 Housing Authority of Prince George's County (Maryland), GNMA/FNMA Collateralized
Single Family Mortgage Revenue Bonds, Series 1994A, 6.350%, 6/01/11 (Alternative
Minimum Tax) 6/04 at 102 AAA 1,229,133
1,725,000 Housing Authority of Prince George's County (Maryland), FHLMC/FNMA/GNMA
Collateralized Single Family Mortgage Revenue Bonds, Series 1997, 5.625%, 8/01/17
(Alternative Minimum Tax) 8/07 at 102 AAA 1,741,767
1,500,000 Housing Authority of Prince George's County (Maryland), Mortgage Revenue Refunding
Bonds, Series 1995A (GNMA Collateralized-Riverview Terrace Apartments Project),
6.700%, 6/20/20 12/04 at 102 AAA 1,621,785
Housing Authority of Prince George's County (Maryland), Mortgage
Revenue Refunding Bonds, Series 1995A (GNMA
Collateralized-Overlook Apartments Project):
2,000,000 5.700%, 12/20/15 12/05 at 102 AAA 2,041,360
1,670,000 5.750%, 12/20/19 12/05 at 102 AAA 1,704,452
970,000 The Mayor and Council of Rockville (Maryland), Mortgage Revenue Refunding Bonds,
Series 1994A (FHA Insured Mortgage Loan-The Summit Apartments Project),
5.250%, 7/01/09 1/04 at 102 Aaa 978,856
1,000,000 City of Salisbury, Maryland, Mortgage Revenue Refunding Bonds, Series 1995A (FHA
Insured Mortgage Loan-College Lane Apartments Project),
6.600%, 12/01/26 12/04 at 102 AAA 1,067,070
LEASE RENTAL - 4.8%
4,415,000 Maryland Stadium Authority, Sports Facilities Lease Revenue Bonds, Series 1989D,
7.500%, 12/15/10 (Alternative Minimum Tax) 12/99 at 102 Aa 4,749,039
4,955,000 Maryland Stadium Authority, Sports Facilities Lease Revenue Bonds, Series 1996,
5.750%, 3/01/18 3/06 at 101 Aaa 5,160,187
1,000,000 Mayor and City Council Of Baltimore (City of Baltimore, Maryland), Certificates Of
Participation (Emergency Telecommunications Facilities), Series 1997A,
5.000%, 10/01/17 10/07 at 102 Aaa 992,470
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
OTHER REVENUE - 14.4%
$4,000,000 Department of Transportation of Maryland, Consolidated Transportation Bonds,
Series 1993, 4.600%, 12/15/02 No Opt. Call Aa $4,072,000
2,300,000 Department of Transportation of Maryland, Consolidated Transportation Bonds,
Series 1993, 4.625%, 9/15/07 9/02 at 102 Aa 2,297,171
9,600,000 Montgomery County, Maryland, Solid Waste System Revenue Bonds (1993 Series A),
5.875%, 6/01/13 (Alternative Minimum Tax) 6/03 at 102 Aaa 10,083,648
Northeast Maryland Waste Disposal Authority, Resource Recovery
Revenue Refunding Bonds (Southwest Resource Recovery Facility),
Series 1993:
1,625,000 6.900%, 1/01/00 No Opt. Call Aaa 1,713,904
3,000,000 7.150%, 1/01/04 No Opt. Call Aaa 3,424,980
4,675,000 7.200%, 1/01/05 No Opt. Call Aaa 5,422,953
5,750,000 Prince George's County, Maryland, Solid Waste Management System Revenue Bonds,
Series 1993, 5.250%, 6/15/13 6/03 at 102 Aaa 5,771,160
POLLUTION CONTROL FACILITIES - 8.3%
6,000,000 Anne Arundel County, Maryland, Pollution Control Revenue Refunding Bonds (Baltimore
Gas and Electric Company Project), Series 1994,
6.000%, 4/01/24 4/04 at 102 A 6,287,940
7,000,000 Calvert County, Maryland, Pollution Control Revenue Refunding Bonds (Baltimore Gas and
Electric Company Project), Series 1993, 5.500%, 7/15/14 7/04 at 102 A 7,187,740
5,000,000 Prince George's County, Maryland, Pollution Control Revenue Refunding Bonds (Potomac
Electric Project), 1993 Series, 6.375%, 1/15/23 1/03 at 102 A1 5,354,450
TRANSPORTATION - 7.8%
Maryland Transportation Authority, Special Obligation Revenue
Bonds, Baltimore/ Washington International Airport Projects,
Series 1994-A (Qualified Airport Bonds):
5,500,000 6.250%, 7/01/14 (Alternative Minimum Tax) 7/04 at 102 Aaa 5,925,700
2,165,000 6.400%, 7/01/19 (Alternative Minimum Tax) 7/04 at 102 Aaa 2,301,417
1,500,000 Maryland Transportation Authority, Transportation Facilities Projects, Revenue Bonds,
Series 1992, 5.750%, 7/01/15 7/02 at 100 A1 1,544,955
3,000,000 Maryland Transportation Authority, Transportation Facilities Projects, Revenue Bonds,
Series 1991, 6.500%, 7/01/06 7/01 at 102 A1 3,293,100
Washington Metropolitan Area Transit Authority (District of
Columbia), Gross Revenue Transit Refunding Bonds, Series 1993:
1,000,000 4.800%, 1/01/04 No Opt. Call Aaa 1,019,530
2,000,000 6.000%, 7/01/07 No Opt. Call Aaa 2,206,920
1,500,000 5.250%, 7/01/14 1/04 at 102 Aaa 1,506,795
UTILITIES - 0.9%
1,000,000 Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series T, 5.500%, 7/01/20 7/04 at 100 Baa1 1,002,680
1,010,000 Puerto Rico Telephone Authority, Revenue Bonds, Series N,
5.500%, 1/01/22 1/03 at 101 1/2 A+ 1,017,605
WATER/SEWER FACILITIES - 1.2%
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 No Opt. Call Aaa 1,719,603
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
$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 7/06 at 101 Aaa $1,020,880
$211,975,000 Total Investments - (cost $212,542,448) - 98.1% 223,532,305
============
Temporary Investments in Short-Term Municipal Securities - 0.2%
200,000 Baltimore County (Spring Hill Apartments), GNMA Collateralized Housing, Variable Rate
Demand Bonds, 3.850%, 9/20/28+ A-1 200,000
200,000 University of Maryland System, Revolving Equipment Loan Program, Variable Rate
Demand Bonds, Series A, 3.800%, 7/01/15+ VMIG-1 200,000
$ 400,000 Total Temporary Investments - 0.2% 400,000
===========
Other Assets Less Liabilities - 1.7% 3,850,246
Net Assets - 100% $227,782,551
======================================================================================================
