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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21152

Nuveen Georgia Dividend Advantage Municipal Fund 2
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2013

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents

Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage
9
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Portfolios of Investments
19
   
Statement of Assets and Liabilities
55
   
Statement of Operations
56
   
Statement of Changes in Net Assets
57
   
Statement of Cash Flows
59
   
Financial Highlights
62
   
Notes to Financial Statements
71
   
Reinvest Automatically, Easily and Conveniently
83
   
Glossary of Terms Used in this Report
84
   
Additional Fund Information
87

Nuveen Investments
 
3

 
 

 

Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
 
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from its financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
 
On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcomes add to the uncertainties that could cause problems for the economy going forward.
 
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.
 
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
William J. Schneider
Chairman of the Nuveen Fund Board
January 21, 2014

4
 
Nuveen Investments

 
 

 
 
Portfolio Managers’ Comments
 
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG)
Nuveen Maryland Premium Income Municipal Fund (NMY)
Nuveen Missouri Premium Income Municipal Fund (NOM)
Nuveen North Carolina Premium Income Municipal Fund (NNC)
Nuveen Virginia Premium Income Municipal Fund (NPV)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel J. Close, CFA, Thomas C. Spalding, CFA, and Christopher L. Drahn, CFA, discuss key investment strategies and the six-month performance of these five Nuveen Funds. Dan has managed the Nuveen Georgia and North Carolina Funds since 2007. Tom assumed portfolio management responsibility for the Maryland and Virginia Funds in 2011, and Chris has managed the Missouri Fund since 2011.
 
What key strategies were used to manage these Funds during the six-month reporting period ended November 30, 2013?
 
During the first part of this reporting period, widespread uncertainty about the next step for the Federal Reserve’s (Fed) quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility. After surprising the market in September 2013 with its decision to wait for additional evidence of an improving economy before making any adjustments to the program, the Fed announced on December 18 (subsequent to the close of this reporting period) that it would begin tapering its monthly bond-buying program by $10 billion (to $75 billion) in January 2014. Political debate over federal spending and headline credit stories involving Detroit and Puerto Rico also contributed to the unsettled environment during this period and prompted an increase in selling by bondholders across the fixed income markets. Although the second half of the period brought some stabilization and a rally in the municipal market, municipal bond prices generally declined for the period as a whole, especially at the longer end of the maturity spectrum, while interest rates rose. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep our Funds fully invested.
 
During this reporting period, the Funds found value in diversified areas of the marketplace. In NKG, we purchased both higher quality issues such as local general obligation (GO) credits and bonds issued for Emory University in Atlanta as well as lower quality issues including industrial development revenue (IDR) bonds for Delta Air Lines, tax

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, (Moody’s) Inc. or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
 
Nuveen Investments
 
5

 
 

 

Portfolio Managers’ Comments (continued)
 
increment financing (TIF) district credits, and charter school bonds. During this reporting period, NMY added two new issues: Maryland Health and Higher Educational Facilities Authority revenue bonds for The Johns Hopkins University and Howard County Housing Commission revenue bonds for the Verona at Oakland Mills multi-family housing project in Columbia. With the general decline in Maryland issuance, we also took advantage of greater supply in the health care sector to selectively add other health care names and some territorial paper (Guam and Virgin Islands) that would help us keep our portfolios fully invested. In Missouri, NOM found value in sales tax revenue bonds issued by the Bi-State Development Agency, or Metro, which owns and operates the St. Louis metropolitan region’s public transportation system, as well as credits issued by Metropolitan St. Louis Sewer District, the University of Central Missouri and the St. Louis College of Pharmacy. Despite a substantial drop in North Carolina issuance during this period, we continued to find bonds that helped us accomplish our goals for NNC, adding higher education, health-care, water and sewer, multifamily housing, TIF, airport, and GO credits. In Virginia, NPV’s purchases during this reporting period focused on health care and single-family housing.
 
More generally during this reporting period, our emphasis in these Funds was on adding attractive bonds across the credit quality spectrum that we believed had long term potential. For the most part, our purchases were made in the intermediate and longer parts of the municipal yield curve. Because the issuance of new municipal supply in the primary market generally declined during this reporting period, especially in North Carolina and Virginia, we looked to the secondary market as an additional source of attractive opportunities.
 
Activity during this reporting period was driven primarily by the reinvestment of proceeds from called and matured bonds, which was aimed at keeping the Funds fully invested and supporting their income streams. During the early part of this reporting period, we continued to experience a number of current bond calls resulting from refinancings, which provided liquidity. In the latter months of this reporting period, as interest rates rose, refinancing activity declined. To generate cash for purchases, we sold selected holdings when we found what we believed to be better opportunities in the marketplace. The Funds also sold some positions in territorial bonds, particularly those issued by Puerto Rico. This included NKG’s holdings of Virgin Islands public finance authority bonds.
 
In addition, NOM took advantage of strong retail demand for Missouri paper to carry out some restructuring activity during this period. As interest rates rose, the Fund sold bonds with less advantageous structures (e.g., lower coupons) and reinvested the proceeds at higher yields than the original purchases. This activity was aimed at enhancing NOM’s positioning and potentially increasing income distribution to shareholders. An additional benefit was the generation of tax loss carry-forwards that can be used to offset future capital gains.
 
As of November 30, 2013, all five of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. During this reporting period, NNC found it advantageous to terminate one of its inverse floating rate trusts following the pre-refunding of the bonds used to create the trust.
 
How did the Funds perform during the six-month reporting period ended November 30, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year, and ten-year periods ended November 30, 2013. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.

6
 
Nuveen Investments

 
 

 

For the six months ended November 30, 2013, the total returns on common share NAV for these five Funds underperformed the returns for their respective state’s S&P Municipal Bond Index as well as the national S&P Municipal Bond Index. For the same period, NKG, NOM and NNC outperformed the average return for the Lipper Other States Municipal Debt Funds Classification, while NMY and NPV underperformed this Lipper return. Shareholders should note that the performance of the Lipper Other States classification represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions making direct comparisons less meaningful.
 
Key management factors that influenced the Funds’ returns during this reporting period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of leverage was an important factor affecting the performance of these Funds. Leverage is discussed in more detail later in this report.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits at the shorter end of the municipal yield curve (maturities of five years and less) posted the best returns during this reporting period, while bonds at the longest end produced the weakest results. In general, the Funds’ durations and yield curve positioning were negative for their performance during this reporting period. All of these Funds tended to be overweighted in the longer parts of the yield curve that underperformed and underweighted in the outperforming shorter end of the curve. This detracted from the Funds’ performance in a rising interest rate environment.
 
Credit exposure also factored into the Funds’ performance during these six months, as events in the municipal market led investors to avoid risk. High yield bonds came under selling pressure and credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, began to widen. For the reporting period as a whole, AAA-rated bonds generally outperformed all other credit quality categories. However, A-rated bonds performed better than those AA-rated and B-rated credits outperformed BBB-, BB- and non-rated credits. This led to somewhat mixed performance results in terms of credit exposure, some of which can be tied to the performance of Puerto Rican bonds in the BBB-rated credit quality category. Overall, NNC had the heaviest weighting in AAA-rated bonds and the smallest total weighting in BBB-rated and BB-rated bonds among these five Funds, while NMY and NPV held the largest total allocations of BBB-rated and BB-rated bonds.
 
After underperforming for many months, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the better performing market segments. The outperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. All of these Funds had holdings of pre-refunded bonds, with NNC having the heaviest allocation of these bonds and NOM the smallest. Housing bonds and GO credits also typically outperformed the general municipal market, while education and water and sewer bonds generally performed in line with the market. NKG also received a positive contribution from its holdings of gas prepayment bonds.
 
In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that generally lagged municipal market performance by the widest margins for this reporting period were industrial development revenue (IDR), health care (including hospitals), utilities and transportation. Tobacco credits backed by the 1998 master tobacco settlement agreement also were among the poorest performing market sectors, due in part to their longer effective durations, lower credit ratings and the tendency of investors to avoid risk. At the beginning of this reporting period, all of these Funds except NOM had allocations of tobacco bonds issued by The Children’s Trust Fund (Puerto Rico). In addition, NMY held tobacco credits issued by Guam and the Virgin Islands, and NPV had positions in tobacco bonds issued by Guam and the Tobacco Settlement Financing Corporation of Virginia.

Nuveen Investments
 
7

 
 

 

Portfolio Managers’ Comments (continued)
 
During this reporting period, all of the Funds in this report had exposure to Puerto Rico bonds. These bonds were originally added to our portfolios at times when in-state paper was scarce in order to keep the Funds fully invested. In addition, these credits offered higher yields, added diversification, and triple exemption (i.e., exemption from federal, state and local taxes). Much of our Puerto Rico exposure consisted of the sales tax bonds issued by COFINA, which we believe are the best of the Puerto Rico credits, while many of our other Puerto Rico holdings, including Puerto Rico GOs, were insured or otherwise enhanced by being escrowed or pre-refunded. During this reporting period, the Funds took advantage of opportunities to trim or even close out some of their positions in Puerto Rico paper. In addition to the sales of Puerto Rico tobacco bonds mentioned above, NKG and NNC sold their holdings of COFINA bonds in September and NNC also sold its holding of Puerto Rico aqueduct bonds, leaving the Fund with one small holding of escrowed highway and transportation authority bonds. NOM also reduced its exposure to Puerto Rico, selling out of its positions in electric power authority bonds in August and insured GOs at the end of October. NOM’s remaining Puerto Rico holdings consist entirely of COFINA sales tax bonds. NMY and NPV, which had a higher exposure to Puerto Rico credits, trimmed their positions in these bonds by selling some of their insured holdings and COFINA bonds during the latter part of the period. In addition, NMY’s holding of bonds issued by Puerto Rico Ports Authority for American Airlines made a small positive contribution to the Fund’s performance during this period, as the market took a favorable view of the airline’s reorganization efforts, emergence from bankruptcy and plans to merge with U.S. Air.
 
An Update Regarding Puerto Rico
 
During this reporting period, a factor affecting the Funds’ holdings was the downgrade of debt issued by Puerto Rico. In 2012, Moody’s downgraded Puerto Rico GO bonds to Baa3 from Baa1, Puerto Rico Sales Tax Financing Corporation (COFINA) senior sales tax revenue bonds to Aa3 from Aa2, and COFINA subordinate sales tax revenue bonds to A3 from A1. In October 2013, Moody’s further downgraded the COFINA senior sales tax bonds to A2, while affirming the subordinate bonds at A3. On November 14, 2013, Fitch Ratings announced that it was placing the majority of Puerto Rico issuance—with the exception of the COFINA bonds—on negative credit watch, which implies that another downgrade may be likely. While Fitch currently rates Puerto Rico issuance at BBB-, it affirmed the ratings on COFINA bonds at AA- for the senior bonds and A+ for the subordinate bonds, with stable outlooks. On December 11, 2013 (subsequent to the close of this reporting period), Moody’s announced that it also had placed its Baa3 rating on Puerto Rico GOs (and other Puerto Rico issues linked to the GO rating) on review for downgrade. These downgrades were based on Puerto Rico’s ongoing economic problems and, in the case of the COFINA bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds. For the six-month reporting period ended November 30, 2013, Puerto Rico paper underperformed the municipal market as a whole.

8
 
Nuveen Investments

 
 

 

Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage detracted from the performance of the Funds over the reporting period.
 
As of November 30, 2013, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table.

   
NKG
   
NMY
   
NOM
   
NNC
   
NPV
 
Effective Leverage*
    37.40 %     36.72 %     39.39 %     37.24 %     39.46 %
Regulatory Leverage*
    34.81 %     33.11 %     36.63 %     35.33 %     34.65 %
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
Nuveen Investments
 
9

 
 

 
 
Fund Leverage (continued)
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of November 30, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

  MTP Shares     VRDP Shares        
 
Series
   
Shares
Issued at
Liquidation Value
   
Annual
Interest
Rate
 
NYSE/
NYSE MKT
Ticker
   
Series
   
Shares
Issued at
Liquidation Value
   
Total
 
NKG
2015
 
$
32,265,000
   
2.65
%
 
NKG PRC
   
 
$
       
 
2015-1
 
$
28,340,000
   
2.65
%
 
NKG PRD
   
 
$
       
 
2015-2
 
$
14,340,000
   
2.65
%
 
NKG PRE
   
 
$
       
     
$
74,945,000
                         
$
74,945,000
 
NMY
2015
 
$
38,775,000
   
2.65
%
 
NMY PRC
   
 
$
       
 
2016
 
$
35,818,000
   
2.90
%
 
NMY PRD
   
 
$
       
 
2015
 
$
26,485,000
   
2.60
%
 
NMY PRE
   
 
$
       
 
2015-1
 
$
27,300,000
   
2.60
%
 
NMY PRF
   
 
$
       
 
2015-1
 
$
20,700,000
   
2.65
%
 
NMY PRG
   
 
$
       
 
2016
 
$
17,066,000
   
2.85
%
 
NMY PRH
   
 
$
       
     
$
166,144,000
                         
$
166,144,000
 
NOM
2015
 
$
17,800,000
   
2.10
%
 
NOM PRC
   
 
$
 
$
17,800,000
 
NNC
2015
 
$
24,300,000
   
2.65
%
 
NNC PRC
   
 
$
       
 
2016
 
$
25,535,000
   
2.60
%
 
NNC PRD
   
 
$
       
 
2015
 
$
16,600,000
   
2.60
%
 
NNC PRE
   
 
$
       
 
2015-1
 
$
29,700,000
   
2.60
%
 
NNC PRF
   
 
$
       
 
2015-1
 
$
28,725,000
   
2.65
%
 
NNC PRG
   
 
$
       
     
$
124,860,000
                         
$
124,860,000
 
NPV
   
$
   
   
   
1
 
$
128,000,000
 
$
128,000,000
 
 
During the current reporting period, NPV redeemed all series of its MTP Shares, at their $10.00 liquidation value per share, plus dividend amounts owed, with the proceeds from $128,000,000 of newly issued VRDP Shares. On August 29, 2013, VRDP Shares were issued to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933 and NPV’s MTP Shares were redeemed on September 9, 2013.
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on MTP and VRDP Shares.
 
10
 
Nuveen Investments

 
 

 
 
Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended November 30, 2013, the Funds’ monthly dividends to common shareholders were shown in the accompanying table.
 
     
Per Common Share Amounts
     
NKG
   
NMY
   
NOM
   
NNC
   
NPV
 
June
   
$   0.0535
   
$   0.0555
   
$   0.0610
   
$   0.0503
   
$   0.0595
 
July
   
0.0535
   
0.0555
   
0.0610
   
0.0503
   
0.0595
 
August
   
0.0535
   
0.0555
   
0.0610
   
0.0503
   
0.0595
 
September
   
0.0535
   
0.0555
   
0.0610
   
0.0503
   
0.0595
 
October
   
0.0535
   
0.0555
   
0.0610
   
0.0503
   
0.0595
 
November
   
0.0535
   
0.0555
   
0.0610
   
0.0503
   
0.0595
 
                                 
Market Yield**
   
5.52%
   
5.60%
   
5.62%
   
5.08%
   
6.02%
 
Taxable-Equivalent Yield**
   
8.15%
   
8.24%
   
8.30%
   
7.65%
   
8.87%
 
 
**
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.3%, 32.0%, 32.3%, 33.6% and 32.1% for Georgia, Maryland, Missouri, North Carolina and Virginia, respectively. When comparing a Fund to investments that generate taxable qualified dividend income, the Taxable-Equivalent Yield would be lower.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of November 30, 2013, all of these Funds had positive UNII balances, based upon our best estimate, for tax purposes. NMY, NOM and NPV had positive UNII balances, while NKG and NNC had negative UNII balances for financial reporting purposes.
 
COMMON SHARE EQUITY SHELF PROGRAM
 
NPV is authorized to issue an additional 1,700,000 common shares, through its equity shelf program, which was declared effective by the SEC during the current reporting period. Under this program, the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. During the current reporting period NPV did not sell shares through its equity shelf program.
 
Nuveen Investments
 
11

 
 

 
 
Common Share Information (continued)
 
Refer to Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies for further details on the Fund’s equity shelf program.
 
COMMON SHARE REPURCHASES
 
During November 2013, the Nuveen Funds’ Board of Directors/Trustees authorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding shares.
 
 
NKG
NMY
NOM
NNC
NPV
Common Shares Cumulatively Repurchased and Retired
Common Shares Authorized for Repurchase
1,055,000
2,410,000
235,000
1,655,000
1,795,000
 
OTHER COMMON SHARE INFORMATION
 
As of November 30, 2013, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
 
   
NKG
   
NMY
   
NOM
   
NNC
   
NPV
 
Common Share NAV
  $ 13.30     $ 13.92     $ 13.28     $ 13.81     $ 13.46  
Common Share Price
  $ 11.63     $ 11.89     $ 13.03     $ 11.88     $ 11.87  
Premium/(Discount) to NAV
    (12.56 )%     (14.58 )%     (1.88 )%     (13.98 )%     (11.81 )%
6-Month Average Premium/(Discount) to NAV
    (9.97 )%     (12.38 )%     (5.34 )%     (10.71 )%     (7.84 )%

12
 
Nuveen Investments

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Price and Market Risk. An investment in shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Nuveen Investments
 
13

 
 

 

NKG
 
 
Nuveen Georgia Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of November 30, 2013
 
Average Annual Total Returns as of November 30, 2013
 
     
Cumulative
    Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NKG at Common Share NAV
   
(6.55)%
   
(8.48)%
   
7.95%
   
4.18%
 
NKG at Common Share Price
   
(10.79)%
   
(19.76)%
   
(5.46)%
   
3.56%
 
S&P Municipal Bond Georgia Index
   
(1.74)%
   
(2.76)%
   
6.45%
   
4.22%
 
S&P Municipal Bond Index
   
(2.73)%
   
(3.57)%
   
6.57%
   
4.44%
 
Lipper Other States Municipal Debt Funds Classification Average
   
(6.86)%
   
(9.17)%
   
9.24%
   
4.66%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/General
23.8%
Water and Sewer
14.1%
Tax Obligation/Limited
14.0%
Health Care
11.7%
Education and Civic Organizations
10.3%
Utilities
6.2%
Transportation
6.2%
Other
13.7%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
15.4%
AA
44.3%
A
22.5%
BBB
7.7%
BB or Lower
4.1%
N/R
3.6%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
14
 
Nuveen Investments

 
 

 

NMY
 
 
Nuveen Maryland Premium Income Municipal Fund
 
Performance Overview and Holding Summaries as of November 30, 2013
 
Average Annual Total Returns as of November 30, 2013
 
     
Cumulative
    Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NMY at Common Share NAV
   
(8.41)%
   
(8.78)%
   
8.27%
   
4.67%
 
NMY at Common Share Price
   
(11.63)%
   
(21.48)%
   
10.45%
   
2.70%
 
S&P Municipal Bond Maryland Index
   
(1.36)%
   
(2.10)%
   
6.04%
   
4.22%
 
S&P Municipal Bond Index
   
(2.73)%
   
(3.57)%
   
6.57%
   
4.44%
 
Lipper Other States Municipal Debt Funds Classification Average
   
(6.86)%
   
(9.17)%
   
9.24%
   
4.66%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Health Care
22.0%
Tax Obligation/Limited
14.5%
U.S. Guaranteed
13.7%
Education and Civic Organizations
10.1%
Housing/Single Family
6.2%
Tax Obligation/General
6.0%
Consumer Staples
4.7%
Transportation
4.3%
Other
18.5%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
20.9%
AA
27.6%
A
21.7%
BBB
14.9%
BB or Lower
6.6%
N/R
4.6%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
15

 
 

 

NOM
 
 
Nuveen Missouri Premium Income Municipal Fund
 
Performance Overview and Holding Summaries as of November 30, 2013
 
Average Annual Total Returns as of November 30, 2013
 
     
Cumulative
    Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NOM at Common Share NAV
   
(6.57)%
   
(7.53)%
   
8.80%
   
4.47%
 
NOM at Common Share Price
   
(16.54)%
   
(21.24)%
   
8.84%
   
2.51%
 
S&P Municipal Bond Missouri Index
   
(1.82)%
   
(2.58)%
   
7.69%
   
4.71%
 
S&P Municipal Bond Index
   
(2.73)%
   
(3.57)%
   
6.57%
   
4.44%
 
Lipper Other States Municipal Debt Funds Classification Average
   
(6.86)%
   
(9.17)%
   
9.24%
   
4.66%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Health Care
21.6%
Tax Obligation/Limited
14.7%
Water and Sewer
11.6%
Tax Obligation/General
11.0%
Education and Civic Organizations
9.7%
Long-Term Care
8.7%
Transportation
8.4%
U.S. Guaranteed
7.7%
Other
6.6%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
13.4%
AA
31.5%
A
28.1%
BBB
19.2%
N/R
7.4%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
16
 
Nuveen Investments

 
 

 

NNC
 
 
Nuveen North Carolina Premium Income Municipal Fund
 
Performance Overview and Holding Summaries as of November 30, 2013
 
Average Annual Total Returns as of November 30, 2013
 
     
Cumulative
    Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NNC at Common Share NAV
   
(6.03)%
   
(8.75)%
   
7.39%
   
4.24%
 
NNC at Common Share Price
   
(12.29)%
   
(21.28)%
   
7.00%
   
1.66%
 
S&P Municipal Bond North Carolina Index
   
(1.63)%
   
(2.59)%
   
6.03%
   
4.44%
 
S&P Municipal Bond Index
   
(2.73)%
   
(3.57)%
   
6.57%
   
4.44%
 
Lipper Other States Municipal Debt Funds Classification Average
   
(6.86)%
   
(9.17)%
   
9.24%
   
4.66%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Health Care
21.9%
Water and Sewer
16.9%
U.S. Guaranteed
15.0%
Transportation
10.9%
Tax Obligation/Limited
10.7%
Education and Civic Organizations
9.5%
Utilities
6.3%
Other
8.8%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
27.9%
AA
40.1%
A
22.4%
BBB
4.5%
N/R
2.2%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
Nuveen Investments
 
17

 
 

 

NPV
 
 
Nuveen Virginia Premium Income Municipal Fund
 
Performance Overview and Holding Summaries as of November 30, 2013
 
Average Annual Total Returns as of November 30, 2013
     
Cumulative
    Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NPV at Common Share NAV
   
(10.17)%
   
(11.95)%
   
7.65%
   
4.16%
 
NPV at Common Share Price
   
(14.73)%
   
(24.31)%
   
6.27%
   
1.76%
 
S&P Municipal Bond Virginia Index
   
(2.12)%
   
(3.17)%
   
5.97%
   
4.25%
 
S&P Municipal Bond Index
   
(2.73)%
   
(3.57)%
   
6.57%
   
4.44%
 
Lipper Other States Municipal Debt Funds Classification Average
   
(6.86)%
   
(9.17)%
   
9.24%
   
4.66%
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
20.1%
Health Care
18.9%
Transportation
13.6%
U.S. Guaranteed
11.3%
Tax Obligation/General
8.1%
Long-Term Care
5.9%
Education and Civic Organizations
5.6%
Water and Sewer
5.0%
Other
11.5%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
23.8%
AA
33.6%
A
12.0%
BBB
20.6%
BB or Lower
4.0%
N/R
3.8%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
 
18
 
Nuveen Investments

 
 

 

NKG
 
 
Nuveen Georgia Dividend Advantage Municipal Fund 2
 
Portfolio of Investments
 
November 30, 2013 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 151.8% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 151.8% (100.0% of Total Investments)
               
     
Consumer Staples – 3.8% (2.5% of Total Investments)
               
$
45,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
 
BB–
 
$
2,641,049
 
 
3,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
 
2/14 at 100.00
 
BBB
   
2,619,180
 
 
48,000
 
Total Consumer Staples
           
5,260,229
 
     
Education and Civic Organizations – 15.6% (10.3% of Total Investments)
               
 
1,750
 
Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus Housing LLC Project, Series 2009, 5.250%, 6/15/35
 
6/19 at 100.00
 
Aa2
   
1,822,450
 
 
5,000
 
Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.000%, 7/01/39
 
7/17 at 100.00
 
Aa3
   
5,047,999
 
 
700
 
Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University of West Georgia, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
 
9/14 at 100.00
 
A1
   
724,129
 
 
1,340
 
Douglas County Development Authority, Georagia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013B, 7.000%, 10/01/43
 
10/23 at 100.00
 
Aa2
   
1,318,413
 
 
625
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Series 2012A, 5.000%, 11/01/31
 
5/22 at 100.00
 
AA+
   
674,863
 
 
1,535
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004, 5.250%, 5/01/15 – NPFG Insured
 
5/14 at 100.00
 
Aa3
   
1,566,805
 
 
150
 
Georgia Higher Education Facilities Authority, Revenue Bonds, USG Real Estate Foundation I LLC Project, Series 2008, 6.000%, 6/15/28
 