<FN>
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN NORTH CAROLINA PREMIUM
INCOME MUNICIPAL FUND (NNC)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 7.2%
State of North Carolina, State Education Assistance Authority (A
political subdivision of the State of North Carolina), Guaranteed
Student Loan Revenue Bonds, 1995 Series A (Subordinate Lien):
$1,000,000 6.050%, 7/01/10 (Alternative Minimum Tax) 7/05 at 102 A $1,048,110
2,400,000 6.300%, 7/01/15 (Alternative Minimum Tax) 7/05 at 102 A 2,526,864
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) 7/06 at 102 A 6,213,459
ESCROWED BONDS - 8.5%
2,855,000 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Bonds,
Series 1980, 10.500%, 1/01/10 No Opt. Call Aaa 3,982,925
The Charlotte-Mecklenburg Hospital Authority (North Carolina), Health Care System
Revenue Bonds, Series 1992:
1,000,000 5.750%, 1/01/12 (Pre-refunded to 1/01/02) 1/02 at 102 AA*** 1,071,610
2,940,000 6.250%, 1/01/20 (Pre-refunded to 1/01/02) at 102 AA*** 3,205,159
3,235,000 County of Wake, North Carolina, Hospital System Revenue Bonds, Series 1993,
5.125%, 10/01/26 No Opt. Call Aaa 3,205,400
GENERAL OBLIGATION BONDS - 6.1%
2,000,000 Orange County, General Obligation School Bonds, Series 1994,
5.500%, 2/01/11 2/05 at 102 Aa1 2,092,800
6,250,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General Obligation
Bonds), 5.400%, 7/01/25 7/06 at 101 1/2 A 6,223,000
HEALTH CARE FACILITIES - 19.0%
4,090,000 Board of Governors of The University of North Carolina, University of North Carolina
Hospitals at Chapel Hill Revenue Bonds, Series 1996,
5.250%, 2/15/26 2/06 at 102 AA 4,030,450
1,000,000 North Carolina Medical Care Commission Hospital Revenue Refunding Series 1992-A
(North Carolina Baptist Hospital Project), 6.000%, 6/01/22 6/02 at 102 AA 1,048,180
3,000,000 North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds (Carolina
Medicorp Project), Series 1992, 5.500%, 5/01/15 5/02 at 102 AA 3,027,300
3,000,000 North Carolina Medical Care Commission Hospital Revenue Refunding Bonds,
Series 1992-A (Alamance Health Services Inc Project), 6.375%, 8/15/128/02 at 102 Aaa 3,260,850
2,275,000 North Carolina Medical Care Commission Hospital Revenue Bonds (Wake County Hospital
System), Series 1997, 5.375%, 10/01/26 10/07 at 102 Aaa 2,266,560
2,280,000 University of North Carolina, Chapel Hill Hospital Revenue Bonds, Series 1992,
6.000%, 2/15/24 2/02 at 102 AA 2,389,144
The Charlotte-Mecklenburg Hospital Authority (North Carolina), Health Care System
Revenue Bonds, Series 1992:
1,500,000 5.750%, 1/01/12 1/02 at 102 AA 1,559,970
2,150,000 6.250%, 1/01/20 1/02 at 102 AA 2,310,691
3,000,000 Craven Regional Medical Authority, Insured Health Care Facilities Revenue Bonds,
Series 1993, 5.625%, 10/01/17 10/03 at 102 Aaa 3,059,730
2,975,000 County of New Hanover, North Carolina Hospital Revenue Bonds (New Hanover Regional
Medical Center Project), Series 1993, 4.750%, 10/01/23 10/03 at 102 Aaa 2,722,542
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HOUSING FACILITIES - 13.0%
$ 820,000 North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series-M
(1985 Resolution), 7.850%, 9/01/28 (Alternative Minimum Tax) 3/00 at 102 Aa $ 865,313
3,145,000 North Carolina Housing Finance Agency, Single Family Revenue Bonds Series V (1985
Resolution), 6.800%, 9/01/25 (Alternative Minimum Tax) 9/02 at 102 Aa 3,339,235
North Carolina Housing Finance Agency, Multifamily Revenue Bonds
(1993 FHA Insured Mortgage Loan Resolution), Series 1993:
650,000 5.800%, 7/01/14 1/03 at 102 Aa 668,584
1,000,000 5.900%, 7/01/26 1/03 at 102 Aa 1,024,940
5,815,000 North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series X
(1985 Resolution), 6.700%, 9/01/26 (Alternative Minimum Tax) 3/04 at 102 AA 6,204,954
4,220,000 North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series HH
(1985 Resolution), 6.300%, 3/01/26 (Alternative Minimum Tax) 3/06 at 102 Aa 4,434,249
1,000,000 City of Charlotte, North Carolina, Mortgage Revenue Refunding Bonds (FHA Insured
Mortgage Loan-Tryon Hills Apartments Project), Series 1993A,
5.875%, 1/01/25 1/03 at 105 Aaa 1,025,570
INDUSTRIAL DEVELOPMENT REVENUE - 4.2%
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) 12/05 at 102 Baa1 3,569,895
2,000,000 The Haywood County Industrial Facilities and Pollution Control Financing Authority,
Pollution Control Refunding Revenue Bonds (Champion International Corporation
Project), Series 1995, 6.000%, 3/01/20 3/06 at 102 Baa1 2,076,000
LEASE RENTAL - 11.0%
6,000,000 City of Charlotte, North Carolina, Refunding Certificates of Participation (Convention
Facility Project), Series 1993C, 5.250%, 12/01/20 12/03 at 102 Aaa 5,882,220
2,180,000 The City of Concord, North Carolina, Certificates of Participation, Series 1996A,
6.125%, 6/01/21 6/06 at 102 Aaa 2,363,730
2,390,000 County of Duplin, North Carolina, Certificates of Participation (Law Enforcement Project
and Public Schools Project), Series 1993, 5.250%, 8/01/14 8/03 at 102 Aaa 2,406,324
3,970,000 Durham, North Carolina, Certificates of Participation, Water Utility Improvements,
6.375%, 7/15/12 7/02 at 102 AA 4,244,129
OTHER REVENUES - 7.3%
2,500,000 Centennial Authority, North Carolina, Hotel Tax Revenue Bonds (Arena Project),
Series 1997, 5.125%, 9/01/19 9/07 at 102 Aaa 2,472,325
5,000,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds,
Series Y of 1996, 5.500%, 7/01/26 7/06 at 101 1/2 A 5,031,650
2,400,000 Puerto Rico Commonwealth Highway Authority, Highway Revenue Bonds, Series 1990-Q,
6.000%, 7/01/20 7/00 at 100 A 2,447,016
POLLUTION CONTROL FACILITIES - 3.1%
1,300,000 The Mecklenburg County Industrial Facilities and Pollution Control Financing Authority
(North Carolina), Industrial Revenue Refunding Bonds (Fluor Corporation Project),
5.250%, 12/01/09 12/01 at 102 A+ 1,318,226
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
POLLUTION CONTROL FACILITIES - CONTINUED
$2,750,000 The Wake County Industrial Facilities and Pollution Control Financing Authority,
Pollution Control Revenue Bonds (Carolina Power & Light Company Project), Adjustable
Rate Option Bond Series 1983, 6.900%, 4/01/09 4/00 at 102 A $2,947,010
UTILITIES - 10.0%
1,500,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds,
Series 1985-G, 5.750%, 12/01/16 9/03 at 102 1/2 Baa1 1,523,910
5,000,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds,
Series 1993-D, 5.600%, 1/01/16 1/03 at 102 Baa1 5,002,600
1,000,000 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Bonds,
Series 1992, 5.750%, 1/01/15 1/03 at 100 A- 1,013,570
5,250,000 City of Fayetteville, North Carolina, Public Works Commission Revenue Refunding Bonds,
Series 1993, 4.750%, 3/01/14 3/03 at 100 Aaa 5,031,390
1,000,000 City of Greensboro, North Carolina, Combined Enterprise System Revenue Bonds
Series 1995A, 5.375%, 6/01/19 6/05 at 102 AA- 1,009,260
WATER/SEWER FACILITIES - 9.0%
1,000,000 City of Asheville, North Carolina, Water System Revenue Bonds, Series 1996,
5.700%, 8/01/25 8/06 at 102 Aaa 1,039,650
4,250,000 Metropolitan Sewerage District of Buncombe County (North Carolina), Sewerage System
Revenue Refunding Bonds, Series 1993A, 5.500%, 7/01/22 7/03 at 102 Aaa 4,294,412
1,280,000 Lincolnton, North Carolina, Combined Enterprise System Revenue Bonds, Series 1996,
5.375%, 5/01/16 11/06 at 102 Aaa 1,303,781
3,400,000 Orange Water and Sewer Authority (North Carolina), Water and Sewer System Revenue
and Revenue Refunding Bonds, Series 1993, 5.200%, 7/01/16 7/03 at 102 Aa 3,399,830
2,180,000 County of Union, North Carolina, Enterprise Systems Revenue Bonds, Series 1996,
5.500%, 6/01/21 6/06 at 102 Aaa 2,211,260
$129,325,000 Total Investments - (cost $127,613,923) - 98.4% 133,395,777
============
Other Assets Less Liabilities - 1.6% 2,104,870
Net Assets - 100% $135,500,647
=====================================================================================================
<FN>
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
***Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN VIRGINIA PREMIUM
INCOME MUNICIPAL FUND (NPV)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 6.5%
$3,000,000 Virginia College Building Authority, Educational Facilities
Revenue Bonds (University of Richmond Project),
Series of 1994, 5.550%, 11/01/19 (Optional put 11/01/04) 11/04 at 100 Aa2 $3,220,590
2,750,000 Virginia College Building Authority, Educational Facilities Revenue Bonds (The
Washington and Lee University Project), Series of 1994,
5.800%, 1/01/2 1/04 at 102 AA 2,855,875
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 9/03 at 102 A- 3,048,016
3,000,000 5.875%, 9/01/23 9/03 at 102 A- 3,083,310
ESCROWED BONDS - 7.8%
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)7/01 at 102 Aaa 5,718,143
4,085,000 Fairfax County Water Authority, Water Refunding Revenue Bonds, Series 1992,
5.750%, 4/01/29 (Pre-refunded to 4/01/02) 4/02 at 100 AA*** 4,316,211
820,000 Fairfax County Water Authority, Water Refunding Revenue Bonds, Series 1992,
6.000%, 4/01/22 (Pre-refunded to 4/01/07) 4/07 at 102 AA*** 916,711
3,500,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series T,
6.500%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 101 1/2 AAA 3,878,525
GENERAL OBLIGATION BONDS - 10.9%
5,000,000 Hampton Roads Regional Jail Authority, Regional Jail Facility Revenue Bonds,
Series 1996A, 5.500%, 7/01/24 7/06 at 102 Aaa 5,063,800
2,500,000 City of Portsmouth, Virginia, General Obligation Bonds, Public Utility Refunding Bonds,
Series 1993, 5.500%, 8/01/19 8/03 at 102 AA- 2,534,125
5,700,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1996 (General Obligation
Bonds), 5.400%, 7/01/25 7/06 at 101 1/2 A 5,675,376
1,700,000 City of Richmond, Virginia, General Obligation Public Improvement Bonds, Series 1993B,
5.500%, 7/15/23 7/03 at 102 AA 1,713,566
3,800,000 County of Roanoke, Virginia, General Obligation Public Improvement and Refunding Bonds,
Series 1993, 5.000%, 6/01/21 6/03 at 100 AA 3,672,548
2,000,000 City of Winchester, Virginia, General Obligation Public Improvement and Refunding Bonds,
Series of 1994, 5.500%, 1/15/14 1/04 at 102 Aa 2,048,560
HEALTH CARE FACILITIES - 16.5%
City of Virginia Beach Development Authority (Virginia), Hospital
Revenue Bonds (Sentara Bayside Hospital), Series 1991:
2,000,000 6.600%, 11/01/09 11/01 at 102 AA 2,175,520
5,000,000 6.300%, 11/01/21 11/01 at 102 AA 5,313,050
5,850,000 Industrial Development Authority of Fairfax County, Virginia, Hospital Revenue Refunding
Bonds (Inova Health System Hospitals Project), Series 1993A,
5.000%, 8/15/23 No Opt. Call AA 5,668,533
1,250,000 Industrial Development Authority of Fairfax County, Virginia, Health Care Revenue Bonds
(Inova Health System Project), Series 1996A, 6.000%, 8/15/26 8/06 at 102 AA 1,316,538
4,650,000 Bon Secours Health System Obligated Group Revenue Bonds, Industrial Development