6/18 at 100.00
 
A2
   
167,979
 
     
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2009, Trust 3404:
               
 
730
 
18.206%, 3/01/17 (IF)
 
No Opt. Call
 
AA
   
917,807
 
 
1,150
 
18.236%, 3/01/17 (IF)
 
No Opt. Call
 
AA
   
1,360,036
 
 
3,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2013A, 5.000%, 10/01/43
 
10/23 at 100.00
 
AA+
   
3,176,730
 
 
1,325
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/30
 
10/22 at 100.00
 
Baa2
   
1,340,781
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32
 
10/21 at 100.00
 
Baa2
   
976,090
 
 
1,180
 
Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Atlantic State University, Compass Point LLC Project, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
 
7/15 at 100.00
 
A2
   
1,254,600
 
 
1,490
 
Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Center LLC, Series 2005A, 5.000%, 12/01/34 – SYNCORA GTY Insured
 
12/15 at 100.00
 
A3
   
1,519,964
 
 
20,975
 
Total Education and Civic Organizations
           
21,868,646
 
     
Health Care – 17.8% (11.7% of Total Investments)
               
     
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:
               
 
205
 
5.250%, 12/01/22
 
2/14 at 100.00
 
B
   
188,260
 
 
745
 
5.375%, 12/01/28
 
6/14 at 100.00
 
B
   
642,965
 
     
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004:
               
 
285
 
5.000%, 12/01/19
 
12/14 at 100.00
 
BB–
   
280,363
 
 
2,400
 
5.250%, 12/01/22
 
12/14 at 100.00
 
BB–
   
2,336,256
 
 
255
 
5.000%, 12/01/26
 
12/14 at 100.00
 
BB–
   
234,580
 

Nuveen Investments
 
19

 
 

 

NKG
Nuveen Georgia Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
715
 
Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2010, 5.000%, 6/15/40
 
6/20 at 100.00
 
AA–
 
$
704,647
 
 
2,500
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.000%, 12/01/40
 
12/20 at 100.00
 
N/R
   
2,582,225
 
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
               
 
1,000
 
5.125%, 2/15/40
 
2/20 at 100.00
 
AA–
   
1,003,880
 
 
3,945
 
5.250%, 2/15/45
 
2/41 at 100.00
 
AA–
   
3,986,303
 
 
1,620
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37
 
No Opt. Call
 
Aa2
   
1,622,284
 
 
2,540
 
Houston County Hospital Authority, Georgia, Revenue Bonds, Houston Healthcare Project, Series 2007, 5.250%, 10/01/35
 
10/17 at 100.00
 
A+
   
2,566,619
 
     
Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:
               
 
425
 
5.000%, 8/01/32
 
8/19 at 100.00
 
AA
   
438,604
 
 
975
 
5.000%, 8/01/35
 
8/19 at 100.00
 
AA
   
995,680
 
 
1,470
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/21 – AGM Insured
 
No Opt. Call
 
AA–
   
1,628,789
 
 
3,500
 
Savannah Hospital Authority, Georgia, Revenue Bonds, St. Joseph’s Candler Health System, Series 2003, 5.250%, 7/01/23 – RAAI Insured
 
1/14 at 100.00
 
A3
   
3,515,995
 
 
2,300
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2007, 5.000%, 10/01/33
 
10/17 at 100.00
 
A+
   
2,295,538
 
 
24,880
 
Total Health Care
           
25,022,988
 
     
Housing/Multifamily – 4.9% (3.2% of Total Investments)
               
 
1,205
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35
 
11/23 at 100.00
 
A–
   
1,018,587
 
 
1,600
 
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 – AGM Insured
 
7/21 at 100.00
 
AA–
   
1,626,287
 
 
1,375
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
 
7/17 at 100.00
 
Baa2
   
1,312,781
 
     
Savannah Economic Development Authority, Georgia, GNMA Collateralized Multifamily Housing Revenue Bonds, Snap I-II-III Apartments, Series 2002A:
               
 
500
 
5.150%, 11/20/22 (Alternative Minimum Tax)
 
11/14 at 100.00
 
AA+
   
505,435
 
 
980
 
5.200%, 11/20/27 (Alternative Minimum Tax)
 
11/14 at 100.00
 
AA+
   
986,086
 
 
1,465
 
5.250%, 11/20/32 (Alternative Minimum Tax)
 
11/14 at 100.00
 
AA+
   
1,470,977
 
 
7,125
 
Total Housing/Multifamily
           
6,920,153
 
     
Housing/Single Family – 0.8% (0.5% of Total Investments)
               
     
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2006C-2:
               
 
1,000
 
4.500%, 12/01/27 (Alternative Minimum Tax)
 
12/15 at 100.00
 
AAA
   
1,001,860
 
 
170
 
4.550%, 12/01/31 (Alternative Minimum Tax)
 
12/15 at 100.00
 
AAA
   
164,557
 
 
1,170
 
Total Housing/Single Family
           
1,166,417
 
     
Industrials – 3.0% (2.0% of Total Investments)
               
 
2,190
 
Cobb County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Georgia Waste Management Project, Series 2004A, 5.000%, 4/01/33 (Alternative Minimum Tax)
 
4/16 at 101.00
 
BBB
   
2,194,928
 
 
2,000
 
Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds, Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax)
 
9/15 at 100.00
 
BBB
   
1,999,280
 
 
4,190
 
Total Industrials
           
4,194,208
 
     
Materials – 2.3% (1.5% of Total Investments)
               
 
2,000
 
Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds, International Paper Company, Series 2001A, 6.250%, 2/01/25 (Alternative Minimum Tax)
 
2/14 at 100.00
 
BBB
   
2,000,140
 
 
20
 
Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds, International Paper Company, Series 2003A, 5.750%, 11/01/27 (Alternative Minimum Tax)
 
2/14 at 100.00
 
BBB
   
19,999
 

20
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Materials (continued)
               
$
850
 
Richmond County Development Authority, Georgia, Environmental Improvement Revenue Refunding Bonds, International Paper Company, Series 2002A, 6.000%, 2/01/25 (Alternative Minimum Tax)
 
2/14 at 100.00
 
BBB
 
$
850,068
 
 
390
 
Savannah Economic Development Authority, Georgia, Pollution Control Revenue Bonds, Union Camp Corporation, Series 1995, 6.150%, 3/01/17
 
No Opt. Call
 
Baa3
   
416,126
 
 
3,260
 
Total Materials
           
3,286,333
 
     
Tax Obligation/General – 36.1% (23.8% of Total Investments)
               
 
2,000
 
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center Inc., Series 2012A, 5.000%, 1/01/31
 
1/22 at 100.00
 
AA
   
2,080,860
 
 
1,500
 
Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax)
 
7/17 at 100.00
 
AA+
   
1,508,730
 
 
1,000
 
Clark County Hospital Authority, Georgia, Hospital Revenue Bonds, Athens Regional Medical Center, Series 2007, 5.000%, 1/01/27 – NPFG Insured
 
1/17 at 100.00
 
Aa1
   
1,071,420
 
 
600
 
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32
 
1/22 at 100.00
 
Aa1
   
613,998
 
 
3,315
 
Decatur, Georgia, General Obligation Bonds, Series 2007, 5.000%, 1/01/31 – AGM Insured
 
1/17 at 100.00
 
AA+
   
3,514,033
 
 
2,000
 
East Point Building Authority, Georgia, Revenue Bonds, Water and Sewer Project Revenue Bonds, Series 2006A, 5.000%, 2/01/34 – SYNCORA GTY Insured
 
2/16 at 100.00
 
N/R
   
1,898,140
 
 
1,090
 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2003, 5.000%, 7/01/19 – NPFG Insured
 
7/15 at 100.00
 
Aa2
   
1,105,042
 
 
1,135
 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2012B, 5.000%, 7/01/23
 
No Opt. Call
 
Aa2
   
1,269,725
 
 
1,500
 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2007, 5.000%, 4/01/37 – AGM Insured
 
4/17 at 100.00
 
Aaa
   
1,566,885
 
 
6,400
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Loan Pool Series 2011, 5.125%, 3/15/31
 
3/21 at 100.00
 
Aaa
   
6,792,127
 
     
Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:
               
 
905
 
5.375%, 5/01/32 – AGC Insured
 
5/19 at 100.00
 
AA–
   
941,363
 
 
1,165
 
5.500%, 5/01/38 – AGC Insured
 
5/19 at 100.00
 
AA–
   
1,201,232
 
 
2,500
 
Georgia State, General Obligation Bonds, Series 2005B, 5.000%, 7/01/15
 
No Opt. Call
 
AAA
   
2,689,225
 
 
2,500
 
Georgia State, General Obligation Bonds, Series 2007E, 5.000%, 8/01/24
 
8/17 at 100.00
 
AAA
   
2,833,800
 
 
1,000
 
Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26
 
1/19 at 100.00
 
AAA
   
1,133,570
 
 
750
 
Georgia, General Obligation Bonds, Series 1998D, 5.250%, 10/01/15
 
No Opt. Call
 
AAA
   
818,535
 
 
3,500
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36
 
2/23 at 100.00
 
AAA
   
3,783,079
 
 
4,900
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (UB)
 
2/18 at 100.00
 
AAA
   
5,268,676
 
 
1,560
 
Henry County Hospital Authority, Georgia, Revenue Certificates, Henry Medical Center, Series 2004, 5.000%, 7/01/20 – NPFG Insured
 
7/14 at 101.00
 
Aa1
   
1,617,439
 
 
445
 
La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38
 
7/18 at 100.00
 
Aa2
   
469,698
 
 
2,475
 
Paulding County School District, Georgia, General Obligation Bonds, Series 2007, 5.000%, 2/01/33
 
2/17 at 100.00
 
AA+
   
2,625,158
 
 
2,250
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
 
10/21 at 100.00
 
Aa2
   
2,246,490
 
 
1,450
 
Wayne County Hospital Authority, Georgia, Hospital Revenue Bonds, Series 2006, 5.000%, 3/01/23 – SYNCORA GTY Insured
 
3/16 at 100.00
 
N/R
   
1,443,519
 
 
2,000
 
Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder Project, Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured
 
12/21 at 100.00
 
A1
   
2,141,520
 
 
47,940
 
Total Tax Obligation/General
           
50,634,264
 

Nuveen Investments
 
21

 
 

 

NKG
Nuveen Georgia Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited – 21.2% (14.0% of Total Investments)
               
     
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007:
               
$
110
 
5.250%, 12/01/19 – AGC Insured
 
12/17 at 100.00
 
AA–
 
$
119,709
 
 
50
 
5.250%, 12/01/20
 
No Opt. Call
 
AA–
   
53,764
 
 
80
 
5.250%, 12/01/21 – AGC Insured
 
12/17 at 100.00
 
AA–
   
85,090
 
 
1,080
 
5.000%, 12/01/23 – AGC Insured
 
12/17 at 100.00
 
AA–
   
1,124,032
 
 
1,500
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31
 
1/19 at 100.00
 
A2
   
1,729,815
 
 
280
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31
 
1/19 at 100.00
 
A2
   
324,428
 
 
730
 
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)
 
7/15 at 100.00
 
A–
   
771,814
 
     
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B:
               
 
2,030
 
5.400%, 1/01/20
 
7/15 at 100.00
 
A–
   
2,134,586
 
 
1,175
 
5.600%, 1/01/30
 
7/15 at 100.00
 
A–
   
1,223,528
 
 
3,420
 
Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31
 
1/16 at 100.00
 
BBB–
   
3,420,479
 
 
2,000
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Cobb County, Georgia, Revenue Bonds, Performing Arts Center, Series 2004, 5.000%, 1/01/22
 
1/14 at 100.00
 
AAA
   
2,008,300
 
 
375
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 – NPFG Insured
 
No Opt. Call
 
A+
   
430,868
 
     
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds, Series 1993:
               
 
395
 
5.500%, 10/01/18 – NPFG Insured
 
No Opt. Call
 
A
   
423,594
 
 
5,745
 
5.625%, 10/01/26 – NPFG Insured
 
10/19 at 100.00
 
A
   
6,256,591
 
 
2,970
 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured
 
No Opt. Call
 
A
   
2,888,058
 
 
750
 
Georgia Municipal Association Inc., Certificates of Participation, Atlanta Court Project, Series 2002, 5.125%, 12/01/21 – AMBAC Insured
 
2/14 at 100.00
 
N/R
   
750,983
 
 
1,589
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2011A-1, 4.600%, 7/01/26
 
No Opt. Call
 
N/R
   
1,291,634
 
 
3,460
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
 
No Opt. Call
 
Aa2
   
3,889,386
 
 
810
 
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38
 
No Opt. Call
 
AA–
   
826,484
 
 
28,549
 
Total Tax Obligation/Limited
           
29,753,143
 
     
Transportation – 9.4% (6.2% of Total Investments)
               
 
2,290
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/26 – AGM Insured
 
1/15 at 100.00
 
AA–
   
2,387,782
 
 
2,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/31
 
No Opt. Call
 
A+
   
2,097,500
 
 
2,810
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax)
 
1/22 at 100.00
 
A+
   
2,809,859
 
 
2,000
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2011B, 5.000%, 1/01/30
 
1/21 at 100.00
 
A+
   
2,041,780
 
 
1,000
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Refunding Series 2004C, 5.000%, 1/01/33 – AGM Insured
 
7/14 at 100.00
 
AA–
   
1,017,160
 
 
1,000
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Series 2004J, 5.000%, 1/01/34 – AGM Insured
 
1/15 at 100.00
 
AA–
   
1,028,140
 
 
1,500
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
 
6/20 at 100.00
 
B
   
1,744,905
 
 
12,600
 
Total Transportation
           
13,127,126
 
     
U.S. Guaranteed – 6.1% (4.0% of Total Investments) (4)
               
 
500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.250%, 11/01/15 (Pre-refunded 11/01/14) – AGM Insured
 
11/14 at 100.00
 
AA– (4)
   
523,400
 
 
2,425
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/24 (Pre-refunded 11/01/14) – AGM Insured
 
11/14 at 100.00
 
AA– (4)
   
2,532,913
 
 
1,550
 
Bulloch County Development Authority, Georgia, Student Housing and Athletic Facility Lease Revenue Bonds, Georgia Southern University, Series 2004, 5.250%, 8/01/21 (Pre-refunded 8/01/14) – SYNCORA GTY Insured
 
8/14 at 100.00
 
A1 (4)
   
1,603,165
 

22
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
               
$
1,000
 
Forsyth County, Georgia, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 (Pre-refunded 3/01/14)
 
3/14 at 101.00
 
Aaa
 
$
1,023,130
 
     
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004:
               
 
2,450
 
5.000%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
 
AA– (4)
   
2,460,682
 
 
385
 
5.000%, 1/01/35 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
 
AA– (4)
   
386,679
 
 
25
 
Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z, 5.500%, 1/01/20 (Pre-refunded 1/01/17) – FGIC Insured
 
1/17 at 100.00
 
A+ (4)
   
28,174
 
 
8,335
 
Total U.S. Guaranteed
           
8,558,143
 
     
Utilities – 9.4% (6.2% of Total Investments)
               
 
525
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company – Vogtle Plant, First Series 2012, 1.750%, 12/01/49 (Mandatory put 6/01/17)
 
No Opt. Call
 
A+
   
527,699
 
 
2,000
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Project 1, Series 2007A, 5.000%, 1/01/25 – NPFG Insured
 
1/17 at 100.00
 
A+
   
2,125,980
 
 
3,000
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43
 
1/23 at 100.00
 
A+
   
3,052,499
 
 
755
 
Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z, 5.500%, 1/01/20 – FGIC Insured
 
No Opt. Call
 
A+
   
813,988
 
     
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:
               
 
1,000
 
5.000%, 3/15/20
 
No Opt. Call
 
A
   
1,097,870
 
 
1,300
 
5.000%, 3/15/21
 
No Opt. Call
 
A
   
1,426,750
 
 
1,500
 
5.000%, 3/15/22
 
No Opt. Call
 
A
   
1,623,135
 
     
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
               
 
350
 
5.125%, 9/15/17
 
No Opt. Call
 
A
   
384,717
 
 
950
 
5.000%, 3/15/18
 
No Opt. Call
 
A+
   
1,048,278
 
 
1,200
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31
 
7/17 at 100.00
 
BB+
   
1,048,188
 
 
12,580
 
Total Utilities
           
13,149,104
 
     
Water and Sewer – 21.4% (14.1% of Total Investments)
               
     
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004:
               
 
260
 
5.750%, 11/01/30 – AGM Insured
 
No Opt. Call
 
AA–
   
301,228
 
 
700
 
5.000%, 11/01/37 – AGM Insured
 
11/14 at 100.00
 
AA–
   
702,128
 
 
5,105
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 – AGM Insured
 
8/18 at 100.00
 
AA
   
5,303,992
 
     
Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:
               
 
1,000
 
5.000%, 6/01/32
 
6/18 at 100.00
 
Aa2
   
1,038,060
 
 
1,000
 
5.000%, 6/01/37
 
6/18 at 100.00
 
Aa2
   
1,020,710
 
     
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:
               
 
6,000
 
5.250%, 10/01/32 – AGM Insured
 
10/26 at 100.00
 
Aa2
   
6,557,519
 
 
300
 
5.000%, 10/01/35 – AGM Insured
 
No Opt. Call
 
Aa2
   
315,387
 
 
5,350
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41
 
10/21 at 100.00
 
Aa3
   
5,637,563
 
 
2,225
 
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewage Revenue Bonds, Series 2007, 5.000%, 6/01/37 – NPFG Insured
 
6/17 at 100.00
 
Aa2
   
2,299,093
 
 
1,000
 
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/29 – NPFG Insured
 
12/15 at 100.00
 
Aa2
   
1,059,570
 
 
1,000
 
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33
 
1/23 at 100.00
 
AA–
   
1,068,460
 
 
500
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Cobb County-Marietta Water Authority Loans, Series 2011, 5.250%, 2/15/36
 
2/21 at 100.00
 
Aaa
   
525,670
 

Nuveen Investments
 
23

 
 

 

NKG
Nuveen Georgia Dividend Advantage Municipal Fund 2 (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
1,000
 
Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21 – AGM Insured
 
No Opt. Call
 
AA–
 
$
1,172,850
 
 
1,000
 
Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008, 5.500%, 1/01/38
 
1/19 at 100.00
 
AA+
   
1,096,360
 
 
1,975
 
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, The Oconee-Hard Creek Reservoir Project, Series 2008, 5.000%, 2/01/38 – AGM Insured
 
2/18 at 100.00
 
Aa2
   
1,999,312
 
 
28,415
 
Total Water and Sewer
           
30,097,902
 
$
248,019
 
Total Long-Term Investments (cost $210,582,832)
           
213,038,656
 
     
Floating Rate Obligations – (2.3)%
           
(3,245,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (53.4)% (5)
           
(74,945,000
     
Other Assets Less Liabilities – 3.9%
           
5,480,484
 
     
Net Assets Applicable to Common Shares – 100%
         
$
140,329,140
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.2%
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
24
 
Nuveen Investments

 
 

 

NMY
 
 
Nuveen Maryland Premium Income Municipal Fund
 
Portfolio of Investments
 
November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 150.2% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 150.2% (100.0% of Total Investments)
               
     
Consumer Discretionary – 4.4% (2.9% of Total Investments)
               
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
               
$
540
 
5.000%, 9/01/16 – SYNCORA GTY Insured
 
No Opt. Call
 
BB+
 
$
567,238
 
 
400
 
5.250%, 9/01/19 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
   
415,600
 
 
265
 
5.250%, 9/01/25 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
   
261,324
 
 
350
 
5.250%, 9/01/27 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
   
336,382
 
 
350
 
4.600%, 9/01/30 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
   
303,307
 
 
100
 
5.000%, 9/01/32 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
   
89,758
 
 
12,165
 
5.250%, 9/01/39 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
   
10,814,928
 
 
1,000
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
 
9/16 at 100.00
 
Ba2
   
944,870
 
 
2,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31
 
12/16 at 100.00
 
N/R
   
1,139,980
 
 
17,170
 
Total Consumer Discretionary
           
14,873,387
 
     
Consumer Staples – 7.0% (4.7% of Total Investments)
               
     
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
               
 
3,045
 
5.250%, 6/01/32
 
6/17 at 100.00
 
B
   
2,587,793
 
 
2,665
 
5.625%, 6/01/47
 
6/17 at 100.00
 
B
   
2,020,630
 
 
155,700
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
 
BB–
   
9,138,033
 
     
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002:
               
 
6,645
 
5.375%, 5/15/33
 
2/14 at 100.00
 
BBB+
   
6,199,121
 
 
3,270
 
5.500%, 5/15/39
 
2/14 at 100.00
 
BBB
   
2,854,906
 
 
800
 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31
 
5/14 at 100.00
 
A3
   
750,328
 
 
172,125
 
Total Consumer Staples
           
23,550,811
 
     
Education and Civic Organizations – 15.2% (10.1% of Total Investments)
               
 
2,375
 
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s University, Series 2006, 5.625%, 9/01/38
 
9/16 at 100.00
 
BB+
   
2,142,179
 
 
3,020
 
Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34
 
4/14 at 100.00
 
A+
   
3,050,442
 
 
1,750
 
Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31
 
2/14 at 100.00
 
BB+
   
1,689,135
 
 
700
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2012A, 5.000%, 7/01/34
 
7/22 at 100.00
 
A–
   
720,153
 
 
530
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2008A, 5.250%, 7/01/38
 
No Opt. Call
 
AA+
   
568,059
 
 
3,335
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2004A, Trust 1003, 14.141%, 3/01/14 (IF)
 
No Opt. Call
 
AA+
   
3,621,276
 
 
3,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2006, 5.000%, 6/01/30
 
6/16 at 100.00
 
Baa1
   
3,517,955
 
 
1,130
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36
 
6/17 at 100.00
 
Baa1
   
1,107,558
 

Nuveen Investments
 
25

 
 

 

NMY
Nuveen Maryland Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Education and Civic Organizations (continued)
               
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012:
               
$
1,500
 
5.000%, 6/01/34
 
No Opt. Call
 
Baa1
 
$
1,498,080
 
 
3,000
 
5.000%, 6/01/47
 
6/22 at 100.00
 
Baa1
   
2,934,570
 
 
745
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
 
7/20 at 100.00
 
BBB–
   
731,367
 
 
1,145
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins University, Series 2012A, 5.000%, 7/01/30
 
No Opt. Call
 
AA+
   
1,257,164
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins University, Series 2013B:
               
 
500
 
5.000%, 7/01/38
 
7/23 at 100.00
 
AA+
   
529,265
 
 
4,375
 
4.250%, 7/01/41
 
7/23 at 100.00
 
AA+
   
4,291,175
 
 
2,100
 
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel High School, Series 2005A, 6.000%, 5/01/35
 
5/15 at 100.00
 
N/R
   
2,156,259
 
     
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts Center Project, Series 2005A:
               
 
1,300
 
5.000%, 5/01/18
 
5/15 at 100.00
 
AA
   
1,374,113
 
 
1,365
 
5.000%, 5/01/19
 
5/15 at 100.00
 
AA
   
1,441,413
 
 
615
 
5.000%, 5/01/20
 
5/15 at 100.00
 
AA
   
648,800
 
 
625
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2012, 5.000%, 7/01/29
 
7/22 at 100.00
 
Aa3
   
667,219
 
 
9,445
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
 
No Opt. Call
 
Aa3
   
11,121,582
 
 
300
 
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%, 10/01/14
 
No Opt. Call
 
AA+
   
312,258
 
 
265
 
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/23
 
6/16 at 100.00
 
BBB–
   
195,279
 
 
1,145
 
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19
 
6/16 at 100.00
 
BBB–
   
946,045
 
     
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
               
 
2,000
 
5.000%, 11/01/31
 
11/16 at 100.00
 
BBB+
   
2,005,840
 
 
2,750
 
4.500%, 11/01/36
 
11/16 at 100.00
 
BBB+
   
2,493,838
 
 
49,515
 
Total Education and Civic Organizations
           
51,021,024
 
     
Health Care – 33.1% (22.0% of Total Investments)
               
 
500
 
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.000%, 6/15/14
 
No Opt. Call
 
Baa1
   
508,720
 
 
2,445
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Refunding Series 2010, 5.750%, 7/01/38
 
7/20 at 100.00
 
Baa3
   
2,318,716
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A:
               
 
1,350
 
6.250%, 1/01/31
 
1/22 at 100.00
 
Baa2
   
1,464,345
 
 
375
 
6.125%, 1/01/36
 
1/22 at 100.00
 
Baa2
   
395,243
 
 
1,355
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System Issue, Series 2012, 5.000%, 7/01/24
 