Authority of the County of Hanover (Virginia), Hospital Revenue Bonds, Series 1995
(Bon Secours Health System Projects), 5.500%, 8/15/25 8/05 at 102 Aaa 4,666,926
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - CONTINUED
$ 3,250,000 Industrial Development Authority of the City of Harrisonburg, Virginia, Hospital Revenue
Bonds (Rockingham Memorial Hospital), Series 1993,
5.250%, 12/01/22 12/02 at 102 Aaa $3,192,280
1,500,000 Industrial Development Authority of the County of Henrico, Virginia, Health Care Revenue
Bonds (Bon Secours Health), Series 1996, 6.250%, 8/15/20 No Opt. Call Aaa 1,712,280
2,500,000 Hospital Revenue and Refunding Bonds, Industrial Development Authority of the City of
Norfolk, Hospital Revenue and Refunding Bonds (Sentara Hospitals-Norfolk), Series
1994A, 6.500%, 11/01/13 11/04 at 102 AA 2,761,921
1,000,000 Peninsula Ports Authority Health Care Facilities Revenue Bonds (Bon Secours Health
System), Series 1997A, 5.250%, 8/15/23 8/07 at 102 Aaa 987,410
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 7/03 at 102 Aaa 2,855,880
500,000 Industrial Development Authority of Southampton County, Virginia, Medical Facility
Mortgage Revenue Refunding Bonds (M.F.A. XLIII-FHA Insured Project), Series 1997A,
5.625%, 1/15/22 1/07 at 102 AAA 507,860
HOUSING FACILITIES - 14.0%
835,000 City of Virginia Beach Development Authority, Multi-Family Housing Mortgage Revenue
Refunding Bonds, 1993 Series A (GNMA Collateralized-Pembroke Lake Apartments),
6.200%, 6/20/28 6/03 at 102 AAA 869,820
1,000,000 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 1992 Series B-3,
6.750%, 7/01/21 (Alternative Minimum Tax) 1/02 at 102 Aa1 1,053,330
3,240,000 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 1992 Series B-5,
6.300%, 1/01/27 (Alternative Minimum Tax) 1/02 at 102 Aa1 3,357,191
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 1992 Series B-6:
4,000,000 6.200%, 7/01/21 (Alternative Minimum Tax) 1/02 at 102 Aa1 4,136,760
2,945,000 6.250%, 1/01/27 (Alternative Minimum Tax) 1/02 at 102 Aa1 3,044,011
5,000,000 Virginia Housing Development Authority, Commonwealth Mortgage Revenue Bonds, 1992
Series B-4, 6.550%, 1/01/27 (Alternative Minimum Tax) 1/02 at 102 Aa1 5,231,500
1,100,000 Industrial Development Authority of Arlington County, Virginia, Multifamily Housing
Mortgage Revenue Bonds (Arlington Housing Corporation),
1995 Series, 5.700%, 7/01/07 7/05 at 102 A 1,141,910
500,000 Fairfax County (Virginia), Redevelopment and Housing Authority, Mortgage Revenue
Refunding Bonds, Series 1993A (FHA Insured Mortgage Loan-Burke Centre Station),
5.750%, 8/01/25 8/03 at 102 Aaa 505,515
4,445,000 Hampton Redevelopment and Housing Authority Multifamily Housing Revenue Refunding
Bonds, Series 1994 (Chase Hampton II Apartments), 7.000%, 7/01/24 (Mandatory
put 7/01/04) 7/02 at 104 Baa2 4,809,179
2,355,000 Suffolk Redevelopment and Housing Authority, Mortgage Revenue Refunding Bonds,
Series 1993 (FHA Insured Mortgage Loan-Wilson Pines Apartments Section 8
Assisted Project), 6.125%, 1/01/23 1/01 at 100 Aaa 2,395,341
LEASE RENTAL - 3.4%
County of Cumberland, Virginia, Certificates of Participation, Series 1997:
1,075,000 6.200%, 7/15/12 No Opt. Call N/R 1,114,775
1,350,000 6.375%, 7/15/17 No Opt. Call N/R 1,407,821
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
LEASE RENTAL - CONTINUED
$ 500,000 Industrial Development Authority of Dinwiddie County, Virginia, Lease Revenue Bonds
(Dinwiddie County School Facilities Project), Series 1997A,
6.000%, 2/01/18 2/07 at 102 N/R $ 504,000
3,000,000 Prince William County Park Authority (Virginia), Revenue Bonds, Series 1994,
6.875%, 10/15/16 10/04 at 102 A- 3,357,240
OTHER REVENUE - 14.0%
7,035,000 Commonwealth Transportation Board, Commonwealth of Virginia, Transportation Revenue
Bonds, Series 1995A (Northern Virginia Transportation District
Program), 6.250%, 5/15/17 5/04 at 101 Aa 7,558,545
1,500,000 Fairfax County Economic Development Authority (Virginia), Resource Recovery Revenue
Bonds, Series 1988-A (Ogden Martin Systems of Fairfax, Inc. Project), 7.750%, 2/01/11
(Alternative Minimum Tax) 2/99 at 103 A1 1,598,475
10,300,000 Valley Resource Authority of the City of Roanoke, Virginia, Solid Waste System Revenue
Bonds, Series 1992, 5.750%, 9/01/12 9/02 at 102 A+ 10,606,631
Southeastern Public Service Authority of Virginia, Senior Revenue
Bonds, Series 1993 (Regional Solid Waste System):
500,000 5.875%, 7/01/08 (Alternative Minimum Tax) 7/03 at 102 A- 519,330
6,150,000 6.000%, 7/01/17 (Alternative Minimum Tax) 7/03 at 102 A- 6,284,808
POLLUTION CONTROL FACILITIES - 4.1%
5,060,000 Halifax County Industrial Development Authority (Old Dominion Electric Cooperative),
Alternative Minimum Tax, 6.350%, 12/01/07
(Alternative Minimum Tax) 12/02 at 102 A+ 5,460,094
2,250,000 Industrial Development Authority of the Town of Louisa, Virginia, Pollution Control Revenue
Bonds (Virginia Electric and Power Company Project),
Series 1994, 5.450%, 1/01/24 1/04 at 102 A 2,287,103
TRANSPORTATION - 6.4%
6,315,000 Virginia Port Authority, Port Facilities Revenue Bonds, Series 1997, 5.600%, 7/01/27
(Alternative Minimum Tax) 7/07 at 101 Aaa 6,395,264
1,000,000 Capital Region Airport Commission, Richmond (Virginia), International Airport Projects,
Airport Revenue Bonds, Series 1995A, 5.625%, 7/01/25 7/05 at 102 Aaa 1,024,890
Metropolitan Washington Airports Authority, Airport System Revenue Bonds, Series 1992A:
1,900,000 6.625%, 10/01/19 (Alternative Minimum Tax) 10/02 at 102 Aaa 2,070,506
2,400,000 5.375%, 10/01/23 10/07 at 101 AA- 2,415,504
125,000 Richmond Metropolitan Authority (Virginia), Expressway Revenue and Refunding Bonds,
Series 1992-A, 5.750%, 7/15/22 7/02 at 100 Aaa 127,736
WATER/SEWER FACILITIES - 15.0%
3,955,000 Virginia Resources Authority, Water and Sewer System Revenue
Bonds, 1995 Series A (Sussex County Project),
5.600%, 10/01/25 10/05 at 102 AA 4,014,444
1,500,000 Albemarle County Service Authority (Virginia), Water and Sewer System Revenue Refunding
Bonds, Series of 1993, 5.750%, 8/01/11 8/02 at 102 Aa 1,567,395
Fairfax County (Virginia), Water Authority, Water Refunding Revenue Bonds, Series 1992:
820,000 6.000%, 4/01/22 4/07 at 102 AA 882,164
5,880,000 5.750%, 4/01/29 4/02 at 100 AA 6,010,654
1,000,000 Henrico County, Virginia, Water and Sewer System Refunding Revenue Bonds, Series 1992,
6.250%, 5/01/13 5/02 at 100 AA- 1,056,050
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
$1,500,000 Henry County Public Service Authority, Water and Sewer Refunding Revenue Bonds,
Series 1991, 6.250%, 11/5/19 11/01 at 101 Aaa $1,612,530
City of Norfolk, Virginia, Water Revenue Bonds, Series 1995:
6,200,000 5.875%, 11/01/20 11/05 at 102 Aaa 6,530,832
2,365,000 5.900%, 11/01/25 11/05 at 102 Aaa 2,507,042
1,740,000 Prince William County Service Authority (Virginia), Water and Sewer System Refunding
Revenue Bonds, Series 1993, 5.000%, 7/01/21 7/03 at 102 Aaa 1,667,842
2,595,000 Upper Occoquan Sewage Authority (Virginia), Regional Sewerage System Revenue
Refunding Bonds, Series of 1993, 5.000%, 7/01/21 1/04 at 102 Aaa 2,494,132
$179,980,000 Total Investments - (cost $176,239,573) - 98.6% 186,523,918
============
Other Assets Less Liabilities - 1.4% 2,671,098
Net Assets - 100% $189,195,016
======================================================================================================
<FN>
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED)
NOVEMBER 30, 1997
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $ 79,454,916 $223,532,305 $133,395,777
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) 100,000 400,000 --
Cash 273,608 285,716 48,509
Interest receivable 1,646,386 4,465,798 2,628,169
Other assets 7,054 13,826 7,196
------------ ------------ ------------
Total assets 81,481,964 228,697,645 136,079,651
------------ ------------ ------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 43,197 120,187 71,992
Other 55,640 104,376 80,191
Preferred share dividends payable 8,912 27,012 15,003
Common share dividends payable 245,624 663,519 411,818
------------ ------------ ------------
Total liabilities 353,373 915,094 579,004
------------ ------------ ------------
Net assets (note 7) $ 81,128,591 $227,782,551 $135,500,647
============ ============ ============
Preferred shares, at liquidation value $ 27,800,000 $ 79,100,000 $ 46,800,000
============ ============ ============
Preferred shares outstanding 1,112 3,164 1,872
============ ============ ============
Common shares outstanding 3,721,575 10,367,480 6,239,664
============ ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by
Common shares outstanding) $ 14.33 $ 14.34 $ 14.22
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED) - CONTINUED
NOVEMBER 30, 1997
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $186,523,918
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) --
Cash 219,264
Interest receivable 3,250,708
Other assets 12,102
------------
Total assets 190,005,992
------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 100,025
Other 108,107
Preferred share dividends payable 18,506
Common share dividends payable 584,338
------------
Total liabilities 810,976
------------
Net assets (note 7) $189,195,016
============
Preferred shares, at liquidation value $ 63,800,000
============
Preferred shares outstanding 2,552
============
Common shares outstanding 8,530,476
============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 14.70
============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED NOVEMBER 30, 1997
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 2,246,963 $ 6,111,254 $ 3,754,096
----------- ----------- -----------
EXPENSES
Management fees (note 6) 261,588 728,784 435,738
Preferred shares - auction fees 34,845 99,146 58,661
Preferred shares - dividend disbursing agent fees 4,642 9,121 4,642
Shareholders' servicing agent fees and expenses 4,240 17,630 7,573
Custodian's fees and expenses 17,521 26,587 21,292
Trustees' fees and expenses (note 6) 251 712 417
Professional fees 8,290 8,164 8,378
Shareholders' reports - printing and mailing expenses 10,683 32,578 17,815
Stock exchange listing fees 1,739 12,171 8,116
Investor relations expense 3,246 9,759 5,539
Other expenses 6,769 10,156 7,616
----------- ----------- -----------
Total expenses 353,814 954,808 575,787
----------- ----------- -----------
Net investment income 1,893,149 5,156,446 3,178,309
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment
transactions (notes 1 and 4) 86,454 38,601 (24,809)
Net change in unrealized appreciation or
depreciation of investments 2,259,013 6,078,394 4,564,532
----------- ----------- -----------
Net gain from investments 2,345,467 6,116,995 4,539,723
----------- ----------- -----------
Net increase in net assets from operations $ 4,238,616 $11,273,441 $ 7,718,032