No Opt. Call
 
A–
   
1,489,321
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2009A, 6.750%, 7/01/39
 
7/19 at 100.00
 
A–
   
1,747,545
 
 
2,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/40
 
7/19 at 100.00
 
A–
   
2,519,875
 
 
2,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Health System Issue, Series 2013, 5.000%, 7/01/38
 
7/23 at 100.00
 
A
   
1,995,700
 
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%, 7/01/40
 
7/16 at 100.00
 
A3
   
2,565,555
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2012A:
               
 
1,000
 
4.000%, 7/01/30
 
7/22 at 100.00
 
A3
   
894,890
 
 
1,775
 
5.000%, 7/01/37
 
7/22 at 100.00
 
A3
   
1,749,529
 
 
4,050
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29
 
7/17 at 100.00
 
Baa3
   
3,767,432
 

26
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
4,335
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32
 
No Opt. Call
 
Baa1
 
$
3,907,742
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2011A:
               
 
500
 
5.000%, 5/15/25
 
5/21 at 100.00
 
AA–
   
549,865
 
 
500
 
5.000%, 5/15/26
 
5/21 at 100.00
 
AA–
   
544,165
 
 
4,225
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente System, Series 1998A, 5.375%, 7/01/15
 
1/14 at 100.00
 
A+
   
4,241,309
 
 
2,735
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 – AGC Insured
 
7/17 at 100.00
 
AA–
   
2,790,192
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011:
               
 
500
 
5.750%, 7/01/31
 
No Opt. Call
 
A
   
534,315
 
 
1,000
 
6.000%, 7/01/41
 
7/21 at 100.00
 
A
   
1,077,170
 
 
1,250
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2012A, 5.000%, 10/01/39
 
10/22 at 100.00
 
A
   
1,274,075
 
 
4,060
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
 
8/14 at 100.00
 
A2
   
4,204,049
 
 
7,720
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 – BHAC Insured
 
5/16 at 100.00
 
AA+
   
8,092,876
 
 
2,850
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 5.000%, 7/01/31
 
7/22 at 100.00
 
BBB
   
2,815,401
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A:
               
 
2,375
 
5.000%, 7/01/37
 
7/17 at 100.00
 
BBB
   
2,211,600
 
 
2,905
 
5.500%, 7/01/42
 
7/17 at 100.00
 
BBB
   
2,861,628
 
 
3,950
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36
 
7/16 at 100.00
 
A
   
3,953,160
 
 
4,450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
 
5/20 at 100.00
 
AA–
   
4,486,535
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of Cecil County, Series 2005:
               
 
1,000
 
5.000%, 7/01/35
 
7/15 at 100.00
 
A
   
994,080
 
 
1,500
 
5.000%, 7/01/40
 
7/15 at 100.00
 
A
   
1,462,245
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A:
               
 
11,500
 
5.000%, 7/01/43
 
7/22 at 100.00
 
A2
   
11,213,305
 
 
3,750
 
4.000%, 7/01/43
 
7/22 at 100.00
 
A2
   
3,013,800
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2006:
               
 
700
 
5.000%, 7/01/31
 
7/16 at 100.00
 
A2
   
704,438
 
 
1,325
 
5.000%, 7/01/36
 
7/16 at 100.00
 
A2
   
1,320,495
 
 
4,155
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.125%, 7/01/39
 
7/19 at 100.00
 
A2
   
4,148,934
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008:
               
 
135
 
5.750%, 1/01/33
 
1/18 at 100.00
 
BBB
   
135,699
 
 
7,075
 
5.750%, 1/01/38
 
1/18 at 100.00
 
BBB
   
7,080,943
 
 
1,950
 
6.000%, 1/01/43
 
1/18 at 100.00
 
BBB
   
1,961,427
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A:
               
 
2,910
 
4.500%, 1/01/22 – NPFG Insured
 
7/16 at 100.00
 
A
   
3,073,629
 
 
2,995
 
5.000%, 7/01/34 – NPFG Insured
 
7/16 at 100.00
 
A
   
2,997,755
 
 
8,000
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MD, 5.000%, 12/01/40
 
12/21 at 100.00
 
Aa2
   
8,078,800
 
 
111,750
 
Total Health Care
           
111,146,503
 

Nuveen Investments
 
27

 
 

 

NMY
Nuveen Maryland Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily – 6.1% (4.1% of Total Investments)
               
$
2,045
 
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory put 1/01/27)
 
1/20 at 102.00
 
AA+
 
$
2,151,851
 
     
Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013:
               
 
3,000
 
5.000%, 10/01/28
 
10/23 at 100.00
 
A+
   
3,021,240
 
 
2,000
 
4.625%, 10/01/28
 
10/23 at 100.00
 
A+
   
1,938,760
 
 
2,110
 
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax)
 
12/13 at 100.00
 
Aaa
   
2,110,865
 
     
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland – Baltimore, Series 2003A:
               
 
30
 
5.000%, 10/01/15
 
2/14 at 100.00
 
B3
   
29,915
 
 
3,460
 
5.625%, 10/01/23
 
2/14 at 100.00
 
B3
   
3,211,364
 
     
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013:
               
 
500
 
5.000%, 6/01/27
 
6/23 at 100.00
 
Baa3
   
500,000
 
 
500
 
5.000%, 6/01/34
 
6/23 at 100.00
 
Baa3
   
478,365
 
 
1,500
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%, 7/01/33
 
No Opt. Call
 
BBB–
   
1,464,240
 
 
5,115
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds,University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 – CIFG Insured
 
6/16 at 100.00
 
AA–
   
5,147,276
 
 
165
 
Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series 1995A, 5.900%, 7/01/15
 
1/14 at 100.00
 
Aa2
   
165,653
 
 
405
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
 
1/14 at 100.00
 
Aaa
   
405,462
 
 
20,830
 
Total Housing/Multifamily
           
20,624,991
 
     
Housing/Single Family – 9.3% (6.2% of Total Investments)
               
 
520
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39
 
9/18 at 100.00
 
Aa2
   
531,872
 
 
3,000
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39
 
9/18 at 100.00
 
Aa2
   
2,986,530
 
 
2,055
 
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2010B, 5.250%, 9/01/35
 
3/20 at 100.00
 
Aa2
   
2,090,983
 
 
5,425
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2005E, 4.900%, 9/01/36 (Alternative Minimum Tax) (UB), (5)
 
9/14 at 100.00
 
Aa2
   
5,378,019
 
 
1,800
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006B, 4.750%, 9/01/25 (Alternative Minimum Tax) (UB), (5)
 
9/15 at 100.00
 
Aa2
   
1,817,334
 
 
2,345
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006F, 4.900%, 9/01/26 (Alternative Minimum Tax) (UB), (5)
 
9/15 at 100.00
 
Aa2
   
2,366,741
 
 
4,075
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006L, 4.900%, 9/01/31 (Alternative Minimum Tax) (UB), (5)
 
9/16 at 100.00
 
Aa2
   
4,096,230
 
 
7,500
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Alternative Minimum Tax) (UB), (5)
 
3/16 at 100.00
 
Aa2
   
7,586,476
 
 
2,820
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.850%, 9/01/37 (Alternative Minimum Tax) (UB), (5)
 
3/17 at 100.00
 
Aa2
   
2,727,110
 
 
1,500
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007H, 5.000%, 9/01/27 (Alternative Minimum Tax) (UB), (5)
 
3/17 at 100.00
 
Aa2
   
1,524,346
 
 
31,040
 
Total Housing/Single Family
           
31,105,641
 

28
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Industrials – 2.8% (1.9% of Total Investments)
               
$
5,895
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
 
6/20 at 100.00
 
Baa3
 
$
5,962,793
 
 
3,340
 
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
 
No Opt. Call
 
BBB
   
3,491,302
 
 
9,235
 
Total Industrials
           
9,454,095
 
     
Long-Term Care – 6.2% (4.1% of Total Investments)
               
 
5,215
 
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37
 
1/17 at 100.00
 
A–
   
5,140,999
 
 
2,050
 
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23
 
1/20 at 100.00
 
BBB
   
2,200,245
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010:
               
 
1,685
 
6.125%, 1/01/30
 
1/21 at 100.00
 
A
   
1,781,955
 
 
5,000
 
6.250%, 1/01/45
 
1/21 at 100.00
 
A
   
5,251,800
 
 
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series 2006A, 5.400%, 1/01/31
 
7/16 at 100.00
 
N/R
   
965,340
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A:
               
 
780
 
5.000%, 1/01/17
 
No Opt. Call
 
N/R
   
799,461
 
 
1,460
 
5.250%, 1/01/27
 
1/17 at 100.00
 
N/R
   
1,410,331
 
 
1,050
 
5.300%, 1/01/37
 
1/17 at 100.00
 
N/R
   
947,583
 
 
2,480
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34
 
7/17 at 100.00
 
A–
   
2,393,026
 
 
20,720
 
Total Long-Term Care
           
20,890,740
 
     
Tax Obligation/General – 9.0% (6.0% of Total Investments)
               
 
1,565
 
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006, 5.000%, 3/01/21
 
3/16 at 100.00
 
AAA
   
1,713,644
 
 
685
 
Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 3/01/17
 
3/16 at 100.00
 
AAA
   
754,123
 
 
350
 
Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2009, 5.000%, 8/01/14
 
No Opt. Call
 
AAA
   
361,452
 
     
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
               
 
1,000
 
5.000%, 10/15/29
 
10/21 at 100.00
 
Aa2
   
1,095,250
 
 
1,200
 
5.000%, 10/15/30
 
10/21 at 100.00
 
Aa2
   
1,304,856
 
     
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006:
               
 
2,145
 
5.000%, 3/01/14
 
No Opt. Call
 
AA+
   
2,171,941
 
 
805
 
5.000%, 3/01/16
 
No Opt. Call
 
AA+
   
889,155
 
 
1,500
 
Frederick County, Maryland, General Obligation Public Facilities Bonds, Series 2005, 5.000%, 8/01/14
 
No Opt. Call
 
AAA
   
1,548,870
 
 
1,820
 
Harford County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2013A, 3.000%, 2/01/14
 
No Opt. Call
 
Aaa
   
1,829,082
 
 
2,305
 
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17
 
1/14 at 100.00
 
AAA
   
2,318,945
 
 
95
 
Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2009B, 5.250%, 8/15/14
 
No Opt. Call
 
AAA
   
98,456
 
 
1,000
 
Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2010B, 5.000%, 8/01/14
 
No Opt. Call
 
AAA
   
1,032,720
 
 
5,850
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15
 
No Opt. Call
 
AAA
   
6,292,787
 
 
2,800
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006A, 5.000%, 5/01/16
 
No Opt. Call
 
AAA
   
3,111,360
 

Nuveen Investments
 
29

 
 

 

NMY
Nuveen Maryland Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
1,315
 
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004F, 5.000%, 12/01/15
 
No Opt. Call
 
AAA
 
$
1,378,883
 
 
2,270
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
 
A
   
2,155,569
 
 
2,155
 
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
 
A
   
2,046,366
 
 
28,860
 
Total Tax Obligation/General
           
30,103,459
 
     
Tax Obligation/Limited – 21.9% (14.5% of Total Investments)
               
 
1,200
 
Anne Arundel County, Maryland, Consolidated Special Taxing District Revenue Bonds, Villages of Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32
 
7/23 at 100.00
 
A+
   
1,249,116
 
 
865
 
Anne Arundel County, Maryland, Special Obligation Bonds, National Business
Park – North Project, Series 2010, 6.100%, 7/01/40
 
7/18 at 102.00
 
N/R
   
890,915
 
 
385
 
Baltimore County, Maryland, Certificates of Participation, Equipment Acquisition Program, Series 2012, 4.000%, 10/01/14
 
No Opt. Call
 
AA+
   
396,974
 
 
120
 
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured
 
3/14 at 100.00
 
A
   
120,406
 
 
300
 
Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34
 
9/15 at 101.00
 
N/R
   
293,796
 
     
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:
               
 
110
 
5.600%, 7/01/20 – RAAI Insured
 
7/14 at 100.00
 
N/R
   
110,139
 
 
450
 
5.700%, 7/01/29 – RAAI Insured
 
7/14 at 100.00
 
N/R
   
446,310
 
     
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Series 2010A:
               
 
5,350
 
5.000%, 7/01/30
 
7/20 at 100.00
 
A–
   
5,482,466
 
 
2,355
 
5.000%, 7/01/40
 
7/20 at 100.00
 
A–
   
2,351,444
 
 
1,000
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
1,007,810
 
 
2,050
 
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004, 5.750%, 7/01/34
 
7/14 at 102.00
 
N/R
   
1,996,823
 
 
11,750
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
 
No Opt. Call
 
AAA
   
13,060,004
 
 
2,380
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 5.000%, 11/01/14
 
No Opt. Call
 
AAA
   
2,486,600
 
 
1,000
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2006, 5.000%, 2/15/14
 
No Opt. Call
 
AAA
   
1,010,330
 
 
920
 
Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center, Series 2012, 4.000%, 6/15/14
 
No Opt. Call
 
AA+
   
939,154
 
 
1,675
 
Montgomery County, Maryland, Special Obligation Bonds, West Germantown Development District, Senior Series 2002A, 5.500%, 7/01/27 – RAAI Insured
 
7/14 at 100.00
 
A+
   
1,677,077
 
 
3,000
 
Prince George’s County, Maryland, Certificates of Participation, Equipment Acquisition Program, Series 2012, 3.000%, 10/15/14
 
No Opt. Call
 
AA+
   
3,074,490
 
 
740
 
Prince George’s County, Maryland, Lease Revenue Bonds, Upper Marlboro Justice Center, Series 2003A, 5.000%, 6/30/14 – NPFG Insured
 
2/14 at 100.00
 
AA+
   
742,997
 
 
6,650
 
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34
 
7/15 at 100.00
 
N/R
   
6,518,796
 
 
1,411
 
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35
 
7/14 at 100.00
 
N/R
   
1,316,054
 
 
1,100
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
 
No Opt. Call
 
Baa3
   
900,548
 
 
1,000
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003, 5.250%, 7/01/15 – FGIC Insured
 
2/14 at 100.00
 
BBB–
   
971,530
 

30
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
     
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
               
$
2,000
 
0.000%, 7/01/33 – FGIC Insured
 
No Opt. Call
 
BBB+
 
$
270,420
 
 
1,530
 
0.000%, 7/01/44 – AMBAC Insured
 
No Opt. Call
 
BBB+
   
133,676
 
 
2,100
 
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
 
2/14 at 100.00
 
AA–
   
2,053,863
 
 
525
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2004I, 5.250%, 7/01/33
 
7/14 at 100.00
 
BBB–
   
373,627
 
 
970
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
 
8/26 at 100.00
 
A+
   
719,274
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
               
 
1,425
 
5.375%, 8/01/39
 
2/20 at 100.00
 
A+
   
1,078,169
 
 
200
 
5.500%, 8/01/42
 
2/20 at 100.00
 
A+
   
152,158
 
 
4,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
 
A+
   
3,165,436
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
               
 
7,000
 
0.000%, 8/01/40 – NPFG Insured
 
No Opt. Call
 
AA–
   
1,161,230
 
 
8,000
 
0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
 
AA–
   
1,240,640
 
 
210
 
0.000%, 8/01/47 – AMBAC Insured
 
No Opt. Call
 
AA–
   
21,529
 
 
12,140
 
0.000%, 8/01/56
 
No Opt. Call
 
AA–
   
649,733
 
 
520
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
 
No Opt. Call
 
A
   
497,068
 
 
820
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured
 
No Opt. Call
 
AA–
   
796,253
 
     
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC:
               
 
765
 
5.500%, 7/01/28 – NPFG Insured
 
No Opt. Call
 
A
   
683,596
 
 
2,300
 
5.500%, 7/01/30 – AGM Insured
 
No Opt. Call
 
AA–
   
2,127,753
 
 
1,750
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2005A, 5.000%, 5/15/21 – AGM Insured
 
5/15 at 100.00
 
AA–
   
1,848,648
 
 
2,000
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/26 – RAAI Insured
 
10/14 at 100.00
 
BBB+
   
2,015,320
 
 
2,000
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/27 – FGIC Insured
 
10/16 at 100.00
 
A
   
2,021,340
 
 
3,500
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
 
10/20 at 100.00
 
BBB
   
3,492,195
 
 
1,825
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
 
10/20 at 100.00
 
Baa2
   
1,839,454
 
 
101,701
 
Total Tax Obligation/Limited
           
73,385,161
 
     
Transportation – 6.4% (4.3% of Total Investments)
               
     
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A:
               
 
1,060
 
5.250%, 7/01/17 – FGIC Insured
 
No Opt. Call
 
A1
   
1,156,926
 
 
110
 
5.250%, 7/01/21 – FGIC Insured
 
No Opt. Call
 
A1
   
123,578
 
 
125
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
 
10/23 at 100.00
 
BBB
   
129,466
 
     
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001:
               
 
1,300
 
5.000%, 7/01/27 – AMBAC Insured
 
1/14 at 100.00
 
N/R
   
1,300,481
 
 
1,000
 
5.000%, 7/01/34 – AMBAC Insured
 
1/14 at 100.00
 
N/R
   
978,570
 
 
750
 
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institution, Series 2004B, 5.000%, 7/01/15 – AMBAC Insured
 
1/15 at 100.00
 
N/R
   
781,110
 
 
460
 
Maryland Health and Higher Educational Facilities Authority, Parking Revenue Bonds, Johns Hopkins Medical Institutions Parking Facilities, Series 1996, 5.500%, 7/01/26 – AMBAC Insured
 
2/14 at 100.00
 
A
   
460,492
 

Nuveen Investments
 
31

 
 

 

NMY
Nuveen Maryland Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
               
     
Maryland Transportation Authority, Revenue Bonds, Grant Anticipation Series 2008:
               
$
1,000
 
5.250%, 3/01/15
 
No Opt. Call
 
AAA
 
$
1,062,710
 
 
2,000
 
5.250%, 3/01/16
 
No Opt. Call
 
AAA
   
2,215,840
 
 
10,110
 
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2007, 5.000%, 7/01/30 – AGM Insured (UB)
 
7/17 at 100.00
 
AA–
   
10,796,470
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
               
 
20
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
 
6/14 at 100.00
 
A
   
20,199
 
 
70
 
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
 
6/14 at 100.00
 
A
   
70,345
 
 
2,075
 
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (6)
 
6/14 at 100.00
 
N/R
   
2,396,625
 
 
20,080
 
Total Transportation
           
21,492,812
 
     
U.S. Guaranteed – 20.6% (13.7% of Total Investments) (4)
               
 
2,030
 
Anne Arundel County, Maryland, General Obligation Bonds, Series 2004, 5.000%, 4/01/16 (Pre-refunded 4/01/14)
 
4/14 at 100.00
 
AAA
   
2,063,515
 
 
500
 
Baltimore County, Maryland, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/36 (Pre-refunded 9/01/16)
 
9/16 at 100.00
 
A+ (4)
   
560,925
 
 
1,540
 
Baltimore, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004A, 5.000%, 10/15/22 (Pre-refunded 10/15/14) – AMBAC Insured
 
10/14 at 100.00
 
Aa2 (4)
   
1,605,373
 
 
2,690
 
Baltimore, Maryland, Revenue Refunding Bonds, Wastewater Projects, Series 2002A, 5.125%, 7/01/42 (Pre-refunded 1/02/14) – NPFG Insured
 
1/14 at 100.00
 
AA (4)
   
2,697,586
 
 
3,120
 
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM)
 
No Opt. Call
 
AA (4)
   
3,610,714
 
 
2,000
 
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%, 7/01/24 – FGIC Insured (ETM)
 
No Opt. Call
 
AA (4)
   
2,361,540
 
 
1,500
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AMBAC Insured
 
7/16 at 100.00
 
AA (4)
   
1,677,330
 
 
1,680
 
Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16 (Pre-refunded 12/01/15)
 
12/15 at 100.00
 
AAA
   
1,837,886
 
     
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006:
               
 
40
 
5.000%, 3/01/14 (ETM)
 
No Opt. Call
 
Aa1 (4)
   
40,498
 
 
15
 
5.000%, 3/01/16 (ETM)
 
No Opt. Call
 
Aa1 (4)
   
16,553
 
 
1,910
 
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 (Pre-refunded 8/01/15) – NPFG Insured
 
8/15 at 100.00
 
AA (4)
   
2,060,164
 
     
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004B:
               
 
1,000
 
5.000%, 8/15/16 (Pre-refunded 2/15/14)
 
2/14 at 100.00
 
AAA
   
1,010,300
 
 
1,625
 
5.000%, 8/15/17 (Pre-refunded 2/15/14)
 
2/14 at 100.00
 
AAA
   
1,641,738
 
 
1,180
 
5.000%, 8/15/19 (Pre-refunded 2/15/14)
 
2/14 at 100.00
 
AAA
   
1,192,154
 
 
750
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 5.000%, 5/01/15 (Pre-refunded 5/01/14)
 
5/14 at 100.00
 
AAA
   
765,383
 
 
2,350
 
Maryland, General Obligation Bonds, State and Local Facilities Loan, First Series 2004, 5.000%, 8/01/15 (Pre-refunded 8/01/14)
 
8/14 at 100.00
 
AAA
   
2,426,681
 
 
3,075
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
A (4)
   
3,171,524
 
 
4,865
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 (Pre-refunded 7/01/14) – RAAI Insured
 
7/14 at 100.00
 
N/R (4)
   
5,002,777
 
 
2,875
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
A– (4)
   
2,959,410
 
     
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997:
               
 
1,265
 
5.000%, 7/01/17 – AMBAC Insured (ETM)
 
No Opt. Call
 
N/R (4)
   
1,378,243
 
 
3,240
 
5.000%, 7/01/27 – AMBAC Insured (ETM)
 
No Opt. Call
 
N/R (4)
   
3,771,068
 
 
3,125
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Howard County General Hospital, Series 1993, 5.500%, 7/01/25 (ETM)
 
1/14 at 100.00
 
N/R (4)
   
3,248,438
 

32
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
               
$
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2004A, 4.625%, 7/01/20 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
AA+ (4)
 
$
1,026,360
 
 
3,875
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
N/R (4)
   
3,987,608
 
 
885
 
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 (Pre-refunded 1/15/14)
 
1/14 at 100.00
 
Aaa
   
890,487
 
 
1,200
 
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)
 
No Opt. Call
 
Aaa
   
1,319,436
 
 
1,100
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM)
 
No Opt. Call
 
Aaa
   
1,268,663
 
 
1,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 5.500%, 7/01/36 (Pre-refunded 7/01/16)
 
7/16 at 100.00
 
Aaa
   
1,131,080
 
 
1,610
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)
 
No Opt. Call
 
Baa1 (4)
   
1,960,320
 
 
3,135
 
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%, 10/01/22 (Pre-refunded 10/01/16)
 
10/16 at 100.00
 
AA+ (4)
   
3,530,229
 
     
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, Sewerage Disposal Bonds, Series 2005:
               
 
4,500
 
5.000%, 6/01/16 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
4,821,480
 
 
1,235
 
5.000%, 6/01/23 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
1,323,228
 
 
1,235
 
5.000%, 6/01/24 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
1,323,228
 
 
1,235
 
5.000%, 6/01/25 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
1,323,228
 
 
64,385
 
Total U.S. Guaranteed
           
69,005,147
 
     
Utilities – 3.6% (2.4% of Total Investments)
               
 
1,700
 
Grant County Public Utility District 2, Washington, Priest Rapids Hydroelectric Development Revenue Bonds, Series 2005A, 5.000%, 1/01/14 – NPFG Insured
 
No Opt. Call
 
AA
   
1,707,361
 
 
3,600
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – FGIC Insured
 
7/14 at 100.00
 
A
   
3,209,292
 
 
1,570
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
 
7/15 at 100.00
 
A
   
1,399,608
 
 
1,040
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40
 
7/20 at 100.00
 
BBB
   
728,551
 
 
1,225
 
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002JJ, 5.250%, 7/01/15 – NPFG Insured
 
No Opt. Call
 
A
   
1,220,259
 
 
730
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24
 
7/17 at 100.00
 
BB+
   
682,039
 
 
3,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – AMBAC Insured
 
7/15 at 100.00
 
AA+
   
3,089,310
 
 
12,865
 
Total Utilities
           
12,036,420
 
     
Water and Sewer – 4.6% (3.1% of Total Investments)
               
 
2,500
 
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 5.000%, 7/01/38 (WI/DD, Settling 12/03/13)
 
1/24 at 100.00
 
Aa2
   
2,637,750
 
 
1,045
 
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%, 7/01/24 – FGIC Insured
 
No Opt. Call
 
AA (4)
   