=========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
SIX MONTHS ENDED NOVEMBER 30, 1997
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 5,299,515
------------
EXPENSES
Management fees (note 6) 605,403
Preferred shares - auction fees 79,969
Preferred shares - dividend disbursing agent fees 9,197
Shareholders' servicing agent fees and expenses 16,195
Custodian's fees and expenses 24,135
Trustees' fees and expenses (note 6) 584
Professional fees 8,100
Shareholders' reports - printing and mailing expenses 23,782
Stock exchange listing fees 8,175
Investor relations expense 8,226
Other expenses 9,497
------------
Total expenses 793,263
------------
Net investment income 4,506,252
------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (notes 1 and 4) (22,657)
Net change in unrealized appreciation or depreciation of investments 5,644,469
------------
Net gain from investments 5,621,812
------------
Net increase in net assets from operations $ 10,128,064
============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<CAPTION>
GEORGIA PREMIUM INCOME MARYLAND PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,893,149 $ 3,748,068 $ 5,156,446 $ 10,375,856
Net realized gain (loss) from investment
transactions (notes 1 and 4) 86,454 (252,801) 38,601 (222,999)
Net change in unrealized appreciation or
depreciation of investments 2,259,013 2,814,265 6,078,394 5,782,311
----------- ------------- ------------ ------------
Net increase in net assets from operations 4,238,616 6,309,532 11,273,441 15,935,168
----------- ------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (1,465,433) (2,849,902) (3,978,264) (7,813,819)
Preferred shareholders (437,040) (863,423) (1,246,384) (2,462,066)
----------- ------------- ------------ ------------
Decrease in net assets from distributions to shareholders (1,902,473) (3,713,325) (5,224,648) (10,275,885)
----------- ------------- ------------ ------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 95,552 74,474 255,543 128,815
----------- ------------- ------------ ------------
Net increase in net assets 2,431,695 2,670,681 6,304,336 5,788,098
Net assets at beginning of period 78,696,896 76,026,215 221,478,215 215,690,117
----------- ------------- ------------ ------------
Net assets at end of period $81,128,591 $ 78,696,896 $ 227,782,551 $ 221,478,215
=========== ============= ============= =============
Balance of undistributed net investment
income at end of period $ 240,715 $ 250,039 $ 431,886 $ 500,088
=========== ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) - CONTINUED
<CAPTION>
NORTH CAROLINA PREMIUM INCOME VIRGINIA PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,178,309 $ 6,360,344 $ 4,506,252 $ 8,943,630
Net realized gain (loss) from investment
transactions (notes 1 and 4) (24,809) 400,003 (22,657) (125,901)
Net change in unrealized appreciation or
depreciation of investments 4,564,532 4,073,182 5,644,469 5,962,001
------------- ------------- ------------- -------------
Net increase in net assets from operations 7,718,032 10,833,529 10,128,064 14,779,730
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (2,469,490) (4,798,983) (3,500,405) (6,884,682)
Preferred shareholders (803,031) (1,461,339) (1,023,291) (2,048,258)
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (3,272,521) (6,260,322) (4,523,696) (8,932,940)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders due
to reinvestment of distributions 126,499 159,211 493,955 600,991
------------- ------------- ------------- -------------
Net increase in net assets 4,572,010 4,732,418 6,098,323 6,447,781
Net assets at beginning of period 130,928,637 126,196,219 183,096,693 176,648,912
------------- ------------- ------------- -------------
Net assets at end of period $ 135,500,647 $ 130,928,637 $ 189,195,016 $ 183,096,693
============= ============= ============= =============
Balance of undistributed net investment
income at end of period $ 295,583 $ 389,795 $ 434,742 $ 452,186
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
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). Maryland Premium Income, North Carolina Premium Income and Virginia
Premium Income are traded on the New York Stock Exchange while Georgia Premium
Income 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
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
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 have extended settlement periods. 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 the when-issued and delayed delivery purchase commitments. At
November 30, 1997, there were no such outstanding purchase commitments in any of
the Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its 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 Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
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, were as follows:
<TABLE>
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Number of shares:
Series T -- -- --
Series W -- 1,404 --
Series Th 1,112 1,760 1,872
----- ----- -----
Total 1,112 3,164 1,872
===== ===== =====
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
Number of shares:
Series T 832
Series W --
Series Th 1,720
-----
Total 2,552
=====
</TABLE>
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, 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, 1997.
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 six months ended November 30, 1997.
<PAGE>
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
GEORGIA PREMIUM INCOME MARYLAND PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 6,605 5,440 17,934 9,331
===== ===== ====== =====
<CAPTION>
NORTH CAROLINA PREMIUM INCOME VIRGINIA PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 8,707 11,613 33,198 42,523
===== ====== ====== ======
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On December 1, 1997, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid December 31, 1997, to
shareholders of record on December 15, 1997, as follows:
<TABLE>
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Dividend per share $ .0660 $ .0640 $ .0660
======= ======= =======
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
Dividend per share $.0685
======
</TABLE>
4. SECURITIES TRANSACTIONS
Purchase and sales (including maturities) of investments in municipal securities
and temporary municipal investments during the six months ended November 30,
1997, were as follows:
<TABLE>
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Purchases:
Investments in municipal securities $4,926,940 $6,405,775 $5,937,083
Temporary municipal investments 4,000,000 7,000,000 3,000,000
Sales and Maturities:
Investments in municipal securities 4,932,658 5,329,130 4,838,655
Temporary municipal investments 4,100,000 7,100,000 3,400,000
========== ========== ==========
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
Purchases:
Investments in municipal securities $13,224,640
Temporary municipal investments 4,600,000
Sales and Maturities:
Investments in municipal securities 12,597,475
Temporary municipal investments 5,000,000
===========
</TABLE>
<PAGE>
At November 30, 1997, 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, 1997, the Funds last fiscal year end, the Funds had unused capital
loss carryforwards available for federal income tax purposes to be applied
against future capital gains, if any. If not applied, the carryforwards will
expire as follows:
<TABLE>
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Expiration year:
2002 $ -- $3,164,401 $ 10,562
2003 1,288,994 1,019,929 2,478,557
2004 1,842,885 2,660,424 1,137,399
2005 340,685 454,351 131,993
---------- ---------- ----------
Total $3,472,564 $7,299,105 $3,758,511
========== ========== ==========
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
Expiration year:
2002 $1,946,517
2003 1,577,464
2004 1,579,895
2005 140,749
----------
Total $5,244,625
==========
</TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 1997, were as follows:
<TABLE>
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Gross unrealized:
appreciation $5,120,850 $10,995,744 $5,781,854
depreciation (4,055) (5,887) --
---------- ----------- ----------
Net unrealized appreciation $5,116,795 $10,989,857 $5,781,854
========== =========== ==========
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
Gross unrealized:
appreciation $10,284,345
depreciation --
-----------
Net unrealized appreciation $10,284,345
===========
</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 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 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .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, 1997, net assets consisted of:
<TABLE>
<CAPTION>
GEORGIA MARYLAND NORTH CAROLINA
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $27,800,000 $ 79,100,000 $ 46,800,000
Common shares, $.01 par value per share 37,216 103,675 62,397
Paid-in surplus 51,405,394 144,579,887 86,344,133
Balance of undistributed net investment income 240,715 431,886 295,583
Accumulated net realized gain (loss) from investment transactions (3,471,529) (7,422,754) (3,783,320)
Net unrealized appreciation of investments 5,116,795 10,989,857 5,781,854
----------- ------------ ------------
Net assets $81,128,591 $227,782,551 $135,500,647
=========== ============ ============
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
=========== ============ ============
<CAPTION>
VIRGINIA
PREMIUM INCOME
<S> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ 63,800,000
Common shares, $.01 par value per share 85,305
Paid-in surplus 119,944,104
Balance of undistributed net investment income 434,742
Accumulated net realized gain (loss) from investment transactions (5,353,480)
Net unrealized appreciation of investments 10,284,345
------------
Net assets $189,195,016
============
Authorized shares:
Common Unlimited
Preferred Unlimited
============
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
Selected data for a Common share outstanding
throughout each period is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
<S> <C> <C> <C> <C> <C>
GEORGIA PREMIUM INCOME
Six months ended
11/30/97 $ 13.70 $ .51 $ .63 $(.39) $(.12)
Year ended 5/31:
1997 13.00 1.01 .69 (.77) (.23)
1996 13.35 1.00 (.38) (.73) (.24)
1995 12.26 .98 1.09 (.73) (.25)
1994 13.96 .78 (1.57) (.62) (.14)
5/20/93 to
5/31/93 14.05 -- -- -- --
<CAPTION>
MARYLAND PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 13.76 .50 .58 (.38) (.12)
Year ended 5/31:
1997 13.21 1.00 .55 (.76) (.24)
1996 13.36 .99 (.14) (.74) (.26)
1995 12.67 .99 .70 (.74) (.26)
1994 14.13 .89 (1.30) (.75) (.16)
3/18/93 to
5/31/93 14.05 .07 .07 -- --
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
PER
ORGANIZATION COMMON
AND OFFERING SHARE
COSTS AND MARKET
TO TO PREFERRED SHARE NET ASSET VALUE
COMMON PREFERRED UNDERWRITING VALUE END END OF
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD
<S> <C> <C> <C> <C> <C>
GEORGIA PREMIUM INCOME
Six months ended
11/30/97 $-- $-- $-- $ 14.33 $14.1875
Year ended 5/31:
1997 -- -- -- 13.70 13.8750
1996 -- -- -- 13.00 12.2500
1995 -- -- -- 13.35 11.5000
1994 -- -- (.15) 12.26 12.6250
5/20/93 to