1,199,117
 
 
2,570
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 – AMBAC Insured
 
7/16 at 100.00
 
AA
   
2,715,796
 
 
3,000
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 – AMBAC Insured
 
7/17 at 100.00
 
AA
   
3,182,790
 
 
2,000
 
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2011A, 5.000%, 7/01/41
 
7/21 at 100.00
 
AA
   
2,075,320
 

Nuveen Investments
 
33

 
 

 

NMY
Nuveen Maryland Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
2,030
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 (WI/DD, Settling 12/12/13)
 
7/23 at 100.00
 
A–
 
$
1,983,229
 
 
1,645
 
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series 2005A, 5.000%, 9/01/15
 
No Opt. Call
 
AAA
   
1,781,420
 
 
14,790
 
Total Water and Sewer
           
15,575,422
 
$
675,066
 
Total Long-Term Investments (cost $500,463,746)
           
504,265,613
 
     
Floating Rate Obligations – (6.6)%
           
(21,995,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (49.5)% (7)
           
(166,144,000
     
Other Assets Less Liabilities – 5.9%
           
19,512,398
 
     
Net Assets Applicable to Common Shares – 100%
         
$
335,639,011
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.9%
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
34
 
Nuveen Investments

 
 

 

NOM
 
 
Nuveen Missouri Premium Income Municipal Fund
 
Portfolio of Investments
 
November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 164.6% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 164.6% (100.0% of Total Investments)
               
     
Consumer Staples – 3.6% (2.2% of Total Investments)
               
$
1,010
 
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)
 
No Opt. Call
 
AA–
 
$
1,105,102
 
     
Education and Civic Organizations – 16.0% (9.7% of Total Investments)
               
 
250
 
Lincoln University, Missouri, Auxillary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured
 
6/17 at 100.00
 
AA–
   
252,198
 
 
750
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
 
5/23 at 100.00
 
BBB+
   
751,605
 
 
600
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
 
10/22 at 100.00
 
BBB–
   
573,066
 
 
725
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C2, 5.000%, 10/01/34 (WI/DD, Settling 12/10/13)
 
10/23 at 100.00
 
N/R
   
750,020
 
 
630
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41
 
10/21 at 100.00
 
A–
   
650,066
 
 
700
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 6.500%, 10/01/35
 
10/18 at 103.00
 
BBB–
   
761,110
 
 
550
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37
 
11/21 at 100.00
 
AAA
   
589,111
 
 
600
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36
 
4/21 at 100.00
 
A2
   
617,028
 
 
4,805
 
Total Education and Civic Organizations
           
4,944,204
 
     
Health Care – 35.6% (21.6% of Total Investments)
               
 
525
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A, 5.750%, 6/01/39
 
6/19 at 100.00
 
AA–
   
544,640
 
     
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007:
               
 
760
 
5.000%, 6/01/27
 
6/17 at 100.00
 
BBB+
   
763,306
 
 
560
 
5.000%, 6/01/36
 
6/17 at 100.00
 
BBB+
   
537,712
 
 
930
 
Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 5.625%, 5/01/38
 
11/16 at 100.00
 
BBB–
   
889,554
 
 
480
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/37
 
12/17 at 100.00
 
N/R
   
403,296
 
 
750
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/29
 
2/15 at 102.00
 
BBB+
   
759,720
 
 
200
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31
 
2/21 at 100.00
 
BBB+
   
203,854
 
 
540
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27
 
11/20 at 100.00
 
A3
   
557,129
 
 
335
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37
 
2/22 at 100.00
 
A1
   
335,087
 
 
750
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42
 
No Opt. Call
 
AA–
   
625,845
 

Nuveen Investments
 
35

 
 

 

NOM
Nuveen Missouri Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
500
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, St. Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25
 
12/21 at 100.00
 
A+
 
$
532,435
 
 
2,000
 
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Lukes’s Health System, Series 2010A, 5.000%, 11/15/30
 
11/20 at 100.00
 
A+
   
2,063,379
 
 
1,730
 
Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/44
 
11/23 at 100.00
 
A2
   
1,709,811
 
 
720
 
Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28
 
12/20 at 100.00
 
BBB–
   
760,975
 
 
350
 
St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding Series 2007, 5.000%, 11/15/27
 
11/16 at 100.00
 
N/R
   
319,687
 
 
11,130
 
Total Health Care
           
11,006,430
 
     
Housing/Multifamily – 0.9% (0.6% of Total Investments)
               
 
350
 
Northwest Missouri State University, Housing System Revenue Bonds, Refunding Series 2012, 3.125%, 6/01/29
 
No Opt. Call
 
A3
   
289,783
 
     
Housing/Single Family – 1.4% (0.9% of Total Investments)
               
 
195
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%, 9/01/27 (Alternative Minimum Tax)
 
9/16 at 100.00
 
AA+
   
196,558
 
 
245
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007C-1, 4.800%, 9/01/38 (Alternative Minimum Tax)
 
3/17 at 100.00
 
AA+
   
245,260
 
 
440
 
Total Housing/Single Family
           
441,818
 
     
Long-Term Care – 14.3% (8.7% of Total Investments)
               
 
250
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28
 
5/18 at 100.00
 
N/R
   
218,300
 
 
1,750
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35
 
2/14 at 100.00
 
BBB+
   
1,744,434
 
 
500
 
Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.750%, 5/15/31
 
5/17 at 100.00
 
BBB–
   
501,925
 
 
475
 
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/32
 
8/17 at 100.00
 
BBB–
   
452,974
 
 
250
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41
 
2/21 at 100.00
 
BBB+
   
258,875
 
 
100
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42
 
No Opt. Call
 
BBB–
   
86,798
 
     
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:
               
 
250
 
5.000%, 9/01/32
 
No Opt. Call
 
A–
   
248,028
 
 
425
 
5.000%, 9/01/42
 
9/22 at 100.00
 
A–
   
408,982
 
 
500
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.500%, 9/01/28
 
9/17 at 100.00
 
BBB–
   
500,035
 
 
4,500
 
Total Long-Term Care
           
4,420,351
 
     
Tax Obligation/General – 18.2% (11.0% of Total Investments)
               
 
600
 
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32
 
3/22 at 100.00
 
A+
   
595,122
 
 
1,500
 
Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Series 2005, 5.250%, 3/01/24 – AGM Insured
 
3/15 at 100.00
 
AA–
   
1,584,000
 
 
1,685
 
Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27
 
3/20 at 100.00
 
AA+
   
1,831,089
 

36
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
500
 
Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31
 
3/21 at 100.00
 
AA
 
$
538,035
 
 
500
 
Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A, 4.500%, 2/01/26
 
No Opt. Call
 
AA
   
537,910
 
 
500
 
Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007, 5.250%, 3/01/27 – AGM Insured
 
3/17 at 100.00
 
AA–
   
541,795
 
 
5,285
 
Total Tax Obligation/General
           
5,627,951
 
     
Tax Obligation/Limited – 24.3% (14.7% of Total Investments)
               
 
910
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33
 
10/22 at 100.00
 
AA+
   
961,861
 
 
315
 
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28
 
6/16 at 100.00
 
N/R
   
241,003
 
 
455
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
 
1/22 at 100.00
 
A
   
443,584
 
      Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:                
 
180
 
4.875%, 3/01/33
 
3/23 at 100.00
 
BBB+
   
170,201
 
 
115
 
5.000%, 3/01/38
 
3/23 at 100.00
 
BBB+
   
105,185
 
 
485
 
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23
 
12/21 at 100.00
 
Aa3
   
512,310
 
 
300
 
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32
 
9/21 at 100.00
 
AA–
   
304,020
 
 
475
 
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24
 
6/14 at 102.00
 
N/R
   
482,443
 
 
360
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%, 6/01/35
 
6/15 at 100.00
 
A
   
359,528
 
 
245
 
Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured
 
3/14 at 100.00
 
A
   
245,948
 
 
500
 
Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23
 
5/14 at 100.00
 
N/R
   
466,435
 
 
1,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
 
A+
   
1,412,775
 
 
225
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/41
 
No Opt. Call
 
AA–
   
33,881
 
 
1,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
 
AA–
   
232,620
 
 
600
 
Riverside, Missouri, L-385 Levee Redevelopment Plan Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
 
5/15 at 100.00
 
A
   
618,420
 
     
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:
               
 
340
 
5.375%, 11/01/24
 
11/14 at 100.00
 
N/R
   
339,844
 
 
400
 
5.500%, 11/01/27
 
11/14 at 100.00
 
N/R
   
388,624
 
 
200
 
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27
 
11/14 at 100.00
 
N/R
   
192,466
 
 
9,355
 
Total Tax Obligation/Limited
           
7,511,148
 

Nuveen Investments
 
37

 
 

 

NOM
Nuveen Missouri Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation – 13.9% (8.4% of Total Investments)
               
$
335
 
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured
 
10/23 at 100.00
 
AA–
 
$
341,603
 
 
1,000
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured
 
No Opt. Call
 
A
   
1,176,760
 
 
2,500
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/21 – AGM Insured
 
7/17 at 100.00
 
AA–
   
2,771,424
 
 
3,835
 
Total Transportation
           
4,289,787
 
     
U.S. Guaranteed – 12.7% (7.7% of Total Investments) (4)
               
 
600
 
Chesterfield, Missouri, Certificates of Participation, Series 2005, 5.000%, 12/01/24 (Pre-refunded 12/01/15) – FGIC Insured
 
12/15 at 100.00
 
Aa1 (4)
   
655,368
 
 
80
 
Cottleville, Missouri, Certificates of Participation, Series 2006, 5.250%, 8/01/31 (Pre-refunded 8/01/14)
 
8/14 at 100.00
 
N/R (4)
   
82,738
 
 
500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, Reg S, 5.700%, 2/15/34 (Pre-refunded 2/15/14)
 
2/14 at 100.00
 
N/R (4)
   
505,830
 
 
1,395
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM)
 
2/14 at 100.00
 
N/R (4)
   
1,729,298
 
     
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004:
               
 
80
 
5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
 
AA– (4)
   
81,046
 
 
250
 
5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
 
AA– (4)
   
253,268
 
 
20
 
5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
 
AA– (4)
   
20,262
 
 
500
 
St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) (ETM)
 
No Opt. Call
 
AA+ (4)
   
599,835
 
 
3,425
 
Total U.S. Guaranteed
           
3,927,645
 
     
Utilities – 4.7% (2.9% of Total Investments)
               
 
110
 
Missouri Joint Municipal Electric Utility Commission, Iatan 2 Power Project Revenue Bonds, Series 2006A, 4.125%, 1/01/21 – AMBAC Insured
 
1/16 at 100.00
 
A2
   
115,762
 
 
500
 
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 5.000%, 1/01/34 – NPFG Insured
 
1/16 at 100.00
 
A
   
502,830
 
     
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:
               
 
400
 
5.000%, 1/01/32
 
1/21 at 100.00
 
A2
   
409,084
 
 
425
 
5.000%, 1/01/37
 
1/21 at 100.00
 
A2
   
428,515
 
 
1,435
 
Total Utilities
           
1,456,191
 
     
Water and Sewer – 19.0% (11.6% of Total Investments)
               
 
600
 
Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39
 
3/18 at 100.00
 
A
   
629,484
 
 
200
 
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2006C, 5.000%, 5/01/36 – NPFG Insured
 
5/17 at 100.00
 
AAA
   
209,874
 

38
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
$
2,000
 
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42
 
5/22 at 100.00
 
AAA
 
$
2,124,119
 
 
2,965
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – BHAC Insured (Alternative Minimum Tax) (UB) (5)
 
12/16 at 100.00
 
AA+
   
2,931,792
 
 
5,765
 
Total Water and Sewer
           
5,895,269
 
$
51,335
 
Total Long-Term Investments (cost $50,327,044)
           
50,915,679
 
     
Floating Rate Obligations – (7.2)%
           
(2,225,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (57.8)% (6)
           
(17,880,000
     
Other Assets Less Liabilities – 0.4%
           
125,081
 
     
Net Assets Applicable to Common Shares – 100%
         
$
30,935,760
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.1%
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
39

 
 

 

NNC
 
 
Nuveen North Carolina Premium Income Municipal Fund
 
Portfolio of Investments
 
November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 154.6% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 154.6% (100.0% of Total Investments)
               
     
Consumer Staples – 0.8% (0.5% of Total Investments)
               
$
2,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
 
2/14 at 100.00
 
BBB
 
$
1,746,120
 
     
Education and Civic Organizations – 14.7% (9.5% of Total Investments)
               
 
30
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 – NPFG Insured
 
No Opt. Call
 
Aa3
   
34,701
 
 
2,950
 
Board of Governors of the University of North Carolina, Winston-Salem State University General Revenue Bonds, Series 2013, 5.000%, 4/01/33
 
4/22 at 100.00
 
A
   
3,018,470
 
 
1,500
 
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
 
4/21 at 100.00
 
AA–
   
1,515,510
 
     
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales University, Series 2013A:
               
 
1,560
 
5.000%, 4/01/32
 
4/23 at 100.00
 
A2
   
1,610,435
 
 
1,000
 
5.000%, 4/01/33
 
4/23 at 100.00
 
A2
   
1,027,730
 
 
2,500
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41 (UB)
 
10/15 at 100.00
 
AA+
   
2,546,350
 
 
4,440
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/34
 
3/22 at 100.00
 
BBB
   
4,386,809
 
     
University of North Carolina System, Pooled Revenue Bonds, Series 2005A:
               
 
1,530
 
5.000%, 4/01/15 – AMBAC Insured
 
No Opt. Call
 
A+
   
1,626,069
 
 
290
 
5.000%, 4/01/22 – AMBAC Insured
 
4/15 at 100.00
 
A+
   
304,462
 
     
University of North Carolina Wilmington, Certificates of Participation, Student Housing Project Revenue Bonds, Series 2006:
               
 
1,000
 
5.000%, 6/01/21 – FGIC Insured
 
6/16 at 100.00
 
A
   
1,050,960
 
 
1,430
 
5.000%, 6/01/23 – FGIC Insured
 
6/16 at 100.00
 
A
   
1,488,358
 
 
1,505
 
5.000%, 6/01/24 – FGIC Insured
 
6/16 at 100.00
 
A
   
1,558,759
 
 
10,200
 
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007, 5.000%, 12/01/36
 
12/17 at 100.00
 
AAA
   
11,116,059
 
 
250
 
University of North Carolina, Charlotte, Certificates of Participation, Student Housing Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured
 
3/15 at 100.00
 
A
   
263,415
 
     
University of North Carolina, System Pooled Revenue Bonds, Series 2009C:
               
 
1,000
 
5.250%, 10/01/28
 
10/19 at 100.00
 
A3
   
1,051,170
 
 
1,000
 
5.375%, 10/01/29
 
10/19 at 100.00
 
A3
   
1,049,140
 
 
32,185
 
Total Education and Civic Organizations
           
33,648,397
 
     
Health Care – 33.8% (21.9% of Total Investments)
               
     
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007:
               
 
1,840
 
5.250%, 10/01/27
 
10/17 at 100.00
 
N/R
   
1,722,829
 
 
1,725
 
5.250%, 10/01/38
 
10/17 at 100.00
 
N/R
   
1,483,517
 
 
2,750
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39
 
1/19 at 100.00
 
AA–
   
2,859,450
 
 
4,950
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
 
1/18 at 100.00
 
AA–
   
4,917,974
 
 
2,000
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
 
1/21 at 100.00
 
AA–
   
2,034,340
 
 
5,250
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
 
1/22 at 100.00
 
AA–
   
5,263,598
 

40
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
$
2,225
 
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured
 
4/18 at 100.00
 
AA–
 
$
2,265,829
 
 
3,860
 
Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 5.000%, 11/01/41
 
5/22 at 100.00
 
A
   
3,816,884
 
 
500
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Refunding Series 2013, 5.000%, 10/01/26
 
10/23 at 100.00
 
A+
   
532,145
 
 
555
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured
 
10/19 at 100.00
 
AA–
   
572,749
 
     
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health Inc., Series 2010A:
               
 
4,750
 
5.250%, 11/01/40
 
11/20 at 100.00
 
AA–
   
4,822,723
 
 
5,000
 
5.000%, 11/01/43
 
11/20 at 100.00
 
AA–
   
4,942,400
 
 
2,750
 
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue Ridge HealthCare, Series 2010A, 5.000%, 1/01/36
 
1/20 at 100.00
 
A
   
2,631,145
 
     
North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue Bonds, Columbus Regional Healthcare System, Series 2013A:
               
 
2,000
 
3.750%, 10/01/33
 
10/22 at 100.00
 
BBB
   
1,553,000
 
 
2,000
 
4.000%, 10/01/42
 
10/22 at 100.00
 
BBB
   
1,517,880
 
 
2,680
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian Regional HealthCare System, Series 2011A, 6.500%, 7/01/31
 
7/21 at 100.00
 
BBB+
   
2,924,952
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
 
6/22 at 100.00
 
AA
   
2,037,440
 
 
2,335
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, FirstHealth of the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39
 
10/17 at 100.00
 
AA
   
1,941,949
 
     
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A:
               
 
3,000
 
5.000%, 12/01/45
 
No Opt. Call
 
A+
   
2,959,890
 
 
9,000
 
4.000%, 12/01/45
 
12/22 at 100.00
 
A+
   
7,271,008
 
 
2,375
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape Fear Valley Health System, Series 2012A, 5.000%, 10/01/27
 
No Opt. Call
 
A–
   
2,467,696
 
 
2,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/27
 
10/22 at 100.00
 
AA–
   
2,136,820
 
 
2,000
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial Hospital, Series 1999, 6.375%, 10/01/29
 
4/14 at 100.00
 
BBB+
   
2,007,580
 
 
2,930
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012, 5.000%, 6/01/32
 
6/22 at 100.00
 
A
   
2,963,373
 
     
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series 2007:
               
 
500
 
5.000%, 11/01/20
 
11/17 at 100.00
 
A–
   
535,995
 
 
3,425
 
5.000%, 11/01/27
 
11/17 at 100.00
 
A–
   
3,486,856
 
 
3,295
 
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 2005, 5.000%, 1/01/33 – FGIC Insured
 
1/15 at 100.00
 
A
   
3,194,371
 
 
750
 
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue Bonds, Series 2008, 6.250%, 10/01/38
 
4/18 at 100.00
 
BBB
   
764,295
 
 
1,660
 
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
 
10/16 at 100.00
 
A
   
1,673,645
 
 
80,105
 
Total Health Care
           
77,302,333
 
     
Housing/Multifamily – 3.4% (2.2% of Total Investments)
               
 
3,875
 
Durham Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, JFK Towers Project, Series 2012A, 5.000%, 12/01/47
 
No Opt. Call
 
A–
   
3,621,188
 
     
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003:
               
 
890
 
5.150%, 1/01/22 (Alternative Minimum Tax)
 
7/18 at 100.00
 
AA+
   
935,390
 
 
2,260
 
5.375%, 1/01/36 (Alternative Minimum Tax)
 
7/18 at 100.00
 
AA+
   
2,262,147
 

Nuveen Investments
 
41
 
 
 

 

 
NNC
Nuveen North Carolina Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
               
$
1,000
 
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
 
2/14 at 100.00
 
N/R
 
$
991,860
 
 
8,025
 
Total Housing/Multifamily
           
7,810,585
 
     
Housing/Single Family – 2.5% (1.6% of Total Investments)
               
 
1,395
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 7/01/33 (Alternative Minimum Tax)
 
1/17 at 100.00
 
AA
   
1,395,335
 
 
2,200
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28
 
1/21 at 100.00
 
AA
   
2,248,158
 
 
1,975
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 7/01/37 (Alternative Minimum Tax)
 
7/16 at 100.00
 
AA
   
1,976,817
 
 
5,570
 
Total Housing/Single Family
           
5,620,310
 
     
Long-Term Care – 1.4% (0.9% of Total Investments)
               
     
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian Homes, Series 2006:
               
 
700
 
5.400%, 10/01/27
 
10/16 at 100.00
 
N/R
   
664,608
 
 
1,500
 
5.500%, 10/01/31
 
10/16 at 100.00
 
N/R
   
1,402,830
 
 
900
 
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 5.000%, 1/01/36
 
1/16 at 100.00
 
A–
   
849,960
 
 
450
 
North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes Inc., Refunding Series 2013A, 5.000%, 10/01/33
 
10/23 at 100.00
 
N/R
   
412,574
 
 
3,550
 
Total Long-Term Care
           
3,329,972
 
     
Materials – 0.6% (0.4% of Total Investments)
               
 
1,400
 
Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.625%, 3/01/27
 
3/17 at 100.00
 
BBB
   
1,341,606
 
     
Tax Obligation/General – 5.0% (3.2% of Total Investments)
               
     
Durham, North Carolina, General Obligation Bonds, Series 2007:
               
 
2,820
 
5.000%, 4/01/21
 
4/17 at 100.00
 
AAA
   
3,169,257
 
 
1,475
 
5.000%, 4/01/22
 
4/17 at 100.00
 
AAA
   
1,665,024
 
 
1,050
 
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30
 
4/20 at 100.00
 
AA+
   
1,117,904
 
 
5,100
 
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37
 
1/20 at 100.00
 
AA+
   
5,404,113
 
 
10,445
 
Total Tax Obligation/General
           
11,356,298
 
     
Tax Obligation/Limited – 16.6% (10.7% of Total Investments)
               
 
2,405
 
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series 2008A, 5.000%, 6/01/33
 
6/18 at 100.00
 
AA+
   
2,490,113
 
 
2,085
 
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 5.000%, 6/01/28
 
6/22 at 100.00
 
AA–
   
2,268,543
 
 
850
 
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 – AMBAC Insured
 
No Opt. Call
 
Aa3
   
870,647
 
 
1,390
 
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25
 
6/15 at 100.00
 
AA+
   
1,482,240
 
 
1,060
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
 
1/22 at 100.00
 
A
   
1,057,604
 
     
Harnett County, North Carolina, Certificates of Participation, Series 2009:
               
 
1,000
 
5.000%, 6/01/28 – AGC Insured
 
6/19 at 100.00
 
AA–
   
1,043,240
 
 
500
 
5.000%, 6/01/29 – AGC Insured
 
6/19 at 100.00
 
AA–
   
518,980
 
 
1,155
 
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
 
2/23 at 100.00
 
N/R
   
1,158,742
 
     
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:
               
 
1,065
 
5.000%, 4/01/29
 
4/22 at 100.00
 
A1
   
1,132,841
 
 
1,165
 
5.000%, 4/01/30
 
4/22 at 100.00
 
A1
   
1,229,937
 
 
1,000
 
5.000%, 4/01/31
 
4/22 at 100.00
 
A1
   
1,050,710
 
 
200
 
5.000%, 4/01/32
 
4/22 at 100.00
 
A1
   
209,142
 

42
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
400
 
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27
 
2/19 at 100.00
 
AA+
 
$
425,352
 
 
8,065
 
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/41
 
7/21 at 100.00
 
AA
   
8,368,726
 
     
Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project, Series 2004B:
               
 
1,275
 
5.000%, 6/01/20
 
6/14 at 100.00
 
AA+
   
1,304,873
 
 
1,310
 
5.000%, 6/01/21
 
6/14 at 100.00
 
AA+
   
1,340,693
 
 
1,135
 
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
 
2/17 at 100.00
 
AA+
   
1,216,459
 
 
1,000
 
Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33
 
10/23 at 100.00
 
AA+
   
1,079,780
 
 
5,000
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 – AGM Insured (UB)
 
6/17 at 100.00
 
AA–
   
5,088,500
 
 
2,450
 
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
 
6/18 at 100.00
 
AA
   
2,585,951
 
 
1,750
 
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, Series 2007, 5.000%, 4/01/25 – AMBAC Insured
 
4/17 at 100.00
 
Aa3
   
1,937,775
 
 
36,260
 
Total Tax Obligation/Limited
           
37,860,848
 
     
Transportation – 16.8% (10.9% of Total Investments)
               
 
5,000
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010A, 5.000%, 7/01/39
 
7/20 at 100.00
 
Aa3
   
5,126,650
 
 
10
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax)
 
7/20 at 100.00
 
Aa3
   
10,564
 
 
1,400
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2010B, 5.000%, 7/01/36 (Alternative Minimum Tax)
 
7/21 at 100.00
 
Aa3
   
1,398,054
 
 
1,425
 
Charlotte, North Carolina, Airport Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/41
 
No Opt. Call
 
Aa3
   
1,458,359
 
     
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:
               