5/31/93 -- -- (.09) 13.96 15.0000
<CAPTION>
MARYLAND PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 -- -- -- 14.34 14.5625
Year ended 5/31:
1997 -- -- -- 13.76 13.6250
1996 -- -- -- 13.21 12.7500
1995 -- -- -- 13.36 12.2500
1994 -- -- (.14) 12.67 12.5000
3/18/93 to
5/31/93 -- -- (.06) 14.13 15.2500
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
TOTAL
INVEST- RATIO OF
MENT NET
RETURN TOTAL NET ASSETS RATIO OF INVESTMENT
ON RETURN ON END OF EXPENSES INCOME PORTFOLIO
MARKET NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
<S> <C> <C> <C> <C> <C> <C>
GEORGIA PREMIUM INCOME
Six months ended
11/30/97 5.08% 7.54% $ 81,129 .88%* 4.70%* 6%
Year ended 5/31:
1997 19.95 11.53 78,697 .90 4.83 30
1996 12.88 2.81 76,026 .91 4.82 14
1995 (3.00) 15.78 77,334 .95 5.01 35
1994 (12.09) (8.05) 73,042 .97 3.97 31
5/20/93 to
5/31/93 -- (.64) 49,219 1.61* .50* --
<CAPTION>
MARYLAND PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Six months ended
11/30/97 .80 7.07 227,783 .84* 4.56* 2
Year ended 5/31:
1997 13.07 10.08 221,478 .85 4.72 6
1996 10.22 4.41 215,690 .87 4.68 18
1995 4.36 12.07 217,162 .97 4.92 25
1994 (13.62) (5.39) 117,506 .92 4.30 19
3/18/93 to
5/31/93 1.67 .57 81,724 .86* 2.74* --
See notes on page 42.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED) - CONTINUED Selected data for a Common share
outstanding throughout each period is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
<S> <C> <C> <C> <C> <C>
NORTH CAROLINA PREMIUM INCOME
Six months ended
11/30/97 $ 13.50 $ .51 $ .74 $(.40) $(.13)
Year ended 5/31:
1997 12.77 1.02 .72 (.77) (.24)
1996 13.19 .98 (.44) (.70) (.26)
1995 12.34 .97 .85 (.73) (.24)
1994 14.00 .75 (1.53) (.60) (.14)
5/20/93 to
5/31/93 14.05 -- .02 -- --
<CAPTION>
VIRGINIA PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 14.04 .53 .66 (.41) (.12)
Year ended 5/31:
1997 13.35 1.06 .68 (.81) (.24)
1996 13.61 1.04 (.27) (.78) (.25)
1995 12.79 1.04 .84 (.80) (.26)
1994 14.18 .94 (1.25) (.79) (.15)
3/18/93 to
5/31/93 14.05 .07 .12 -- --
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
PER
ORGANIZATION COMMON
AND OFFERING SHARE
COSTS AND MARKET
TO TO PREFERRED SHARE NET ASSET VALUE
COMMON PREFERRED UNDERWRITING VALUE END END OF
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD
<S> <C> <C> <C> <C> <C>
NORTH CAROLINA PREMIUM INCOME
Six months ended
11/30/97 $-- $-- $-- $14.22 $14.4375
Year ended 5/31:
1997 -- -- -- 13.50 14.6250
1996 -- -- -- 12.77 12.6250
1995 -- -- -- 13.19 12.1250
1994 -- -- (.14) 12.34 12.5000
5/20/93 to
5/31/93 -- -- (.07) 14.00 15.1250
<CAPTION>
VIRGINIA PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 -- -- -- 14.70 14.8125
Year ended 5/31:
1997 -- -- -- 14.04 14.5000
1996 -- -- -- 13.35 13.5000
1995 -- -- -- 13.61 12.8750
1994 -- -- (.14) 12.79 13.1250
3/18/93 to
5/31/93 -- -- (.06) 14.18 15.1250
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
TOTAL
INVEST- RATIO OF
MENT NET
RETURN TOTAL NET ASSETS RATIO OF INVESTMENT
ON RETURN ON ND OF EXPENSES INCOME PORTFOLIO
MARKET NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
<S> <C> <C> <C> <C> <C> <C>
NORTH CAROLINA PREMIUM INCOME
Six months ended
11/30/97 1.44% 8.34% $ 135,501 .86%* 4.73%* 4%
Year ended 5/31:
1997 22.60 12.01 130,929 .87 4.92 19
1996 10.13 2.11 126,196 .88 4.75 39
1995 3.04 13.64 128,815 .89 4.96 32
1994 (13.81) (7.79) 123,181 .93 3.85 19
5/20/93 to
5/31/93 .83 (.36) 82,449 1.28* 1.41* --
<CAPTION>
VIRGINIA PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
months ended
11/30/97 5.00 7.70 189,195 .85* 4.81* 7
Year ended 5/31:
1997 13.81 11.49 183,097 .86 4.95 16
1996 11.04 3.86 176,649 .87 4.92 27
1995 4.66 13.58 178,394 .98 5.13 45
1994 (8.35) (4.58) 116,904 .93 4.56 28
3/18/93 to
5/31/93 .83 .93 81,227 .90* 2.70* --
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any, and
changes in net asset value per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</FN>
</TABLE>
<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, Illinois
<PAGE>
INSERT:
BUILD A BETTER PORTFOLIO WITH NUVEEN
Your financial adviser can show you how you can combine this Nuveen fund
with other Nuveen stock and bond investments to build a portfolio that meets
your short- and longer-term goals.
Together, you can craft an investment portfolio that provides the income
you need today and the growth you need for tomorrow, while simultaneously
offering tax-efficiency and reduced overall risk.
Talk with your adviser about putting Nuveen's full family of funds and
trusts to work for you.
(See other side for a Nuveen product listing)
<PAGE>
NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME
MUTUAL FUNDS
Nuveen Rittenhouse Growth Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
National Municipal Bond Funds
State-Specific Municipal Bond Funds
UNIT TRUSTS
Equity
Corporate Bond
Municipal Bond
EXCHANGE-TRADED FUNDS
MUNIPREFERRED(R)
PRIVATE ASSET MANAGEMENT
<PAGE>
Serving Investors
for Generations
PHOTO OF: JOHN NUVEEN, SR.
Since our founding in 1898, John Nuveen &Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for risk-sensitive individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of products and services
to help meet your unique circumstances and financial planning needs. Our equity,
balanced, and income funds, along with our unit trusts and private asset
management, can form the foundation of a tax-efficient and risk-resistant
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you build and sustain your long-term financial
security. Or call us at (800) 257-8787 for more information, including a
prospectus where applicable. Please read that information carefully before you
invest.
NUVEEN
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
(800) 257-8787
www.nuveen.com
FSA-2.11.97