 
600
 
5.250%, 7/01/24 – NPFG Insured
 
7/14 at 100.00
 
Aa3
   
615,576
 
 
2,710
 
5.000%, 7/01/29 – NPFG Insured
 
7/14 at 100.00
 
Aa3
   
2,762,303
 
 
1,935
 
5.000%, 7/01/34 – NPFG Insured
 
7/14 at 100.00
 
Aa3
   
1,969,366
 
 
2,725
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 5.250%, 2/01/40
 
2/20 at 100.00
 
A3
   
2,844,355
 
 
515
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B, 5.000%, 2/01/29
 
2/20 at 100.00
 
A3
   
538,309
 
     
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
               
 
140
 
5.000%, 1/01/21 – AGC Insured
 
1/19 at 100.00
 
AA–
   
155,564
 
 
265
 
5.375%, 1/01/26 – AGC Insured
 
1/19 at 100.00
 
AA–
   
289,131
 
 
1,580
 
5.500%, 1/01/29 – AGC Insured
 
1/19 at 100.00
 
AA–
   
1,713,052
 
 
7,335
 
5.750%, 1/01/39 – AGC Insured
 
1/19 at 100.00
 
AA–
   
7,868,106
 
     
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds, Series 2009B:
               
 
150
 
0.000%, 1/01/31 – AGC Insured
 
No Opt. Call
 
AA–
   
63,966
 
 
4,355
 
0.000%, 1/01/33 – AGC Insured
 
No Opt. Call
 
AA–
   
1,662,173
 
 
2,300
 
0.000%, 1/01/34 – AGC Insured
 
No Opt. Call
 
AA–
   
831,381
 
 
2,345
 
0.000%, 1/01/35 – AGC Insured
 
No Opt. Call
 
AA–
   
800,841
 
 
7,505
 
0.000%, 1/01/37 – AGC Insured
 
No Opt. Call
 
AA–
   
2,284,147
 
 
1,325
 
0.000%, 1/01/38 – AGC Insured
 
No Opt. Call
 
AA–
   
380,421
 
 
1,235
 
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/20 – SYNCORA GTY Insured
 
7/15 at 100.00
 
A–
   
1,319,993
 
 
4,125
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A, 5.000%, 5/01/36
 
5/20 at 100.00
 
Aa3
   
4,296,435
 
 
48,980
 
Total Transportation
           
38,388,746
 
     
U.S. Guaranteed – 23.1% (15.0% of Total Investments) (4)
               
     
Catawba County, North Carolina, Certificates of Participation, Series 2004:
               
 
1,800
 
5.250%, 6/01/21 (Pre-refunded 6/01/14) – NPFG Insured
 
6/14 at 100.00
 
Aa2 (4)
   
1,846,458
 
 
1,800
 
5.250%, 6/01/22 (Pre-refunded 6/01/14) – NPFG Insured
 
6/14 at 100.00
 
Aa2 (4)
   
1,846,458
 

Nuveen Investments
 
43

 
 

 

NNC
Nuveen North Carolina Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
               
$
500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
 
1/15 at 100.00
 
AA+ (4)
 
$
527,020
 
     
Craven County, North Carolina, Certificates of Participation, Series 2007:
               
 
160
 
5.000%, 6/01/23 (Pre-refunded 6/01/17) – NPFG Insured
 
6/17 at 100.00
 
AA– (4)
   
183,736
 
 
3,000
 
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured
 
6/17 at 100.00
 
AA– (4)
   
3,445,050
 
 
1,250
 
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 (Pre-refunded 6/01/14) – AMBAC Insured
 
6/14 at 100.00
 
Aa3 (4)
   
1,282,263
 
     
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A:
               
 
500
 
5.000%, 6/01/25 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
535,560
 
 
1,295
 
5.000%, 6/01/26 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
1,387,100
 
     
Lee County, North Carolina, Certificates of Participation, Public Schools and Community College, Series 2004:
               
 
1,715
 
5.250%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
 
AA– (4)
   
1,744,704
 
 
1,715
 
5.250%, 4/01/20 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
 
AA– (4)
   
1,744,704
 
 
1,000
 
5.250%, 4/01/22 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
 
AA– (4)
   
1,017,320
 
 
1,500
 
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/23 (Pre-refunded 2/01/14)
 
2/14 at 100.00
 
AA+ (4)
   
1,512,600
 
 
1,680
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21)
 
1/21 at 100.00
 
AA– (4)
   
2,082,511
 
 
2,250
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series 2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured
 
10/14 at 100.00
 
AA– (4)
   
2,353,028
 
     
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System, Series 2004A:
               
 
1,195
 
5.250%, 7/01/20 (Pre-refunded 7/01/14) – AMBAC Insured
 
7/14 at 100.00
 
AA– (4)
   
1,230,898
 
 
1,000
 
5.250%, 7/01/22 (Pre-refunded 7/01/14) – AMBAC Insured
 
7/14 at 100.00
 
AA– (4)
   
1,030,040
 
 
2,035
 
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 5.000%, 11/01/24 (Pre-refunded 11/01/14)
 
11/14 at 100.00
 
N/R (4)
   
2,124,723
 
 
4,260
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM)
 
No Opt. Call
 
Aaa
   
5,032,807
 
     
North Carolina State, General Obligation Bonds, Series 2004A:
               
 
1,000
 
5.000%, 3/01/18 (Pre-refunded 3/01/14)
 
3/14 at 100.00
 
AAA
   
1,012,460
 
 
1,800
 
5.000%, 3/01/22 (Pre-refunded 3/01/14)
 
3/14 at 100.00
 
AAA
   
1,822,428
 
 
2,500
 
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 5.000%, 6/01/20 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
AA+ (4)
   
2,561,350
 
     
Pasquotank County, North Carolina, Certificates of Participation, Series 2004:
               
 
460
 
5.000%, 6/01/25 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
A (4)
   
471,196
 
 
920
 
5.000%, 6/01/25 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
A (4)
   
942,485
 
 
2,070
 
Pitt County, North Carolina, Certificates of Participation, School Facilities Project, Series 2004B, 5.000%, 4/01/29 (Pre-refunded 4/01/14) – AMBAC Insured
 
4/14 at 100.00
 
AA (4)
   
2,104,176
 
 
2,000
 
Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 2004, 5.000%, 9/15/21 (Pre-refunded 3/15/14) – NPFG Insured
 
3/14 at 100.00
 
Baa1 (4)
   
2,028,520
 
     
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004:
               
 
1,000
 
5.000%, 3/01/21 (Pre-refunded 3/01/14)
 
3/14 at 100.00
 
AAA
   
1,012,460
 
 
1,250
 
5.000%, 3/01/22 (Pre-refunded 3/01/14)
 
3/14 at 100.00
 
AAA
   
1,265,575
 
 
2,990
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%, 3/01/36 (Pre-refunded 3/01/16)
 
3/16 at 100.00
 
N/R (4)
   
3,299,824
 
 
2,000
 
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 (Pre-refunded 6/01/14) – AGM Insured
 
6/14 at 102.00
 
AA– (4)
   
2,089,060
 
 
2,250
 
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 12/01/27 (Pre-refunded 12/01/17) – AGM Insured
 
12/17 at 100.00
 
AA– (4)
   
2,618,055
 
     
University of North Carolina System, Pooled Revenue Bonds, Series 2005A:
               
 
555
 
5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
 
4/15 at 100.00
 
N/R (4)
   
590,292
 
 
155
 
5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
 
4/15 at 100.00
 
N/R (4)
   
164,856
 
 
49,605
 
Total U.S. Guaranteed
           
52,909,717
 

44
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities – 9.7% (6.3% of Total Investments)
               
$
2,500
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
 
1/16 at 100.00
 
A–
 
$
2,724,525
 
 
1,400
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 5.000%, 1/01/26
 
1/19 at 100.00
 
A–
   
1,501,122
 
 
3,500
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, 5.000%, 1/01/25
 
7/22 at 100.00
 
A–
   
3,859,135
 
     
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B:
               
 
95
 
6.000%, 1/01/22
 
No Opt. Call
 
A–
   
115,104
 
 
180
 
6.000%, 1/01/22 – FGIC Insured
 
No Opt. Call
 
Baa1
   
218,092
 
 
1,100
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/30
 
1/19 at 100.00
 
A
   
1,155,330
 
     
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2012A:
               
 
4,000
 
5.000%, 1/01/18
 
No Opt. Call
 
A
   
4,596,080
 
 
2,000
 
5.000%, 1/01/19
 
No Opt. Call
 
A
   
2,316,180
 
 
1,050
 
4.000%, 1/01/20
 
No Opt. Call
 
A
   
1,155,882
 
 
250
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A, 5.250%, 1/01/20
 
1/18 at 100.00
 
A
   
279,655
 
 
5,000
 
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Pollution Control Revenue Refunding Bonds, Duke Energy Progress, Inc. Project, Series 2013, 4.000%, 6/01/41
 
6/23 at 100.00
 
Aa3
   
4,365,100
 
 
21,075
 
Total Utilities
           
22,286,205
 
     
Water and Sewer – 26.2% (16.9% of Total Investments)
               
 
1,605
 
Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%, 6/01/20 – SYNCORA GTY Insured
 
6/15 at 100.00
 
A2
   
1,663,181
 
 
3,100
 
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 4/01/31 – AGM Insured
 
4/18 at 100.00
 
AA–
   
3,281,195
 
 
1,145
 
Brunswick County, North Carolina, Enterprise Systems Revenue Refunding Bonds, Series 2012A, 5.000%, 4/01/25
 
4/22 at 100.00
 
AA–
   
1,303,308
 
     
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2008:
               
 
425
 
5.000%, 8/01/28
 
8/18 at 100.00
 
AA
   
463,990
 
 
1,005
 
5.000%, 8/01/35
 
8/18 at 100.00
 
AA
   
1,044,175
 
 
2,135
 
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2011, 5.000%, 8/01/31
 
8/21 at 100.00
 
AA
   
2,292,243
 
 
1,000
 
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008, 5.000%, 7/01/38
 
7/18 at 100.00
 
AAA
   
1,055,240
 
     
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:
               
 
3,860
 
5.000%, 2/01/36
 
2/21 at 100.00
 
AA
   
4,044,431
 
 
1,250
 
5.000%, 2/01/41
 
2/21 at 100.00
 
AA
   
1,296,400
 
 
8,600
 
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
 
6/21 at 100.00
 
AAA
   
9,016,410
 
 
1,535
 
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/28
 
5/22 at 100.00
 
AA–
   
1,682,498
 
 
1,210
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 – NPFG Insured
 
6/18 at 100.00
 
A
   
1,361,686
 
     
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A:
               
 
2,020
 
6.000%, 6/01/34 – AGC Insured
 
6/19 at 100.00
 
AA–
   
2,175,479
 
 
1,020
 
6.000%, 6/01/36 – AGC Insured
 
6/19 at 100.00
 
AA–
   
1,096,959
 
     
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
               
 
600
 
5.625%, 6/01/30 – AGC Insured
 
6/21 at 100.00
 
AA–
   
656,262
 
 
2,100
 
5.750%, 6/01/36 – AGC Insured
 
6/21 at 100.00
 
AA–
   
2,272,431
 
 
1,400
 
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%, 6/01/23 – SYNCORA GTY Insured
 
6/14 at 100.00
 
A+
   
1,430,058
 

Nuveen Investments
 
45

 
 

 

NNC
Nuveen North Carolina Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
               
     
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:
               
$
550
 
5.000%, 3/01/30
 
3/22 at 100.00
 
AAA
 
$
605,781
 
 
1,600
 
5.000%, 3/01/31
 
3/22 at 100.00
 
AAA
   
1,750,288
 
 
5,000
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A, 5.000%, 3/01/28
 
3/23 at 100.00
 
AAA
   
5,629,750
 
 
4,010
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%, 3/01/36
 
3/16 at 100.00
 
AAA
   
4,238,370
 
 
1,000
 
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25 – AGM Insured
 
6/15 at 100.00
 
AA
   
1,060,130
 
 
9,900
 
Winstom-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%, 6/01/37 (UB)
 
6/17 at 100.00
 
AAA
   
10,373,220
 
 
56,070
 
Total Water and Sewer
           
59,793,485
 
$
355,270
 
Total Long-Term Investments (cost $351,174,605)
           
353,394,622
 
     
Floating Rate Obligations – (4.7)%
           
(10,740,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (54.6)% (5)
           
(124,860,000
     
Other Assets Less Liabilities – 4.7%
           
10,738,697
 
     
Net Assets Applicable to Common Shares – 100%
         
$
228,533,319
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.3%
(ETM)
Escrowed to maturity.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
46
 
Nuveen Investments
 
 
 

 

 
NPV
 
 
Nuveen Virginia Premium Income Municipal Fund
 
Portfolio of Investments
 
November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 153.3% (100.0% of Total Investments)
               
     
MUNICIPAL BONDS – 153.3% (100.0% of Total Investments)
               
     
Consumer Staples – 7.2% (4.7% of Total Investments)
               
     
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
               
$
855
 
5.250%, 6/01/32
 
6/17 at 100.00
 
B
 
$
726,622
 
 
700
 
5.625%, 6/01/47
 
6/17 at 100.00
 
B
   
530,747
 
 
73,500
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
 
BB–
   
4,313,715
 
     
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002:
               
 
2,885
 
5.375%, 5/15/33
 
2/14 at 100.00
 
BBB+
   
2,691,417
 
 
325
 
5.500%, 5/15/39
 
2/14 at 100.00
 
BBB
   
283,745
 
 
11,425
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
 
6/17 at 100.00
 
B2
   
7,376,322
 
 
2,145
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
 
6/17 at 100.00
 
B2
   
1,438,673
 
 
91,835
 
Total Consumer Staples
           
17,361,241
 
     
Education and Civic Organizations – 8.6% (5.6% of Total Investments)
               
 
1,615
 
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30
 
No Opt. Call
 
A1
   
1,471,782
 
 
580
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26
 
9/16 at 100.00
 
BBB
   
588,596
 
 
1,000
 
Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C, 5.000%, 12/01/36
 
6/19 at 100.00
 
Aa2
   
1,052,000
 
 
1,630
 
Prince William County Industrial Development Authority, Virginia, Student Housing Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 2011A, 5.125%, 9/01/41
 
9/21 at 100.00
 
A
   
1,657,514
 
 
1,720
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.375%, 12/01/21
 
2/14 at 100.00
 
BBB–
   
1,500,700
 
 
995
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 5.000%, 6/01/37
 
6/15 at 100.00
 
AAA
   
1,038,163
 
 
6,000
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2008, 5.000%, 6/01/40
 
6/18 at 100.00
 
AAA
   
6,401,759
 
 
390
 
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/14
 
No Opt. Call
 
BBB–
   
384,353
 
 
3,600
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A, 5.000%, 9/01/28
 
9/18 at 100.00
 
Aa1
   
3,890,196
 
 
500
 
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 – RAAI Insured
 
1/14 at 100.00
 
N/R
   
501,055
 
 
1,635
 
Virginia Commonwealth University, Revenue Bonds, Series 2004A, 5.000%, 5/01/17 – AMBAC Insured
 
5/14 at 101.00
 
Aa2
   
1,683,412
 
 
500
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke College, Series 2011, 5.750%, 4/01/41
 
4/20 at 100.00
 
A–
   
523,990
 
 
20,165
 
Total Education and Civic Organizations
           
20,693,520
 
     
Health Care – 29.1% (18.9% of Total Investments)
               
 
5,000
 
Arlington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31
 
7/20 at 100.00
 
A1
   
5,088,200
 

Nuveen Investments
 
47

 
 

 

NPV
Nuveen Virginia Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
               
     
Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007:
               
$
1,545
 
5.000%, 9/01/27
 
9/17 at 100.00
 
A
 
$
1,576,224
 
 
250
 
5.000%, 9/01/37
 
9/17 at 100.00
 
A
   
250,278
 
 
2,145
 
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health, Series 2010C-2, 5.000%, 11/01/42 – AGC Insured
 
11/20 at 100.00
 
AA–
   
2,174,344
 
 
3,375
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/40
 
1/23 at 100.00
 
A+
   
3,362,951
 
 
3,340
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2009, Trust 11733, 15.186%, 11/15/29 (IF)
 
5/19 at 100.00
 
AA+
   
3,948,281
 
 
1,000
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40
 
5/22 at 100.00
 
AA+
   
1,018,630
 
 
4,950
 
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23
 
No Opt. Call
 
AA+
   
5,695,371
 
     
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007:
               
 
1,080
 
5.250%, 6/15/18
 
No Opt. Call
 
Baa1
   
1,194,188
 
 
2,500
 
5.250%, 6/15/23
 
No Opt. Call
 
Baa1
   
2,630,525
 
 
2,480
 
Fredericksburg Industrial Development Authority, Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%, 6/15/33
 
2/14 at 100.00
 
Baa1
   
2,480,174
 
 
680
 
Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995, 6.375%, 8/15/18 – NPFG Insured
 
No Opt. Call
 
A
   
748,027
 
 
9,265
 
Harrisonburg Industrial Development Authority, Virginia, Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006, 5.000%, 8/15/31 – AMBAC Insured
 
8/16 at 100.00
 
AA
   
9,469,196
 
 
1,500
 
Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured
 
No Opt. Call
 
A
   
1,706,175
 
 
3,155
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Refunding Bonds, Novant Health Obligated Group-Prince William Hospital, Series 2013B, 5.000%, 11/01/46
 
11/22 at 100.00
 
AA–
   
3,102,312
 
     
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006:
               
 
2,000
 
5.250%, 6/15/25
 
6/16 at 100.00
 
Baa1
   
2,038,820
 
 
2,000
 
5.250%, 6/15/26
 
6/16 at 100.00
 
Baa1
   
2,028,980
 
 
2,025
 
5.250%, 6/15/31
 
6/16 at 100.00
 
Baa1
   
2,014,612
 
 
7,395
 
5.250%, 6/15/37
 
6/16 at 100.00
 
Baa1
   
7,138,171
 
 
2,550
 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara Healthcare, Refunding Series 2010, 5.000%, 11/01/40
 
5/20 at 100.00
 
AA
   
2,587,664
 
 
4,425
 
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
 
9/17 at 100.00
 
BBB+
   
4,236,495
 
 
1,620
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health System Obligated Group, Series 2009E, 5.625%, 1/01/44
 
1/19 at 100.00
 
A+
   
1,706,135
 
 
2,855
 
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31
 
1/17 at 100.00
 
A+
   
2,912,414
 
 
1,020
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39
 
4/20 at 100.00
 
A
   
1,035,749
 
 
68,155
 
Total Health Care
           
70,143,916
 
     
Housing/Multifamily – 1.4% (0.9% of Total Investments)
               
 
940
 
Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Mandatory put 11/01/19) (Alternative Minimum Tax)
 
1/14 at 100.00
 
AA
   
941,955
 
 
400
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45
 
10/19 at 100.00
 
AA+
   
404,208
 
 
530
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32
 
2/20 at 100.00
 
AA+
   
533,090
 
 
1,430
 
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51
 
4/20 at 100.00
 
AA+
   
1,442,384
 
 
3,300
 
Total Housing/Multifamily
           
3,321,637
 

48
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Single Family – 7.0% (4.6% of Total Investments)
               
$
2,740
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum Tax)
 
7/15 at 100.00
 
AAA
 
$
2,749,645
 
 
7,900
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum Tax)
 
7/16 at 100.00
 
AAA
   
7,905,371
 
     
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-5:
               
 
2,500
 
4.550%, 7/01/31
 
10/22 at 100.00
 
AAA
   
2,533,675
 
 
2,000
 
4.800%, 7/01/38
 
10/22 at 100.00
 
AAA
   
2,025,760
 
     
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:
               
 
715
 
4.400%, 10/01/31 (WI/DD, Settling 12/19/13)
 
10/22 at 100.00
 
AAA
   
719,126
 
 
1,000
 
4.750%, 10/01/38 (WI/DD, Settling 12/19/13)
 
10/22 at 100.00
 
AAA
   
1,009,290
 
 
16,855
 
Total Housing/Single Family
           
16,942,867
 
     
Long-Term Care – 9.1% (5.9% of Total Investments)
               
 
2,000
 
Albemarle County Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Westminster-Cantebury of the Blue Ridge, Series 2007, 5.000%, 1/01/31
 
1/17 at 100.00
 
N/R
   
1,856,540
 
 
1,000
 
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.625%, 12/01/39
 
12/15 at 100.00
 
N/R
   
639,620
 
 
5,585
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37
 
10/17 at 100.00
 
BBB
   
5,576,958
 
     
Fairfax County Economic Development Authority, Virginia, Retirement Center Revenue Bonds, Greenspring Village, Series 2006A:
               
 
1,000
 
4.750%, 10/01/26
 
10/16 at 100.00
 
A
   
1,013,520
 
 
800
 
4.875%, 10/01/36
 
10/16 at 100.00
 
A
   
791,256
 
     
Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Series 2006:
               
 
100
 
5.000%, 10/01/27
 
10/17 at 100.00
 
BBB
   
101,115
 
 
4,740
 
5.000%, 10/01/35
 
2/14 at 100.00
 
BBB
   
4,656,244
 
 
3,590
 
Industrial Development Authority of the County of Prince William, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake, First Mortgage, Series 2006, 5.125%, 1/01/26
 
1/17 at 100.00
 
N/R
   
2,853,942
 
 
1,000
 
Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 12/01/27
 
12/22 at 100.00
 
N/R
   
855,660
 
 
1,500
 
Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39
 
12/16 at 100.00
 
N/R
   
1,183,350
 
 
1,000
 
Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31
 
9/16 at 100.00
 
N/R
   
926,130
 
 
1,000
 
Virginia Beach Development Authority, Virginia, Residential Care Facility Mortgage Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2005, 5.000%, 11/01/22
 
11/15 at 100.00
 
N/R
   
994,280
 
 
500
 
Winchester Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster-Canterbury of Winchester Inc., Series 2005A, 5.200%, 1/01/27
 
1/15 at 100.00
 
BBB+
   
501,735
 
 
23,815
 
Total Long-Term Care
           
21,950,350
 
     
Tax Obligation/General – 12.4% (8.1% of Total Investments)
               
 
1,440
 
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25
 
7/20 at 100.00
 
Aa2
   
1,629,547
 
 
3,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2011A, 5.000%, 6/15/14
 
No Opt. Call
 
AA–
   
3,079,380
 
 
1,000
 
Loudoun County, Virginia, General Obligation Bonds, Public Improvement Series 2009A, 4.000%, 7/01/14
 
No Opt. Call
 
AAA
   
1,022,800
 
 
1,645
 
Norfolk, Virginia, General Obligation Bonds, Refunding Capital Improvement Series 2013A, 2.000%, 8/01/14
 
No Opt. Call
 
AA+
   
1,665,530
 
 
1,070
 
Norfolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 3/01/15 – NPFG Insured
 
No Opt. Call
 
AA+
   
1,134,072
 
 
6,050
 
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34
 
7/20 at 100.00
 
AA
   
6,306,581
 
 
1,280
 
Portsmouth, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 4/01/15 – NPFG Insured
 
No Opt. Call
 
AA
   
1,361,485
 
 
610
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 1998, 6.000%, 7/01/15 – NPFG Insured
 
No Opt. Call
 
A
   
611,074
 

Nuveen Investments
 
49

 
 

 

NPV
Nuveen Virginia Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
               
$
560
 
Puerto Rico, General Obligation Bonds, Series 2004A, 5.000%, 7/01/15 – AGM Insured
 
7/14 at 100.00
 
AA–
 
$
562,285
 
 
1,535
 
Suffolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 12/01/15
 
No Opt. Call
 
AA+
   
1,678,430
 
      Virginia Beach, Virginia, General Obligation Bonds, Series 2008:                
 
4,500
 
5.000%, 10/01/26 (UB)
 
10/17 at 100.00
 
AAA
   
4,971,240
 
 
4,500
 
5.000%, 10/01/27 (UB)
 
10/17 at 100.00
 
AAA
   
4,925,610
 
 
1,000
 
Virginia State, General Obligation Bonds, Series 2004B, 5.000%, 6/01/14
 
No Opt. Call
 
AAA
   
1,024,660
 
 
28,190
 
Total Tax Obligation/General
           
29,972,694
 
     
Tax Obligation/Limited – 30.8% (20.1% of Total Investments)
               
 
154
 
Bell Creek Community Development Authority, Virginia, Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22
 
3/14 at 100.00
 
N/R
   
154,437
 
     
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:
               
 
630
 
5.250%, 7/15/25 – ACA Insured
 
7/15 at 100.00
 
N/R
   
529,011
 
 
520
 
5.500%, 7/15/35 – ACA Insured
 
7/15 at 100.00
 
N/R
   
399,381
 
 
1,340
 
Culpeper Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities Project, Series 2005, 5.000%, 1/01/20 – NPFG Insured
 
1/15 at 100.00
 
AA–
   
1,407,134
 
 
1,135
 
Cumberland County, Virginia, Certificates of Participation, Series 1997, 6.375%, 7/15/17
 
No Opt. Call
 
N/R
   
1,248,863
 
 
600
 
Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26
 
No Opt. Call
 
N/R
   
537,690
 
 
2,300
 
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%, 5/15/18
 
5/16 at 100.00
 
AA+
   
2,514,222
 
 
4,000
 
Fairfax County Economic Development Authority, Virginia, Transportation District Improvement Revenue Bonds, Silver Line Phase 1 Project, Series 2011, 5.000%, 4/01/27
 
No Opt. Call
 
AA
   
4,324,120
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
               
 
1,020
 
5.000%, 1/01/31
 
1/22 at 100.00
 
A
   
1,045,867
 
 
500
 
5.250%, 1/01/36
 
1/22 at 100.00
 
A
   
503,905
 
     
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
               
 
2,480
 
5.000%, 6/15/15 – NPFG Insured
 
No Opt. Call
 
A+
   
2,647,623
 
 
5,700
 
5.000%, 6/15/30 – NPFG Insured
 
6/15 at 100.00
 
A+
   
5,908,506
 
 
1,270
 
James City County Economic Development Authority, Virginia, Lease Revenue Bonds, County Government Projects, Series 2005, 5.000%, 7/15/19
 
7/15 at 100.00
 
AA+
   
1,360,691
 
 
890
 
Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29
 
2/18 at 100.00
 
AA–
   
926,446
 
 
680
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.000%, 7/01/33
 
2/14 at 100.00
 
BBB
   
475,667
 
 
645
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
 
No Opt. Call
 
Baa3
   
528,049
 
 
955
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 1998, 5.000%, 7/01/28
 
7/14 at 100.00
 
BBB–
   
701,562
 
     
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003:
               
 
1,000
 
5.250%, 7/01/15 – FGIC Insured
 
2/14 at 100.00
 
BBB–
   
971,530
 
 
1,500
 
5.250%, 7/01/17 – FGIC Insured
 
2/14 at 100.00
 
BBB–
   
1,352,625
 
     
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
               
 
5,085
 
0.000%, 7/01/29 – AMBAC Insured
 
No Opt. Call
 
BBB+
   
1,524,229
 
 
5,000
 
0.000%, 7/01/43 – AMBAC Insured
 
No Opt. Call
 
BBB+
   
479,850
 
 
5,875
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 0.000%, 7/01/28 – AMBAC Insured
 
No Opt. Call
 
BBB+
   
1,902,501
 
     
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D:
               
 
665
 
5.250%, 7/01/27
 
2/14 at 100.00
 
BBB–
   
486,687
 
 
320
 
5.250%, 7/01/36
 
2/14 at 100.00
 
BBB–
   
224,093
 
 
3,400
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
 
A+
   
2,744,820
 

50
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
2,705
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42
 
2/20 at 100.00
 
A+
 
$
2,057,937
 
 
3,195
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 6.000%, 8/01/39
 
8/20 at 100.00
 
A+
   
2,596,640
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
 
No Opt. Call
 
AA–
   
1,550,800
 
 
5
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured
 
No Opt. Call
 
A
   
4,808
 
 
1,290
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured
 
No Opt. Call
 
AA–
   
1,252,642
 
 
760
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC, 5.500%, 7/01/28 – NPFG Insured
 
No Opt. Call
 
A
   
679,128
 
 
2,490
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
 
8/16 at 100.00
 
Baa1
   
2,582,454
 
 
395
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
 
2/17 at 100.00
 
N/R
   
382,336
 
 
5,000
 
Stafford County Economic Development Authority, Virginia, Public Project Lease Revenue Bonds, Series 2008, 5.000%, 4/01/33 – AGC Insured (UB)
 
4/18 at 100.00
 
AA
   
5,149,900
 
 
1,550
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/31 – ACA Insured
 
10/14 at 100.00
 
BBB+
   
1,515,900
 
 
3,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
 
10/20 at 100.00
 
BBB
   
2,993,310
 
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/25
 
10/19 at 100.00
 
BBB
   
1,047,180
 
 
1,950
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29
 
10/20 at 100.00
 
Baa2
   
1,965,444
 
 
1,200
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A, 4.000%, 2/01/29
 
No Opt. Call
 
AA+
   
1,212,636
 
 
1,665
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009, Tender Option Bond Trust 09-3B, 13.050%, 2/01/27 (IF), (5)
 
2/19 at 100.00
 
AA+
   
2,158,939
 
 
1,665
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009, Tender Option Bond Trust 09-4B, 13.110%, 2/01/28 (IF), (5)
 
2/19 at 100.00
 
AA+
   
2,112,785
 
 
500
 
Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation Revenue Notes, Series 2012A, 5.000%, 9/15/14
 
No Opt. Call
 
Aa1
   
519,240
 
 
2,000
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2006, 5.000%, 8/01/15
 
No Opt. Call
 
AA+
   
2,157,780
 
 
475
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2008B, 5.000%, 8/01/14
 
No Opt. Call
 
AA+
   
490,566
 
 
1,000
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2007B, 5.000%, 8/01/14
 
No Opt. Call
 
AA+
   
1,032,630
 
 
95
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Prerefunded-Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19
 
2/14 at 100.00
 
AA
   
95,377
 
 
2,000
 
Virginia Transportation Board, Transportation Revenue Bonds, Northern Virginia Transportation District Program, Series 2012A, 5.000%, 5/15/14
 
No Opt. Call
 
AA+
   
2,045,000
 
     
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2004B:
               
 
2,000
 
5.000%, 5/15/15
 
5/14 at 100.00
 
AA+
   
2,046,080
 
 
750
 
5.000%, 5/15/17
 
5/14 at 100.00
 
AA+
   
766,485
 

Nuveen Investments
 
51

 
 

 

NPV
Nuveen Virginia Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
               
$
1,000
 
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2006C, 5.000%, 5/15/23
 
No Opt. Call
 
AA+
 
$
1,099,150
 
 
95,354
 
Total Tax Obligation/Limited
           
74,414,656
 
     
Transportation – 20.8% (13.6% of Total Investments)
               
 
1,000
 
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Refunding Bonds, Series 1998, 5.500%, 7/01/25 – NPFG Insured
 
No Opt. Call
 
A
   
1,109,570
 
     
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B:
               
 
2,000
 
0.000%, 7/15/32
 
7/28 at 100.00
 
BBB
   
1,012,700
 
 
4,125
 
0.000%, 7/15/40
 
7/28 at 100.00
 
BBB
   
1,872,668
 
     
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2:
               
 
4,000
 
0.000%, 10/01/26 – AGC Insured
 
No Opt. Call
 
AA–
   
2,122,400
 
 
11,825
 
0.000%, 10/01/34 – AGC Insured
 
No Opt. Call
 
AA–
   
3,534,493
 
 
1,135
 
0.000%, 10/01/36 – AGC Insured
 
No Opt. Call
 
AA–
   
290,378
 
 
5,010
 
0.000%, 10/01/39 – AGC Insured
 
No Opt. Call
 
AA–
   
1,042,982
 
 
6,700
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
 
10/28 at 100.00
 
BBB+
   
5,186,537
 
 
750
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 10/01/26 (Alternative Minimum Tax)
 
10/20 at 100.00
 
AA–
   
793,185
 
 
1,200
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2009C, 5.000%, 10/01/28
 
10/18 at 100.00
 
AA–
   
1,283,508
 
     
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2010A:
               
 
3,000
 
5.000%, 10/01/30
 
10/20 at 100.00
 
AA–
   
3,214,320
 
 
420
 
5.000%, 10/01/35
 
10/20 at 100.00
 
AA–
   
436,733
 
 
2,500
 
Metropolitan Washington D.C. Airports Authority, System Revenue Bonds, Series 2007B, 5.000%, 10/01/35 – AMBAC Insured (Alternative Minimum Tax)
 
10/17 at 100.00
 
AA–
   
2,518,925
 
 
800
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax)
 
1/24 at 100.00
 
AA–
   
801,848
 
 
3,000
 
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured
 
No Opt. Call
 
A
   
3,374,370
 
 
1,000
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
 
No Opt. Call
 
BBB–
   
925,560
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
               
 
1,000
 
0.000%, 7/01/28
 
No Opt. Call
 
BBB–
   
434,100
 
 
2,000
 
0.000%, 7/01/30
 
No Opt. Call
 
BBB–
   
729,900
 
 
15,285
 
0.000%, 7/01/45
 
No Opt. Call
 
BBB–
   
1,890,143
 
 
3,195
 
Virginia Port Authority, Port Facilities Revenue Refunding Bonds Series 2010, 5.000%, 7/01/40
 
7/19 at 100.00
 
Aa3
   
3,269,859
 
 
3,415
 
Virginia Port Authority, Revenue Bonds, Port Authority Facilities, Series 2006, 5.000%, 7/01/36 – FGIC Insured (Alternative Minimum Tax)
 
2/14 at 100.00
 
Aa3
   
3,378,391
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
               
 
500
 
5.250%, 1/01/32 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
   
495,370
 
 
5,000
 
6.000%, 1/01/37 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
   
5,165,550
 
 
5,500
 
5.500%, 1/01/42 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
   
5,422,285
 
 
84,360
 
Total Transportation
           
50,305,775
 
     
U.S. Guaranteed – 17.3% (11.3% of Total Investments) (4)
               
 
1,750
 
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 – AGM Insured (ETM)
 
No Opt. Call
 
AA– (4)
   
2,044,368
 
 
1,000
 
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM Insured (ETM)
 
No Opt. Call
 
AA– (4)
   
1,167,170
 
 
1,000
 
Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2005A, 5.000%, 7/01/18 (Pre-refunded 7/01/15) – AGM Insured
 
7/15 at 100.00
 
AA– (4)
   
1,074,690
 

52
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
               
     
Dinwiddie County Industrial Development Authority, Virginia, Lease Revenue Bonds, Refunding Series 2004B:
               
$
1,000
 
5.125%, 2/15/16 (Pre-refunded 2/15/14) – NPFG Insured
 
2/14 at 100.00
 
A+ (4)
 
$
1,010,060
 
 
750
 
5.000%, 2/15/24 (Pre-refunded 2/15/14) – NPFG Insured
 
2/14 at 100.00
 
A+ (4)
   
757,343
 
 
1,660
 
Front Royal and Warren County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2004B, 5.000%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured
 
4/14 at 100.00
 
AA– (4)
   
1,687,440
 
 
1,000
 
Loudoun County Sanitation Authority, Virginia, Water and Sewerage System Revenue Bonds, Series 2004, 5.000%, 1/01/26 (Pre-refunded 1/01/15)
 
1/15 at 100.00
 
AAA
   
1,052,350
 
 
1,700
 
Loudoun County, Virginia, General Obligation Bonds, Series 2006B, 5.000%, 12/01/25 (Pre-refunded 12/01/16)
 
12/16 at 100.00
 
AAA
   
1,927,732
 
 
500
 
Loudoun County, Virginia, General Obligation Public Improvement Bonds, Series 2005B, 5.000%, 6/01/18 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
AAA
   
535,720
 
 
1,185
 
Lynchburg, Virginia, General Obligation Bonds, Series 2004, 5.000%, 6/01/21 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
AA+ (4)
   
1,214,033
 
 
1,000
 
Newport News, Virginia, General Obligation Bonds, Series 2004A, 5.000%, 7/15/17 (Pre-refunded 7/15/14)
 
7/14 at 101.00
 
Aa1 (4)
   
1,040,210
 
 
2,145
 
Newport News, Virginia, General Obligation Bonds, Series 2004C, 5.000%, 5/01/16 (Pre-refunded 5/01/14)
 
5/14 at 101.00
 
Aa1 (4)
   
2,210,187
 
 
3,000
 
Norfolk, Virginia, Parking System Revenue Bonds, Series 2005A, 5.000%, 2/01/23 (Pre-refunded 2/01/15) – NPFG Insured
 
2/15 at 100.00
 
A (4)
   
3,167,520
 
 
580
 
Prince William County, Virginia, Certificates of Participation, County Facilities, Series 2005, 5.000%, 6/01/20 (Pre-refunded 6/01/15) – AMBAC Insured
 
6/15 at 100.00
 
Aa1 (4)
   
621,342
 
 
145
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured (ETM)
 
No Opt. Call
 
Baa1 (4)
   
173,838
 
 
710
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured (ETM)
 
No Opt. Call
 
A2 (4)
   
866,839
 
 
1,480
 
Richmond, Virginia, General Obligation Bonds, Series 2004A, 5.000%, 7/15/21 (Pre-refunded 7/15/14) – AGM Insured
 
7/14 at 100.00
 
AA+ (4)
   
1,524,726
 
 
620
 
Richmond, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 7/15/17 (Pre-refunded 7/15/15) – AGM Insured
 
7/15 at 100.00
 
AA+ (4)
   
667,715
 
 
710
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 (Pre-refunded 8/01/16) – NPFG Insured
 
8/16 at 100.00
 
Baa1 (4)
   
793,752
 
 
105
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
 
2/17 at 100.00
 
N/R (4)
   
119,452
 
 
1,000
 
Staunton, Virginia, General Obligation Bonds, Series 2004, 6.250%, 2/01/25 (Pre-refunded 2/01/14) – AMBAC Insured
 
2/14 at 101.00
 
Aa2 (4)
   
1,020,580
 
 
2,135
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 5.000%, 6/01/37 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
N/R (4)
   
2,286,521
 
     
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005:
               
 
5,065
 
5.500%, 6/01/26 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
Aaa
   
5,344,284
 
 
1,860
 
5.625%, 6/01/37 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
Aaa
   
2,009,451
 
 
2,295
 
Virginia Beach Development Authority, Public Facilities Revenue Bonds, Series 2005A, 5.000%, 5/01/22 (Pre-refunded 5/01/15)
 
5/15 at 100.00
 
AA+ (4)
   
2,450,303
 
 
2,100
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2005, 5.000%, 1/15/20 (Pre-refunded 1/15/16)
 
1/16 at 100.00
 
AAA
   
2,302,545
 
 
2,540
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2005C, 5.000%, 8/01/17 (Pre-refunded 8/01/15)
 
8/15 at 100.00
 
AA+ (4)
   
2,740,609
 
 
39,035
 
Total U.S. Guaranteed
           
41,810,780
 
     
Utilities – 2.0% (1.3% of Total Investments)
               
 
395
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
 
10/22 at 100.00
 
BBB
   
383,035
 

Nuveen Investments
 
53

 
 

 

NPV
Nuveen Virginia Premium Income Municipal Fund (continued)
 
Portfolio of Investments November 30, 2013 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities (continued)
               
$
655
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007UU, 5.000%, 7/01/19 – NPFG Insured
 
No Opt. Call
 
A
 
$
610,106
 
 
730
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24
 
7/17 at 100.00
 
BB+
   
682,039
 
 
3,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – AMBAC Insured
 
7/15 at 100.00
 
AA+
   
3,089,310
 
 
4,780
 
Total Utilities
           
4,764,490
 
     
Water and Sewer – 7.6% (5.0% of Total Investments)
               
 
1,000
 
Fairfax County, Virginia, Sewerage Revenue Bonds, Series 2004, 5.000%, 7/15/27
 
No Opt. Call
 
AAA
   
1,022,690
 
 
810
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 (WI/DD, Settling 12/12/13)
 
7/23 at 100.00
 
Ba1
   
791,338
 
 
4,000
 
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A, 5.000%, 1/01/39
 
No Opt. Call
 
AAA
   
4,206,800
 
     
Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001:
               
 
1,265
 
5.500%, 11/15/17 – AGM Insured
 
No Opt. Call
 
AA–
   
1,435,889
 
 
3,000
 
5.500%, 11/15/19 – AGM Insured
 
No Opt. Call
 
AA–
   
3,500,610
 
 
3,300
 
Virginia Beach, Virginia, Water and Sewer System Revenue Bonds, Series 2005, 5.000%, 10/01/30
 
10/15 at 100.00
 
AAA
   
3,469,059
 
 
1,000
 
Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland County – Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34
 
11/22 at 63.13
 
AA
   
364,620
 
 
3,050
 
Virginia State Resources Authority, Clean Water Revenue Bonds, Series 2007, Trust 3036, 13.377%, 10/01/15 (IF)
 
No Opt. Call
 
AAA
   
3,557,886
 
 
17,425
 
Total Water and Sewer
           
18,348,892
 
$
493,269
 
Total Long-Term Investments (cost $374,777,243)
           
370,030,818
 
     
Floating Rate Obligations – (3.8)%
           
(9,250,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (53.0)% (6)
           
(128,000,000
     
Other Assets Less Liabilities – 3.5%
           
8,603,346
 
     
Net Assets Applicable to Common Shares – 100%
         
$
241,384,164
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.6%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
54
 
Nuveen Investments

 
 

 

Statement of
 
 
Assets and Liabilities
   
 
November 30, 2013 (Unaudited)
 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Assets
                               
Investments, at value (cost $210,582,832, $500,463,746, $50,327,044, $351,174,605 and $374,777,243, respectively)
 
$
213,038,656
 
$
504,265,613
 
$
50,915,679
 
$
353,394,622
 
$
370,030,818
 
Cash
   
2,631,717
   
11,373,869
   
21,001
   
   
5,130,062
 
Receivable for:
                               
Interest
   
3,336,340
   
8,683,071
   
691,806
   
6,035,527
   
5,642,775
 
Investments sold
   
   
4,990,684
   
195,000
   
6,605,000
   
1,185,000
 
Deferred offering costs
   
465,975
   
1,107,503
   
175,205
   
744,715
   
307,374
 
Other assets
   
2,720
   
13,685
   
1,431
   
10,931
   
246,084
 
Total assets
   
219,475,408
   
530,434,425
   
52,000,122
   
366,790,795
   
382,542,113
 
Liabilities
                               
Cash overdraft
   
   
   
   
1,212,698
   
 
Floating rate obligations
   
3,245,000
   
21,995,000
   
2,225,000
   
10,740,000
   
9,250,000
 
Payable for:
                               
Common share dividends
   
542,403
   
1,292,830
   
134,445
   
808,057
   
995,160
 
Interest
   
165,525
   
374,961
   
31,289
   
272,733
   
24
 
Investments purchased
   
   
4,604,162
   
746,482
   
   
2,510,461
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
74,945,000
   
166,144,000
   
17,880,000
   
124,860,000
   
 
Variable Rate Demand Preferred (VRDP) Shares,at liquidation value
   
   
   
   
   
128,000,000
 
Accrued expenses:
                               
Management fees
   
111,335
   
256,868
   
24,842
   
177,598
   
190,617
 
Trustees fees
   
864
   
7,340
   
196
   
5,189
   
5,481
 
Other
   
136,141
   
120,253
   
22,108
   
181,201
   
206,206
 
Total liabilities
   
79,146,268
   
194,795,414
   
21,064,362
   
138,257,476
   
141,157,949
 
Net assets applicable to common shares
 
$
140,329,140
 
$
335,639,011
 
$
30,935,760
 
$
228,533,319
 
$
241,384,164
 
Common shares outstanding
   
10,548,790
   
24,104,666
   
2,329,418
   
16,548,509
   
17,933,251
 
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
13.30
 
$
13.92
 
$
13.28
 
$
13.81
 
$
13.46
 
Net assets applicable to common shares consist of:
                               
Common shares, $.01 par value per share
 
$
105,488
 
$
241,047
 
$
23,294
 
$
165,485
 
$
179,333
 
Paid-in surplus
   
143,031,830
   
339,756,682
   
30,952,946
   
226,687,133
   
251,823,527
 
Undistributed (Over-distribution of) net investment income
   
(34,756
)
 
1,939,542
   
231,422
   
(436,047
)
 
474,516
 
Accumulated net realized gain (loss)
   
(5,229,246
)
 
(10,100,127
)
 
(860,537
)
 
(103,269
)
 
(6,346,787
)
Net unrealized appreciation (depreciation)
   
2,455,824
   
3,801,867
   
588,635
   
2,220,017
   
(4,746,425
)
Net assets applicable to common shares
 
$
140,329,140
 
$
335,639,011
 
$
30,935,760
 
$
228,533,319
 
$
241,384,164
 
Authorized shares:
                               
Common
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
55

 
 

 

Statement of
 
 
Operations
   
 
Six Months Ended November 30, 2013 (Unaudited)

     
Georgia
Dividend
Advantage 2
(NKG)
   
Maryland
Premium
Income
(NMY)
   
Missouri
Premium
Income
(NOM)
   
North
Carolina
Premium
Income
(NNC)
   
Virginia
Premium
Income
(NPV)
 
Investment Income
 
$
5,149,093
 
$
12,408,721
 
$
1,198,446
 
$
7,857,452
 
$
9,246,017
 
Expenses
                               
Management fees
   
681,260
   
1,587,995
   
152,007
   
1,085,697
   
1,178,933
 
Shareholder servicing agent fees and expenses
   
26,327
   
45,102
   
9,635
   
37,854
   
32,955
 
Interest expense and amortization of offering costs
   
1,191,650
   
2,705,210
   
240,586
   
1,974,217
   
1,808,800
 
Liquidity fees
   
   
   
   
   
306,365
 
Remarketing fees
   
   
   
   
   
33,423
 
Custodian fees and expenses
   
18,263
   
46,952
   
8,089
   
30,204
   
35,441
 
Trustees fees and expenses
   
3,148
   
7,470
   
716
   
5,190
   
5,567
 
Professional fees
   
20,411
   
14,933
   
11,122
   
23,021
   
19,971
 
Shareholder reporting expenses
   
26,683
   
14,818
   
6,791
   
69,320
   
10,651
 
Stock exchange listing fees
   
15,894
   
17,443
   
5,771
   
37,288
   
12,446
 
Investor relations expenses
   
12,629
   
17,139
   
3,063
   
15,348
   
10,160
 
Other expenses
   
21,260
   
20,115
   
9,701
   
29,872
   
10,754
 
Total expenses
   
2,017,525
   
4,477,177
   
447,481
   
3,308,011
   
3,465,466
 
Net investment income (loss)
   
3,131,568
   
7,931,544
   
750,965
   
4,549,441
   
5,780,551
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from investments
   
(1,752,958
)
 
(6,789,906
)
 
(691,173
)
 
642,241
   
(6,528,765
)
Change in net unrealized appreciation (depreciation)of investments
   
(11,495,760
)
 
(32,637,699
)
 
(2,308,390
)
 
(20,264,821
)
 
(27,330,800
)
Net realized and unrealized gain (loss)
   
(13,248,718
)
 
(39,427,605
)
 
(2,999,563
)
 
(19,622,580
)
 
(33,859,565
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(10,117,150
)
$
(31,496,061
)
$
(2,248,598
)
$
(15,073,139
)
$
(28,079,014
)
 
See accompanying notes to financial statements.
 
56
 
Nuveen Investments

 
 

 

Statement of
 
 
Changes in Net Assets (Unaudited)

     
Georgia Dividend Advantage 2 (NKG)
   
Maryland Premium Income (NMY)
   
Missouri Premium Income (NOM)
 
     
Six Months
Ended
11/30/13
   
Year
Ended
5/31/13
   
Six Months
Ended
11/30/13
   
Year
Ended
5/31/13
   
Six Months
Ended
11/30/13
   
Year
Ended
5/31/13
 
Operations
                                     
Net investment income (loss)
 
$
3,131,568
 
$
6,020,509
 
$
7,931,544
 
$
14,021,037
 
$
750,965
 
$
1,530,798
 
Net realized gain (loss) from investments
   
(1,752,958
)
 
226,296
   
(6,789,906
)
 
268,979
   
(691,173
)
 
14,851
 
Change in net unrealized appreciation (depreciation) of investments
   
(11,495,760
)
 
(747,566
)
 
(32,637,699
)
 
(2,621,007
)
 
(2,308,390
)
 
131,347
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(10,117,150
)
 
5,499,239
   
(31,496,061
)
 
11,669,009
   
(2,248,598
)
 
1,676,996
 
Distributions to Common Shareholders
                                     
From net investment income
   
(3,386,162
)
 
(6,448,188
)
 
(8,026,853
)
 
(15,597,256
)
 
(852,276
)
 
(1,702,603
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(3,386,162
)
 
(6,448,188
)
 
(8,026,853
)
 
(15,597,256
)
 
(852,276
)
 
(1,702,603
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations
   
   
87,714,734
   
   
211,807,271
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
27,755
   
   
75,351
   
26,106
   
57,168
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
87,742,489
   
   
211,882,622
   
26,106
   
57,168
 
Net increase (decrease) in net assets applicable to common shares
   
(13,503,312
)
 
86,793,540
   
(39,522,914
)
 
207,954,375
   
(3,074,768
)
 
31,561
 
Net assets applicable to common shares at the beginning of period
   
153,832,452
   
67,038,912
   
375,161,925
   
167,207,550
   
34,010,528
   
33,978,967
 
Net assets applicable to common shares at the end of period
 
$
140,329,140
 
$
153,832,452
 
$
335,639,011
 
$
375,161,925
 
$
30,935,760
 
$
34,010,528
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
(34,756
)
$
219,838
 
$
1,939,542
 
$
2,034,851
 
$
231,422
 
$
332,733
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
57

 
 

 
Statement of Changes in Net Assets (Unaudited) (continued)

     
North Carolina Premium Income (NNC)
   
Virginia Premium Income (NPV)
 
     
Six Months
Ended
11/30/13
   
Year
Ended
5/31/13
   
Six Months
Ended
11/30/13
   
Year
Ended
5/31/13
 
Operations
                         
Net investment income (loss)
 
$
4,549,441
 
$
9,239,191
 
$
5,780,551
 
$
10,697,104
 
Net realized gain (loss) from investments
   
642,241
   
327,862
   
(6,528,765
)
 
443,695
 
Change in net unrealized appreciation (depreciation) of investments
   
(20,264,821
)
 
(3,568,579
)
 
(27,330,800
)
 
(4,173,812
)
Net increase (decrease) in net assets applicable to common shares from operations
   
(15,073,139
)
 
5,998,474
   
(28,079,014
)
 
6,966,987
 
Distributions to Common Shareholders
                         
From net investment income
   
(4,994,340
)
 
(10,348,434
)
 
(6,402,169
)
 
(11,424,132
)
From accumulated net realized gains
   
   
   
   
(302,943
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(4,994,340
)
 
(10,348,434
)
 
(6,402,169
)
 
(11,727,075
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganizations
   
   
155,423,952
   
   
139,077,537
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
29,851
   
   
449,003
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
155,453,803
   
   
139,526,540
 
Net increase (decrease) in net assets applicable to common shares
   
(20,067,479
)
 
151,103,843
   
(34,481,183
)
 
134,766,452
 
Net assets applicable to common shares at the beginning of period
   
248,600,798
   
97,496,955
   
275,865,347
   
141,098,895
 
Net assets applicable to common shares at the end of period
 
$
228,533,319
 
$
248,600,798
 
$
241,384,164
 
$
275,865,347
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
(436,047
)
$
8,852
 
$
474,516
 
$
1,096,134
 
 
See accompanying notes to financial statements.
 
58
 
Nuveen Investments

 
 

 

Statement of
 
 
Cash Flows
   
 
Six Months Ended November 30, 2013 (Unaudited)

     
Georgia
   
Maryland
   
Missouri
 
     
Dividend
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(10,117,150
)
$
(31,496,061
)
$
(2,248,598
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(17,363,708
)
 
(64,252,927
)
 
(8,461,521
)
Proceeds from sales and maturities of investments
   
18,717,947
   
77,383,441
   
6,914,756
 
Amortization (Accretion) of premiums and discounts, net
   
260,427
   
646,751
   
47,041
 
(Increase) Decrease in:
                   
Receivable for interest
   
(85,371
)
 
370,076
   
52,460
 
Receivable for investments sold
   
10,000
   
(4,285,684
)
 
572,500
 
Other assets
   
16,197
   
47,769
   
7,650
 
Increase (Decrease) in:
                   
Payable for interest
   
14
   
(5
)
 
(1
)
Payable for investments purchased
   
   
3,503,752
   
(743,776
)
Accrued management fees
   
(11,274
)
 
(27,968
)
 
(2,613
)
Accrued Trustees fees
   
46
   
2,370
   
12
 
Accrued other expenses
   
(20,045
)
 
(126,990
)
 
(20,788
)
Net realized (gain) loss from investments
   
1,752,958
   
6,789,906
   
691,173
 
Change in net unrealized (appreciation) depreciation of investments
   
11,495,760
   
32,637,699
   
2,308,390
 
Taxes paid on undistributed capital gains
   
   
(618
)
 
 
Net cash provided by (used in) operating activities
   
4,655,801
   
21,191,511
   
(883,315
)
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
191,617
   
653,707
   
120,504
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
(2,054,404
)
 
 
Floating rate obligations
   
   
   
 
Payable for offering costs
   
   
(276,836
)
 
(70,439
)
MTP Shares, at liquidation value
   
   
   
 
VRDP Shares, at liquidation value
   
   
   
 
Cash distributions paid to common shareholders
   
(3,391,234
)
 
(8,140,109
)
 
(825,606
)
Net cash provided by (used in) financing activities
   
(3,199,617
)
 
(9,817,642
)
 
(775,541
)
Net Increase (Decrease) in Cash
   
1,456,184
   
11,373,869
   
(1,658,856
)
Cash at the beginning of period
   
1,175,533
   
   
1,679,857
 
Cash at the End of Period
 
$
2,631,717
 
$
11,373,869
 
$
21,001
 
 
Supplemental Disclosure of Cash Flow Information
                   

                     
     
Georgia
   
Maryland
   
Missouri
 
     
Dividend
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,000,019
 
$
2,328,344
 
$
190,522
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
   
   
26,106
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
59

 
 

 
 
Statement of Cash Flows (Unaudited) (continued)

     
North
       
     
Carolina
   
Virginia
 
     
Premium
   
Premium
 
     
Income
   
Income
 
     
(NNC
)
 
(NPV
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(15,073,139
)
$
(28,079,014
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(46,064,042
)
 
(47,005,203
)
Proceeds from sales and maturities of investments
   
58,777,531
   
49,341,209
 
Amortization (Accretion) of premiums and discounts, net
   
99,263
   
69,281
 
(Increase) Decrease in:
             
Receivable for interest
   
12,742
   
546,166
 
Receivable for investments sold
   
12,665,163
   
13,528,333
 
Other assets
   
41,204
   
(203,071
)
Increase (Decrease) in:
             
Payable for interest
   
(4
)
 
(279,861
)
Payable for investments purchased
   
(13,824,593
)
 
(5,360,034
)
Accrued management fees
   
(17,065
)
 
(24,158
)
Accrued Trustees fees
   
1,652
   
1,752
 
Accrued other expenses
   
31,566
   
26,036
 
Net realized (gain) loss from investments
   
(642,241
)
 
6,528,765
 
Change in net unrealized (appreciation) depreciation of investments
   
20,264,821
   
27,330,800
 
Taxes paid on undistributed capital gains
   
(5,489
)
 
(13,473
)
Net cash provided by (used in) operating activities
   
16,267,369
   
16,407,528
 
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
525,316
   
601,517
 
Increase (Decrease) in:
             
Cash overdraft
   
1,212,698
   
(5,982,898
)
Floating rate obligations
   
(12,975,000
)
 
 
Payable for offering costs
   
(236,204
)
 
(84,870
)
MTP Shares, at liquidation value
   
   
(127,408,000
)
VRDP shares, at liquidation value
   
   
128,000,000
 
Cash distributions paid to common shareholders
   
(4,993,813
)
 
(6,403,215
)
Net cash provided by (used in) financing activities
   
(16,467,003
)
 
(11,277,466
)
Net Increase (Decrease) in Cash
   
(199,634
)
 
5,130,062
 
Cash at the beginning of period
   
199,634
   
 
Cash at the End of Period
 
$
 
$
5,130,062
 
 
Supplemental Disclosure of Cash Flow Information
             

               
     
North
       
     
Carolina
   
Virginia
 
     
Premium
   
Premium
 
     
Income
   
Income
 
     
(NNC
)
 
(NPV
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,685,109
 
$
1,262,318
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
   
 
 
See accompanying notes to financial statements.
 
60
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK

 
 

 

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

         
Investment Operations
 
Less Distributions
         
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated
Net Realized
Gains to
Common
Shareholders
 
Total
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Georgia Dividend Advantage 2 (NKG)
Year Ended 5/31:
                                                             
2014(g)
 
$
14.58
 
$
.30
 
$
(1.26
)
$
 
$
 
$
(.96
)
$
(.32
)
$
 
$
(.32
)
$
13.30
 
$
11.63
 
2013
   
14.71
   
.60
   
(.06
)
 
   
   
.54
   
(.67
)
 
   
(.67
)
 
14.58
   
13.39
 
2012
   
13.78
   
.61
   
1.01
   
   
   
1.62
   
(.69
)
 
   
(.69
)
 
14.71
   
14.73
 
2011
   
14.21
   
.65
   
(.36
)
 
   
   
.29
   
(.72
)
 
   
(.72
)
 
13.78
   
13.92
 
2010
   
13.27
   
.78
   
.87
   
(.02
)
 
   
1.63
   
(.69
)
 
   
(.69
)
 
14.21
   
14.00
 
2009
   
13.92
   
.87
   
(.73
)
 
(.16
)
 
   
(.02
)
 
(.63
)
 
   
(.63
)
 
13.27
   
11.88
 
 
Maryland Premium Income (NMY)
Year Ended 5/31:
                                                             
2014(g)
   
15.56
   
.33
   
(1.64
)
 
   
   
(1.31
)
 
(.33
)
 
   
(.33
)
 
13.92
   
11.89
 
2013
   
15.68
   
.58
   
.07
   
   
   
.65
   
(.77
)
 
   
(.77
)
 
15.56
   
13.82
 
2012
   
14.37
   
.68
   
1.40
   
   
   
2.08
   
(.77
)
 
   
(.77
)
 
15.68
   
15.64
 
2011
   
14.77
   
.80
   
(.43
)
 
(.01
)
 
   
.36
   
(.76
)
 
   
(.76
)
 
14.37
   
14.00
 
2010
   
13.58
   
.84
   
1.10
   
(.02
)
 
   
1.92
   
(.73
)
 
   
(.73
)
 
14.77
   
14.43
 
2009
   
14.19
   
.89
   
(.67
)
 
(.16
)
 
(.01
)
 
.05
   
(.63
)
 
(.03
)
 
(.66
)
 
13.58
   
12.68
 
 
62
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
   
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
                                               
 
Based
on
Common
Share Net
Asset
Value
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(e)
 
Net
Investment
Income
(Loss)
   
Expenses
(e)
 
Net
Investment
Income
(Loss)
   
Portfolio
Turnover
Rate
(f)
                                               
                                               
 
(6.55
)%
 
(10.79
)%
$
140,329
   
2.85
%*
 
4.42
%*
 
N/A
   
N/A
   
8
%
 
3.68
   
(4.83
)
 
153,832
   
2.66
   
4.09
   
N/A
   
N/A
   
18
 
 
12.04
   
11.12
   
67,039
   
2.95
   
4.30
   
N/A
   
N/A
   
11
 
 
2.13
   
4.84
   
62,777
   
2.79
   
4.64
   
2.75
%
 
4.68
%
 
4
 
 
12.54
   
24.23
   
64,721
   
1.75
   
5.43
   
1.59
   
5.59
   
3
 
 
.20
   
(4.77
)
 
60,419
   
1.42
   
6.54
   
1.13
   
6.84
   
13
 
                                               
                                               
 
(8.41
)
 
(11.63
)
 
335,639
   
2.60
*
 
4.60
*
 
N/A
   
N/A
   
12
 
 
4.18
   
(7.10
)
 
375,162
   
2.58
   
4.12
   
N/A
   
N/A
   
17
 
 
14.82
   
17.69
   
167,208
   
2.91
   
4.54
   
N/A
   
N/A
   
7
 
 
2.53
   
2.32
   
153,082
   
2.10
   
5.48
   
N/A
   
N/A
   
6
 
 
14.44
   
19.89
   
157,243
   
1.49
   
5.88
   
N/A
   
N/A
   
2
 
 
.66
   
2.57
   
144,504
   
1.35
   
6.80
   
N/A
   
N/A
   
5
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”) and/or MTP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of September 30, 2010, the Adviser is no longer reimbursing Georgia Dividend Advantage 2 (NKG) for any fees and expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Georgia Dividend Advantage 2 (NKG)
       
Year Ended 5/31:
       
2014(g)
   
1.68
%*
2013
   
1.51
 
2012
   
1.56
 
2011
   
1.60
 
2010
   
.55
 
2009
   
.10
 

Maryland Premium Income (NMY)
       
Year Ended 5/31:
       
2014(g)
   
1.57
%*
2013
   
1.46
 
2012
   
1.56
 
2011
   
1.00
 
2010
   
.32
 
2009
   
.05
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended November 30, 2013.
N/A
Fund does not have, or no longer has, a contractual reimbursement agreement with the Adviser.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
63

 
 

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

           
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
 
Total
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Missouri Premium Income (NOM)
Year Ended 5/31:
                                                             
2014(f)
 
$
14.61
 
$
.32
 
$
(1.28
)
$
 
$
 
$
(.96
)
$
(.37
)
$
 
$
(.37
)
$
13.28
 
$
13.03
 
2013
   
14.62
   
.66
   
.06
   
   
   
.72
   
(.73
)
 
   
(.73
)
 
14.61
   
16.04
 
2012
   
13.19
   
.69
   
1.52
   
   
   
2.21
   
(.78
)
 
   
(.78
)
 
14.62
   
16.90
 
2011
   
13.55
   
.78
   
(.35
)
 
(.01
)
 
   
.42
   
(.78
)
 
   
(.78
)
 
13.19
   
13.88
 
2010
   
12.44
   
.83
   
.99
   
(.03
)
 
   
1.79
   
(.68
)
 
   
(.68
)
 
13.55
   
16.50
 
2009
   
13.52
   
.85
   
(1.12
)
 
(.16
)
 
   
(.43
)
 
(.65
)
 
   
(.65
)
 
12.44
   
12.90
 
                                                                     
North Carolina Premium Income (NNC)
Year Ended 5/31:
                                                             
2014(f)
   
15.02
   
.27
   
(1.18
)
 
   
   
(.91
)
 
(.30
)
 
   
(.30
)
 
13.81
   
11.88
 
2013
   
15.30
   
.56
   
(.17
)
 
   
   
.39
   
(.67
)
 
   
(.67
)
 
15.02
   
13.88
 
2012
   
14.34
   
.57
   
1.10
   
   
   
1.67
   
(.71
)
 
   
(.71
)
 
15.30
   
15.97
 
2011
   
14.72
   
.69
   
(.32
)
 
(.01
)
 
   
.36
   
(.74
)
 
   
(.74
)
 
14.34
   
14.41
 
2010
   
13.78
   
.81
   
.87
   
(.03
)
 
   
1.65
   
(.71
)
 
   
(.71
)
 
14.72
   
15.37
 
2009
   
13.98
   
.85
   
(.27
)
 
(.17
)
 
   
.41
   
(.61
)
 
   
(.61
)
 
13.78
   
12.60
 
 
64
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
 
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                   
 
Based
on
Common
Share Net
Asset
Value
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(d)
 
Net
Investment
Income
(Loss)
   
Portfolio
Turnover
Rate
(e)
                                   
                                   
 
(6.57
)%
 
(16.54
)%
$
30,936
   
2.86
%*
 
4.81
%*
 
14
%
 
4.98
   
(.67
)
 
34,011
   
2.77
   
4.45
   
12
 
 
17.16
   
28.21
   
33,979
   
2.95
   
4.93
   
13
 
 
3.22
   
(11.29
)
 
30,595
   
2.30
   
5.90
   
11
 
 
14.69
   
34.31
   
31,348
   
1.37
   
6.37
   
7
 
 
(2.92
)
 
(7.83
)
 
28,734
   
1.55
   
6.96
   
2
 
                                   
                                   
 
(6.03
)%
 
(12.29
)%
 
228,533
   
2.87
*
 
3.95
*
 
12
 
 
2.50
   
(9.16
)
 
248,601
   
2.72
   
3.88
   
17
 
 
11.88
   
16.23
   
97,497
   
3.28
   
3.85
   
18
 
 
2.57
   
(1.27
)
 
91,256
   
2.49
   
4.77
   
10
 
 
12.24
   
28.20
   
93,570
   
1.54
   
5.68
   
6
 
 
3.22
   
(.44
)
 
87,558
   
1.39
   
6.43
   
7
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Missouri Premium Income (NOM)
       
Year Ended 5/31:
       
2014(f)
   
1.54
%*
2013
   
1.45
 
2012
   
1.55
 
2011
   
.93
 
2010
   
.03
 
2009
   
13
 

North Carolina Premium Income (NNC)
       
Year Ended 5/31:
       
2014(f)
   
1.71
%*
2013
   
1.60
 
2012
   
1.71
 
2011
   
1.29
 
2010
   
.34
 
2009
   
.07
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended November 30, 2013.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
65

 
 

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

         
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated
Net
Realized
Gains to
Common
Shareholders
 
Total
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Virginia Premium Income (NPV)
Year Ended 5/31:
                                                             
2014(f)
 
$
15.38
 
$
.32
 
$
(1.88
)
$
 
$
 
$
(1.56
)
$
(.36
)
$
 
$
(.36
)
$
13.46
 
$
11.87
 
2013
   
15.60
   
.66
   
(.10
)
 
   
   
.56
   
(.76
)
 
(.02
)
 
(.78
)
 
15.38
   
14.32
 
2012
   
14.42
   
.68
   
1.32
   
   
   
2.00
   
(.80
)
 
(.02
)
 
(.82
)
 
15.60
   
17.05
 
2011
   
14.73
   
.77
   
(.27
)
 
(.01
)
 
   
.49
   
(.80
)
 
   
(.80
)
 
14.42
   
14.92
 
2010
   
13.76
   
.88
   
.93
   
(.03
)
 
   
1.78
   
(.81
)
 
   
(.81
)
 
14.73
   
15.85
 
2009
   
14.39
   
.90
   
(.66
)
 
(.15
)
 
(.02
)
 
.07
   
(.65
)
 
(.05
)
 
(.70
)
 
13.76
   
14.36
 

66
 
Nuveen Investments

 
 

 

               
Ratios/Supplemental Data
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                           
   
Based
on
Common
Share Net
Asset
Value
(b)
Based
on
Market
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income
(Loss)
 
Portfolio
Turnover
Rate
(e)
                                       
                                       
     
(10.17
)%
 
(14.73
)%
$
241,384
   
2.79
%*
 
4.66
%*
 
12
%
     
3.56
   
(11.76
)
 
275,865
   
2.57
   
4.19
   
21
 
     
14.26
   
20.61
   
141,099
   
2.78
   
4.49
   
12
 
     
3.48
   
(.58
)
 
130,032
   
2.11
   
5.36
   
12
 
     
13.19
   
16.60
   
132,302
   
1.45
   
6.14
   
3
 
     
.88
   
8.05
   
123,119
   
1.36
   
6.82
   
6
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Virginia Premium Income (NPV)
       
Year Ended 5/31:
       
2014(f)
   
1.73
%*
2013
   
1.44
 
2012
   
1.41
 
2011
   
.93
 
2010
   
.29
 
2009
   
.08
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended November 30, 2013.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
67

 
 

 
 
Financial Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
MTP Shares at the End of Period(a)
 
ARPS and MTP
Shares at the
End of Period
 
   
Aggregate Amount
Outstanding
(000
)
Asset
Coverage
Per $25,000 Share
 
Aggregate Amount
Outstanding
(000
)
Asset
Coverage
Per $10 Share
 
Asset Coverage
Per $1 Liquidation
Preference
 
Georgia Dividend Advantage 2 (NKG)
                               
Year Ended 5/31:
                               
2014(b)
 
$
 
$
 
$
74,945
 
$
28.72
 
$
 
2013
   
   
   
74,945
   
30.53
   
 
2012
   
   
   
32,265
   
30.78
   
 
2011
   
   
   
32,265
   
29.46
   
 
2010
   
   
   
32,265
   
30.06
   
 
2009
   
31,700
   
72,649
   
   
   
 
                                 
Maryland Premium Income (NMY)
                               
Year Ended 5/31:
                               
2014(b)
   
   
   
166,144
   
30.20
   
 
2013
   
   
   
166,144
   
32.58
   
 
2012
   
   
   
74,593
   
32.42
   
 
2011
   
   
   
74,593
   
30.52
   
 
2010
   
32,975
   
79,788
   
38,775
   
31.92
   
3.19
 
2009
   
70,875
   
75,972
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2014
(b)
 
2013
   
2012
   
2011
   
2010
 
Georgia Dividend Advantage 2 (NKG)
                               
Series 2015 (NKG PRC)
                               
Ending Market Value per Share
 
$
10.02
 
$
10.08
 
$
10.10
 
$
10.06
 
$
9.99
 
Average Market Value per Share
   
10.04
   
10.08
   
10.07
   
10.02
   
9.99
^
Series 2015-1 (NKG PRD)
                               
Ending Market Value per Share
   
10.02
   
10.10
   
   
   
 
Average Market Value per Share
   
10.04
   
10.07
Ω  
   
   
 
Series 2015-2 (NKG PRE)
                               
Ending Market Value per Share
   
10.01
   
10.12
   
   
   
 
Average Market Value per Share
   
10.02
   
10.07
Ω  
   
   
 
                                 
Maryland Premium Income (NMY)
                               
Series 2015 (NMY PRC)
                               
Ending Market Value per Share
   
10.02
   
10.06
   
10.06
   
10.09
   
10.00
 
Average Market Value per Share
   
10.04
   
10.09
   
10.10
   
10.04
   
10.01
^
Series 2016 (NMY PRD)
                               
Ending Market Value per Share
   
10.10
   
10.16
   
10.11
   
10.10
   
 
Average Market Value per Share
   
10.08
   
10.17
   
10.14
   
10.04
^^
 
 
Series 2015 (NMY PRE)
                               
Ending Market Value per Share
   
10.03
   
10.05
   
   
   
 
Average Market Value per Share
   
10.03
   
10.07
ΩΩ
 
   
   
 
Series 2015-1(NMY PRF)
                               
Ending Market Value per Share
   
10.05
   
10.06
   
   
   
 
Average Market Value per Share
   
10.03
   
10.07
ΩΩ
 
   
   
 
Series 2015-1(NMY PRG)
                               
Ending Market Value per Share
   
10.02
   
10.05
   
   
   
 
Average Market Value per Share
   
10.04
   
10.08
ΩΩ
 
   
   
 
Series 2016 (NMY PRH)
                               
Ending Market Value per Share
   
10.04
   
10.13
   
   
   
 
Average Market Value per Share
   
10.10
   
10.14
ΩΩ
 
   
   
 
 
(b)
For the six months ended November 30, 2013.
^
For the period January 29, 2010 (first issuance date of shares) through May 31, 2010.
^^
For the period March 15, 2011 (first issuance date of shares) through May 31, 2011.
Ω
For the period July 9, 2012 (effective date of the Reorganizations) through May 31, 2013.
ΩΩ
For the period August 6, 2012 (effective date of the Reorganizations) through May 31, 2013.

68
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
MTP Shares at the End of Period(a)
 
ARPS and MTP
Shares at the
End of Period
 
   
Aggregate Amount
Outstanding
(000
)
Asset
Coverage
Per $25,000 Share
 
Aggregate Amount
Outstanding
(000
)
Asset
Coverage
Per $10 Share
 
Asset Coverage
Per $1 Liquidation
Preference
 
Missouri Premium Income (NOM)
                               
Year Ended 5/31:
                               
2014(b)
 
$
 
$
 
$
17,880
 
$
27.30
 
$
 
2013
   
   
   
17,880
   
29.02
   
 
2012
   
   
   
17,880
   
29.00
   
 
2011
   
   
   
17,880
   
27.11
   
 
2010
   
16,000
   
73,981
   
   
   
 
2009
   
16,000
   
69,897
   
   
   
 
                                 
North Carolina Premium Income (NNC)
                               
Year Ended 5/31:
                               
2014(b)
   
   
   
124,860
   
28.30
 
$
 
2013
   
   
   
124,860
   
29.91
   
 
2012
   
   
   
49,835
   
29.56
   
 
2011
   
   
   
49,835
   
28.31
   
 
2010
   
21,550
   
76,020
   
24,300
   
30.41
   
3.04
 
2009
   
46,800
   
71,773
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2014
(b)
 
2013
   
2012
   
2011
   
2010
(c)
Missouri Premium Income (NOM)
                               
Series 2015 (NOM PRC)
                               
Ending Market Value per Share
 
$
10.02
 
$
10.03
 
$
10.40
 
$
13.88
   
 
Average Market Value per Share
   
10.03
   
10.08
   
9.98
   
15.41
Δ  
 
                                 
North Carolina Premium Income (NNC)
                               
Series 2015 (NNC PRC)
                               
Ending Market Value per Share
   
10.02
   
10.07
   
10.11
   
10.04
   
9.99
 
Average Market Value per Share
   
10.04
   
10.10
   
10.09
   
10.04
   
10.01
ΔΔ
Series 2016 (NNC PRD)
                               
Ending Market Value per Share
   
10.03
   
10.08
   
10.10
   
10.00
   
 
Average Market Value per Share
   
10.04
   
10.09
   
10.07
   
9.94
ΔΔΔ
 
 
Series 2015 (NNC PRE)
                               
Ending Market Value per Share
   
10.01
   
10.06
   
   
   
 
Average Market Value per Share
   
10.03
   
10.07
Ω
 
   
   
 
Series 2015-1 (NNC PRF)
                               
Ending Market Value per Share
   
10.04
   
10.06
   
   
   
 
Average Market Value per Share
   
10.04
   
10.07
Ω
 
   
   
 
Series 2015-1 (NNC PRG)
                               
Ending Market Value per Share
   
10.04
   
10.06
   
   
   
 
Average Market Value per Share
   
10.04
   
10.07
Ω
 
   
   
 
 
(b)
For the six months ended November 30, 2013.
(c)
Missouri Premium Income (NOM) did not issue MTP Shares prior to the fiscal year ended May 31, 2011.
Δ
For the period November 9, 2010 (first issuance date of shares) through May 31, 2011.
ΔΔ
For the period January 21, 2010 (first issuance date of shares) through May 31, 2010.
ΔΔΔ
For the period December 14, 2010 (first issuance date of shares) through May 31, 2011.
Ω
For the period July 9, 2012 (effective date of the Reorganizations) through May 31, 2013.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
69

 
 

 
 
Financial Highlights (Unaudited) (continued)

   
ARPS at the
End of Period
 
MTP Shares at
the End of Period(a)
 
VRDP Shares
at the End of Period
 
ARPS and
MTP Shares
at the
End of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $25,000
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $10
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverages
Per $100,000
Share
 
Asset
Coverage Per
$1 Liquidation
Preference
 
Virginia Premium Income (NPV)
                                           
Year Ended 5/31:
                                           
2014 (b)
 
$
 
$
 
$
 
$
 
$
128,000
 
$
288,581
 
$
 
2013
   
   
   
127,408
   
31.65
   
   
   
 
2012
   
   
   
61,408
   
32.98
   
   
   
 
2011
   
   
   
61,408
   
31.18
   
   
   
 
2010
   
25,550
   
82,269
   
32,205
   
32.91
   
   
   
3.29
 
2009
   
63,800
   
73,244
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2014
(b)
 
2013
   
2012
   
2011
   
2010
 
Virginia Premium Income (NPV)
                               
Series 2014 (NPV PRA)
                               
Ending Market Value per Share
 
$
 
$
10.03
 
$
10.12
 
$
10.03
 
$
 
Average Market Value per Share
   
   
10.08
   
10.10
   
10.02*
   
 
Series 2015 (NPV PRC)
                               
Ending Market Value per Share
   
   
10.09
   
10.13
   
10.01
   
10.00
 
Average Market Value per Share
   
   
10.09
   
10.09
   
10.07
   
10.00
**
Series 2014 (NPV PRD)
                               
Ending Market Value per Share
   
   
10.06
   
   
   
 
Average Market Value per Share
   
   
10.09
ΩΩ
 
   
   
 
Series 2014-1 (NPV PRE)
                               
Ending Market Value per Share
   
   
10.09
   
   
   
 
Average Market Value per Share
   
   
10.09
ΩΩ
 
   
   
 
 
(b)
For the six months ended November 30, 2013.
*
For the period March 14, 2011 (first issuance date of shares) through May 31, 2011.
**
For the period January 26, 2010 (first issuance date of shares) through May 31, 2010.
ΩΩ
For the period August 6, 2012 (effective date of the Reorganizations) through May 31, 2013.
 
See accompanying notes to financial statements.
 
70
 
Nuveen Investments

 
 

 
 
Notes to
 
 
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
 
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG) (“Georgia Dividend Advantage 2 (NKG)”)
 
Nuveen Maryland Premium Income Municipal Fund (NMY) (“Maryland Premium Income (NMY)”)
 
Nuveen Missouri Premium Income Municipal Fund (NOM) (“Missouri Premium Income (NOM)”)
 
Nuveen North Carolina Premium Income Municipal Fund (NNC) (“North Carolina Premium Income (NNC)”)
 
Nuveen Virginia Premium Income Municipal Fund (NPV) (“Virginia Premium Income (NPV)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Common shares of Georgia Dividend Advantage 2 (NKG), Maryland Premium Income (NMY) and Virginia Premium Income (NPV) are traded on the NYSE while common shares of North Carolina Premium Income (NNC) and Missouri Premium Income (NOM) are traded on the NYSE MKT. (Common shares of Georgia Dividend Advantage 2 (NKG) were formerly traded on the NYSE MKT.) Georgia Dividend Advantage 2 (NKG) and Missouri Premium Income (NOM) were organized as Massachusetts business trusts on October 26, 2001 and March 29,1993, respectively. Maryland Premium Income (NMY), North Carolina Premium Income (NNC) and Virginia Premium Income were organized as Massachusetts business trusts on January 12, 1993.
 
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of November 30, 2013, outstanding when-issued/delayed delivery purchase commitments were as follows:
 
     
Maryland
   
Missouri
   
Virginia
 
     
Premium
   
Premium
   
Premium
 
     
Income
   
Income
   
Income
 
     
(NMY
)
 
(NOM
)
 
(NPV
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
4,604,162
 
$
746,482
 
$
2,510,461
 
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
 Nuveen Investments
 
71

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statements of Operations.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
MuniFund Term Preferred Shares
The Funds have issued and outstanding MuniFund Term Preferred Shares, with a $10 stated par value per share. Each Fund’s MTP Shares are issued in one or more Series and trade on the NYSE/NYSE MKT. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances.
 
On September 9, 2013, Virginia Premium Income (NPV) redeemed all series of the Fund’s 2014 and 2015 MTP Shares, at their $10.00 liquidation value per share plus dividend amounts owed. The Fund used the proceeds from its August 29, 2013 issuance of 1,280 Series 1 Variable Rate Demand Preferred Shares to qualified buyers in a private offering pursuant to Rule 144A of the securities Act of 1933 to redeem all of its 2014 and 2015 MTP Shares.
 
As of November 30, 2013, the details of each Fund’s MTP Shares outstanding were as follows:

   
Series
 
NYSE/
NYSE MKT
Ticker
 
Shares
Outstanding
 
Shares
Outstanding
at $10 Per Share
Liquidation Value
 
Annual
Interest
Rate
 
Georgia Dividend Advantage 2 (NKG)
     
2015
   
NKG PRC
   
3,226,500
 
$
32,265,000
   
2.65
%
     
2015-1
   
NKG PRD
   
2,834,000
   
28,340,000
   
2.65
 
     
2015-2
   
NKG PRE
   
1,434,000
   
14,340,000
   
2.65
 
Maryland Premium Income (NMY)
     
2015
   
NMY PRC
   
3,877,500
 
$
38,775,000
   
2.65
%
     
2016
   
NMY PRD
   
3,581,800
   
35,818,000
   
2.90
 
     
2015
   
NMY PRE
   
2,648,500
   
26,485,000
   
2.60
 
     
2015-1
   
NMY PRF
   
2,730,000
   
27,300,000
   
2.60
 
     
2015-1
   
NMY PRG
   
2,070,000
   
20,700,000
   
2.65
 
     
2016
   
NMY PRH
   
1,706,600
   
17,066,000
   
2.85
 
Missouri Premium Income (NOM)
     
2015
   
NOM PRC
   
1,780,000
 
$
17,800,000
   
2.10
%
North Carolina Premium Income (NNC)
     
2015
   
NNC PRC
   
2,430,000
 
$
24,300,000
   
2.65
%
     
2016
   
NNC PRD
   
2,553,500
   
25,535,000
   
2.60
 
     
2015
   
NNC PRE
   
1,660,000
   
16,600,000
   
2.60
 
     
2015-1
   
NNC PRF
   
2,970,000
   
29,700,000
   
2.60
 
     
2015-1
   
NNC PRG
   
2,872,500
   
28,725,000
   
2.65
 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares were subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per

72
 
Nuveen Investments
 
 
 

 
 
share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares by NYSE/NYSE MKT ticker symbol are as follows:
 
           
NYSE/
   
Term
   
Optional
   
Premium
 
         
NYSE MKT
 
Redemption
 
Redemption
 
Expiration
 
     
Series
   
Ticker
   
Date
   
Date
   
Date
 
Georgia Dividend Advantage 2 (NKG)
                               
     
2015
   
NKG PRC
   
February 1, 2015
   
February 1, 2011
   
January 31, 2012
 
     
2015-1
   
NKG PRD
   
March 1, 2015
   
March 1, 2012
   
February 28, 2013
 
     
2015-2
   
NKG PRE
   
March 1, 2015
   
March 1, 2012
   
February 28, 2013
 
Maryland Premium Income (NMY)
                               
     
2015
   
NMY PRC
   
February 1, 2015
   
February 1, 2011
   
January 31, 2012
 
     
2016
   
NMY PRD
   
April 1, 2016
   
April 1, 2012
   
March 31, 2013
 
     
2015
   
NMY PRE
   
May 1, 2015
   
May 1, 2012
   
April 30, 2013
 
     
2015-1
   
NMY PRF
   
May 1, 2015
   
May 1, 2012
   
April 30, 2013
 
     
2015-1
   
NMY PRG
   
March 1, 2015
   
March 1, 2012
   
February 28, 2013
 
     
2016
   
NMY PRH
   
February 1, 2016
   
February 1, 2013
   
January 31, 2014
 
Missouri Premium Income (NOM)
                               
     
2015
   
NOM PRC
   
December 1, 2015
   
December 1, 2011
   
November 30, 2012
 
North Carolina Premium Income (NNC)
                               
     
2015
   
NNC PRC
   
February 1, 2015
   
February 1, 2011
   
January 31, 2012
 
     
2016
   
NNC PRD
   
January 1, 2016
   
January 1, 2012
   
December 31, 2012
 
     
2015
   
NNC PRE
   
April 1, 2015
   
April 1, 2012
   
March 31, 2013
 
     
2015-1
   
NNC PRF
   
April 1, 2015
   
April 1, 2012
   
March 31, 2013
 
     
2015-1
   
NNC PRG
   
March 1, 2015
   
March 1, 2012
   
February 28, 2013
 
 
The average liquidation value for all series of MTP Shares outstanding for each Fund during the six months ended November 30, 2013, was as follows:
 
                       
North
 
     
Georgia
   
Maryland
   
Missouri
   
Carolina
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
Average liquidation value of MTP Shares outstanding
 
$
74,945,000
 
$
166,144,000
 
$
17,880,000
 
$
124,860,000
 
 
For financial reporting purposes, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In conjunction with Virginia Premium Income’s (NPV) redemption of MTP Shares, the remaining deferred offering costs of $661,608 were fully expensed during the current fiscal period, as the redemption was deemed an extinguishment of debt.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. The Funds issued their VRDP Shares in privately negotiated offerings, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
During the current period, Virginia Premium Income (NPV) issued 1,280 Series 1 VRDP Shares through a private negotiated offering, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
As of November 30, 2013, the details for each Fund’s series VRDP Shares outstanding are as follows:

                 
Shares
       
               
Outstanding
       
           
Shares
 
at $100,000 Per Share
       
     
Series
   
Outstanding
 
Liquidation Value
   
Maturity
 
Virginia Premium Income (NPV)
   
1
   
1,280
 
$
128,000,000
   
August 3, 2043
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that

Nuveen Investments
 
73

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
remarketing. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. The Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for the Fund during the period August 29, 2013 (first issuance of shares) through November 30, 2013, were as follows:
 
     
Virginia
 
     
Premium
 
     
Income
 
     
(NPV
)
Average liquidation value of VRDP Shares outstanding
 
$
128,000,000
 
Annualized dividend rate
   
.17
%
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (VRDP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. Virginia Premium Income (NPV) incurred $270,000 of offering costs in conjunction with its shares issued during the six months ended November 30, 2013. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
Common Shares Equity Shelf Programs and Offering Costs
Virginia Premium Income (NPV) filed a registration statement with the Securities and Exchange Commission authorizing the Fund to issue 1.7 million additional common shares through an equity shelf program (“Shelf Offering”), which was declared effective during the current reporting period.
 
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s net asset value (“NAV”) per common share.
 
Costs incurred by the Fund in connection with its Shelf Offering are recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These deferred charges are recognized over the period such additional shares are sold by reducing the proceeds from the Shelf Offering. These deferred charges are not to exceed the one-year life of the Shelf Offering period and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. At the end of the one-year life of the Shelf Offering period, any remaining deferred charges will be expensed accordingly and recognized as a component of “Other expenses” on the Statement of Operations. Any additional costs in connection with the Fund’s Shelf Offering are recorded as a reduction from the proceeds of the Shelf Offerings and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets.
 
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of November 30, 2013, the Funds were not invested in any portfolio securities or derivative instruments that are subject to netting agreements.
 
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Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
 
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Trustees or its designee.
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
   
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
Georgia Dividend Advantage 2 (NKG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
213,038,656
 
$
 
$
213,038,656
 
Maryland Premium Income (NMY)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
504,265,613
 
$
 
$
504,265,613
 
Missouri Premium Income (NOM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
50,915,679
 
$
 
$
50,915,679
 
 
Nuveen Investments
 
75

 
 

 

Notes to Financial Statements (Unaudited) (continued)
                           
North Carolina Premium Income (NNC)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
353,394,622
 
$
 
$
353,394,622
 
                           
Virginia Premium Income (NPV)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
370,030,818
 
$
 
$
370,030,818
 
 
* Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the

76
 
Nuveen Investments

 
 

 

short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended November 30, 2013, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended November 30, 2013, were as follows:
                                 
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Average floating rate obligations outstanding
 
$
3,245,000
 
$
21,995,000
 
$
2,225,000
 
$
17,475,656
 
$
9,250,000
 
Average annual interest rate and fees
   
.43
%
 
.71
%
 
.25
%
 
.56
%
 
.28
%
 
As of November 30, 2013, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Floating rate obligations: self-deposited inverse floaters
 
$
3,245,000
 
$
21,995,000
 
$
2,225,000
 
$
10,740,000
 
$
9,250,000
 
Floating rate obligations: externally-deposited inverse floaters
   
5,635,000
   
6,665,000
   
   
   
20,070,000
 
Total
 
$
8,880,000
 
$
28,660,000
 
$
2,225,000
 
$
10,740,000
 
$
29,320,000
 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements are referred to herein as “Recourse Trusts”), with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is denoted as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of November 30, 2013, Virginia Premium Income (NPV) was invested in externally deposited Recourse Trusts. The Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was $13,330,000. As of November 30, 2013, none of the other Funds were invested in externally-deposited Recourse Trusts.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative investments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from the registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivatives, and may do so in the future, they did not make any such investments during the six months ended November 30, 2013.

Nuveen Investments
 
77

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
4. Fund Shares
 
Common Shares
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares.
 
Transactions in common shares were as follows:
                                       
   
Georgia Dividend
 
Maryland Premium
 
Missouri Premium
   
Advantage 2 (NKG)
 
Income (NMY)
 
Income (NOM)
     
Six Months
         
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
11/30/13
   
5/31/13
   
11/30/13
   
5/31/13
   
11/30/13
   
5/31/13
 
Common shares:
                                     
Issued in the Reorganizations
   
   
5,990,755
   
   
13,439,122
   
   
 
Issued to shareholders due to reinvestment of distributions
   
   
1,859
   
   
4,796
   
1,875
   
3,547
 

   
North Carolina
 
Virginia Premium
   
Premium Income (NNC)
 
Income (NPV)
     
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
11/30/13
   
5/31/13
   
11/30/13
   
5/31/13
 
Common shares:
                         
Issued in the Reorganizations
   
   
10,175,659
   
   
8,861,589
 
Issued to shareholders due to reinvestment of distributions
   
   
1,941
   
   
28,384
 
 
Preferred Shares
With the exception of Virginia Premium Income (NPV), the Funds did not have any transactions in MTP Shares during the six months ended November330, 2013. Missouri Premium Income (NOM) did not have any transactions in MTP Shares during the fiscal year ended May 31, 2013. Transactions in MTP Shares during the six months ended November 30, 2013 and the fiscal year ended May 31, 2013 for the other Funds were as follows:
                           
   
Six Months Ended 11/30/13
           
NYSE/
             
           
NYSE MKT
             
     
Series
   
Ticker
   
Shares
   
Amount
 
Virginia Premium Income (NPV)
                         
MTP Shares redeemed:
                         
     
2014
   
NVP PRA
   
(2,920,300
)
$
(29,203,000
)
     
2015
   
NVP PRC
   
(3,220,500
)
 
(32,205,000
)
     
2014
   
NPV PRD
   
(2,280,000
)
 
(22,800,000
)
     
2014-1
   
NVP PRE
   
(4,320,000
)
 
(43,200,000
)
Total
               
(12,740,800
)
$
(127,408,000
)

78
 
Nuveen Investments

 
 

 
 
   
Year ended May 31, 2013
           
NYSE/
             
           
NYSE MKT
             
     
Series
   
Ticker
   
Shares
   
Amount
 
Georgia Dividend Advantage 2 (NKG)
                         
MTP Shares issued:
                         
     
2015-1
   
NKG PRD
   
2,834,000
 
$
28,340,000
 
     
2015-2
   
NKG PRE
   
1,434,000
   
14,340,000
 
Total
               
4,268,000
 
$
42,680,000
 
                           
Maryland Premium Income (NMY)
                         
MTP Shares issued:
                         
     
2015
   
NMY PRE
   
2,648,500
 
$
26,485,000
 
     
2015-1
   
NMY PRF
   
2,730,000
   
27,300,000
 
     
2015-1
   
NMY PRG
   
2,070,000
   
20,700,000
 
     
2016
   
NMY PRH
   
1,706,600
   
17,066,000
 
Total
               
9,155,100
 
$
91,551,000
 
                           
North Carolina Premium Income (NNC)
                         
MTP Shares issued:
                         
     
2015
   
NNC PRE
   
1,660,000
 
$
16,600,000
 
     
2015-1
   
NNC PRF
   
2,970,000
   
29,700,000
 
     
2015-1
   
NNC PRG
   
2,872,500
   
28,725,000
 
Total
               
7,502,500
 
$
75,025,000
 
                           
Virginia Premium Income (NPV)
                         
MTP Shares issued:
                         
     
2014
   
NPV PRD
   
2,280,000
 
$
22,800,000
 
     
2014-1
   
NVP PRE
   
4,320,000
   
43,200,000
 
Total
               
6,600,000
 
$
66,000,000
 

Transactions in VRDP Shares for Virginia Premium Income (NPV) were as follows:
                     
   
Six Months Ended 11/30/13
     
Series
   
Shares
   
Amount
 
Virginia Premium Income (NPV)
                   
VRDP Shares issued
   
1
   
1,280
 
$
128,000,000
 
 
Virginia Premium Income (NPV) did not have any transactions in VRDP Shares during the fiscal year ended May 31, 2013.
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended November 30, 2013, were as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Purchases
 
$
17,363,708
 
$
64,252,927
 
$
8,461,521
 
$
46,064,042
 
$
47,005,203
 
Sales and maturities
   
18,717,947
   
77,383,441
   
6,914,756
   
58,777,531
   
49,341,209
 

Nuveen Investments
 
79

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
As of November 30, 2013, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Cost of investments
 
$
207,198,775
 
$
479,854,150
 
$
48,045,033
 
$
340,319,342
 
$
365,162,751
 
Gross unrealized:
                               
Appreciation
 
$
6,560,078
 
$
19,652,498
 
$
1,883,539
 
$
10,626,504
 
$
12,182,372
 
Depreciation
   
(3,964,924
)
 
(17,236,031
)
 
(1,237,830
)
 
(8,291,254
)
 
(16,564,305
)
Net unrealized appreciation (depreciation) of investments
 
$
2,595,154
 
$
2,416,467
 
$
645,709
 
$
2,335,250
 
$
(4,381,933
)
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, reorganization adjustments, distribution character reclassifications, and nondeductible reorganization expenses resulted in reclassifications among the Funds’ components of common share net assets as of May 31, 2013, the Funds’ last tax year end, as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Paid-in-surplus
 
$
614,102
 
$
898,200
 
$
(118,080
)
$
16,497
 
$
(472,332
)
Undistributed (Over-distribution of) net investment income
   
437,961
   
1,223,744
   
118,080
   
679,501
   
796,696
 
Accumulated net realized gain (loss)
   
(1,052,063
)
 
(2,121,944
)
 
   
(695,998
)
 
(324,364
)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2013, the Funds’ last tax year end, were as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Undistributed net tax-exempt income1
 
$
757,287
 
$
2,684,045
 
$
455,468
 
$
933,722
 
$
2,025,182
 
Undistributed net ordinary income2
   
   
20,205
   
   
   
10,980
 
Undistributed net long-term capital gains
   
   
   
   
   
177,475
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2013, paid on June 3, 2013.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

80
 
Nuveen Investments

 
 

 
 
The tax character of distributions paid during the Funds’ last tax year ended May 31, 2013 was designated for purposes of the dividends paid deduction as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Distributions from net tax-exempt income
 
$
7,902,906
 
$
18,685,110
 
$
2,087,163
 
$
12,772,122
 
$
13,813,122
 
Distributions from net ordinary income2
   
8,446
   
   
   
8,772
   
50,192
 
Distributions from net long-term capital gains
   
   
   
   
   
274,262
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of May 31, 2013, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.
                           
                       
North
 
     
Georgia
   
Maryland
   
Missouri
   
Carolina
 
     
Dividend
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)*
 
(NOM
)
 
(NNC
)
Expiration:
                         
May 31, 2015
 
$
 
$
 
$
 
$
112,402
 
May 31, 2016
   
462,549
   
851,610
   
   
42,115
 
May 31, 2017
   
1,635,823
   
172,377
   
77,824
   
226,390
 
May 31, 2018
   
1,329,548
   
   
91,539
   
353,181
 
May 31, 2019
   
48,370
   
   
   
 
Not subject to expiration:
                         
Short-term losses
   
   
   
   
 
Long-term losses
   
   
   
   
 
Total
 
$
3,476,290
 
$
1,023,987
 
$
169,363
 
$
734,088
 

*
A portion of Maryland Premium Income’s (NMY) capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
 
During the Funds’ last tax year ended May 31, 2013, the Funds utilized capital loss carryforwards as follows:
                                 
                       
North
       
     
Georgia
   
Maryland
   
Missouri
   
Carolina
   
Virginia
 
     
Dividend
   
Premium
   
Premium
   
Premium
   
Premium
 
     
Advantage 2
   
Income
   
Income
   
Income
   
Income
 
     
(NKG
)
 
(NMY
)
 
(NOM
)
 
(NNC
)
 
(NPV
)
Utilized capital loss carryforwards
 
$
226,587
 
$
304,972
 
$
14,851
 
$
394,092
 
$
286,137
 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Nuveen Investments
 
81

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:
   
 
Georgia Dividend Advantage 2 (NKG)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500%
For the next $125 million
.4375
For the next $250 million
.4250
For the next $500 million
.4125
For the next $1 billion
.4000
For managed assets over $2 billion
.3750
   
 
North Carolina Premium Income (NNC)
 
Maryland Premium Income (NMY)
 
Missouri Premium Income (NOM)
 
Virginia Premium Income (NPV)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500%
For the next $125 million
.4375
For the next $250 million
.4250
For the next $500 million
.4125
For the next $1 billion
.4000
For the next $3 billion
.3875
For managed assets over $5 billion
.3750
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
   
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000%
$56 billion
.1996
$57 billion
.1989
$60 billion
.1961
$63 billion
.1931
$66 billion
.1900
$71 billion
.1851
$76 billion
.1806
$80 billion
.1773
$91 billion
.1691
$125 billion
.1599
$200 billion
.1505
$250 billion
.1469
$300 billion
.1445

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2013, the complex-level fee rate for each of these Funds was .1679%.
 
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

82
 
Nuveen Investments

 
 

 

Reinvest Automatically,
 
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
 
83

 
 

 

Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or Fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

84
 
Nuveen Investments

 
 

 
 
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is sometimes referred to as “40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Georgia Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Georgia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Maryland Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Maryland municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Missouri Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Missouri municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond North Carolina Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade North Carolina municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Virginia Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Virginia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pays interest periodically.

Nuveen Investments
 
85

 
 

 
 
Notes

86
 
Nuveen Investments

 
 

 
 
Additional Fund Information
 
Board of Trustees
         
William Adams IV*
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
           
* Interested Board Member.
         
 

Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
State Street Bank
& Trust Company
Boston, MA 02111
Chapman and Cutler LLP
Chicago, IL 60603
Public Accounting Firm
Ernst & Young LLP
Chicago, IL 60606
Shareholder Services
State Street Bank
& Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

CEO Certification Disclosure
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

Common Share Information
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
                                 
     
NKG
   
NMY
   
NOM
   
NNC
   
NPV
 
Common shares repurchased
   
   
   
   
   
 

Nuveen Investments
 
87

 
 

 


Nuveen Investments:
 
Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
ESA-A-1113D

 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

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

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


 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Georgia Dividend Advantage Municipal Fund 2

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

Date: February 6, 2014
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: February 6, 2014

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

Date: February 6, 2014